I have just realised this is the AGT thread, not the AJOT thread, but most of us who yik-yak here know the two are related. |
 Investment trusts are "closed" in the sense they have a finite number of shares. Subject to approval of the shareholders they can expand mostly in two ways:
* Big chunks or placings, usually waiving preemption rights from shareholders, i.e. selling to one or more institution who has agreed to buy at a slight premium. At times, this is done on the open market and shareholders are given the right to buy the new issue (at a potential discount) up to their current holdings for them to avoid dilution.
* On and off to the market over the year via a special authorisation, usually asked every year (and renewed), to issue shares. These, as agreed with the shareholders, must be sold at a premium up to a specified number. This authorisation is usually lumped with a right to do buy-backs, again at a minumum discount.
They can also raise funds via borrowing, up to the gearing limit that must be specified in the articles of incorporation.
AJOT has, from the beginning, suffered from its small size. It needs to expand to lower its costs. I am glad they managed the latest placement. |
I thought investment trusts were closed end and could not raise funds . I notice AJOT trades at about NAV and might find it hard to motor although a big move in last week in % terms |
N+1 Singer are delighted to have acted as Sponsor, Financial Adviser and Broker to AVI Japan Opportunity Trust plc ("AJOT") on their Placing raising £13.9 million.
AJOT is an investment trust established to provide investors with capital growth through investing a focussed portfolio of over-capitalised small-cap Japanese equities. The Company’s investment manager, Asset Value Investors, leverage its three decades of experience investing in asset-backed companies to engage with company management and help to unlock value in the under-researched area of the market.
The net proceeds of the Placing will be used to fund further investments in accordance with the Company's investment objective and policy.
Joe Bauernfreund, CEO and CIO of Asset Value Investors, commented:
“We want to take advantage of valuations which in many cases remain depressed despite encouraging signs of recovering earnings and heightened levels of corporate activity. In addition to investing in a number of new opportunities, the proceeds will be used to increase the size of the shareholdings in several companies where the manager is planning on submitting shareholder proposals at the AGM later this year. The increased stakes will improve the likelihood of a successful outcome.” |
oh, I do hold some PSH but do it through a spreadbet as IG will not allow it with a CFD . It too is close to NOR territory again after the little run up . |
vacebdak,
thanks for the info and much appreciated . The chart certainly does not suggest it should be sold yet as almost a NOR situation but I tend to trade using a CFD and never like to hold for more than a few days - maybe not best strategy in bull markets !
This stock is quite illiquid and low volume for some reason. thanks again . |
NAV 11th February 2021 was as follows:
Net Asset Value -- Debt at par value: 1,030.18 pence
Net Asset Value -- Debt at market value: 1,011.53 pence |
You are not wrong, but the discount is "organic", due to the nature of the trust, it goes down a bit every now and then when the through-discount reduces, i.e. when people pick up on heavily discounted stocks held by AGT.
Historically, the last time AGT hit a small premium was 2005 if memory serves, it was called BTEM (British Empire) back then.
It invests in anything, single shares, funds, family trusts, etc. that is investable and at a discount for no reason, i.e. they identify pricing anomalies. PSH is the best example at the moment. |
slow moving but hoping it will spike soon as such a big discount to NAV maybe because it does not seem to invest in companies but in other investment type trusts - maybe I am wrong ! |
I am with Baillie Gifford in China (BGCG) and US-tech (USA).
BGCG because it used to be Witan Pacific and USA because I like candy; but I agree, I am braced for a kick in the teeth at some point. |
I feel a lot more comfortable holding this than the 'techno bubble' Baillie Gifford investment trusts at this point in the cycle! |
@steve3Sandal
Same here and yes, it has had its periods - at times eons - of sleepiness but since Bauernfreund has taken over, things have spruced-up nicely. He can do value even when value is not liked much.
The Pershing Square bet has been his best decision so far. Exor with Ferrari in it ws not too shabby either. |
Long standing holder, like forever. It’s had some doldrums when deep value remained at deep value but there’s a definite turn towards growth. Have a watch of their AGM presentation by Joe B. |
thanks a lot vacendak and much appreciated . I am thinking of buying at the moment as it is consolidating . |
They do not list by individual countries, but the factsheet updates the geographical spread every month.
Europe 31%
Japan 21%
Asia 21%
America 17%
LatAm 5%
UK 5% |
I like the look of chart davebowler but can you kindly tell me which countries have biggest weighting in their portfolio ? quite a discount to NAV I notice |
Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 04th February 2021 was as follows:
Net Asset Value -- Debt at par value: 1,004.80 pence
Net Asset Value -- Debt at market value: 986.16 pence |
I only have a small holding here but making a few quid.
Have you looked at STB again recently? I assume that you sold out a few years ago. It looks ready for a rerating. |
New report |
It is announced that the un--audited Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 04th January 2021 was as follows:
Net Asset Value -- Debt at par value: 978.61 pence
Net Asset Value -- Debt at market value: 958.24 pence |
Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 14th December 2020 was as follows:
Net Asset Value -- Debt at par value: 950.62 pence
Net Asset Value -- Debt at market value: 930.70 pence |
Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 09th December 2020 was as follows:
Net Asset Value -- Debt at par value: 936.78 pence
Net Asset Value -- Debt at market value: 916.96 pence |
Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 08th December 2020 was as follows:
Net Asset Value -- Debt at par value: 932.03 pence
Net Asset Value -- Debt at market value: 912.16 pence |
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