Thanks.
The LSE RNS Number : 1784G AVI Global Trust PLC 22 July 2021 has Japan Special Sits in both columns, which is what I was reading.
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Emptyglass, are you sure that you are looking at the right update? Japan Special Situations only appears in the largest contributors column. |
Why is the Japan Special Situations in both Largest Contributors and Largest Detractors in the monthly update ?
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Asking for a friend. I ventured it could happen if you split the constituents. |
Still no update on Symphony and the latest PSH/Tontine/UMG story is too recent to have made it to the June newsletter. |
And now having a go at "Third Point Investors Ltd". |
Yes there are a few bits of dead wood they need to sort out (which I believe the current manager inherited from the previous manager) - as well as Symphony, there is also Tetragon which I think they still hold (been on a 50% odd discount for years because of governance issues but never seems to go anywhere). The newer investments look a lot more promising though so no complaints from me. |
Reading the latest factsheet, AGT has sold its Kinnevik holdings.
It was bought cheap, then they doubled-down when dirt cheap and have now sold at a premium. This is textbook AVI stuff. They used the money to lower the gearing a bit.
Now, let see how they sort out the mess at Symphony. There is no update about this in the latest factsheet. |
From above factsheet, new investment: |
I bought some Apollo a few weeks ago. Delighted to see they have followed me in. Love a little confirmation bias. Ha Ha. |
down again today even as markets pick up again which is a concern . I did exit recently and wait for opportunity to re-enter ! |
Just checked latest performance and NAV returned 29% over past six months - that makes it number 1 out of all its global IT peers by some distance. Very much supports my view that AGT will do well in a value investing environment. Can see the discount disappearing pretty quickly and could even go to premium. |
Yes a lot of unlocked value in this portfolio and genuinely differentiated from all the other global equity ITs. |
The outperformance since Joe Bauernfreund has taken over has been very marked. Outperforming the world index over the last 5 years with little exposure to the USA has been very impressive. The discount is now starting to close and I expect the discount to go to zero in the next year or so. A case could easily be made for agt to go to a premium in the future. I remember the days when British Empire traded at a premium before the years of dull performance. |
£10.00 a share and not a penny more (or less)! |
This makes sense.
What I remember now - I still have not looked for the reference - was a holding company they had their eyes on, trading at a discount, with some Porsche in it and AGT/BTEM at the time saying that those Porsche shares traded at a premium. In other words, there was value in whatever that company was called. So they have indeed been sniffing around Porsche one way or another for a while. |
 Reply from AVI Global re. Porsche -
Callum from Kepler passed on you query about Porsche. Porsche is in our universe and is a company we have followed for a number of years. It is one we have looked at closely of late and is on our watchlist, but we don’t own it at present. This has obviously been disappointing given the share price performance recently. While it looks obvious in hindsight, the roll out of VW’s EV strategy was not so clear until their “Battery Day”, after which the share price of VW (ords and prefs) reacted very quickly. We are watching closely but the VW Ords (which is what Porsche owns) are currently trading at a 25%+ premium to the Pref shares. This could be for any number of reasons (one theory is US investors buying the ADR’s which are linked to the Ords and have a very limited freefloat) but gives us reason for concern on Porsche’s NAV were that premium to return to the long term trend which is much closer to parity.
Any further questions please get in touch.
Kind Regards
Scott Beveridge, CFA |
13/4 Net Asset Value -- Debt at market value: 1,070.41 pence |
From memory, I think he mentioned the VAG group and owning Porsche through one of those obscure family investment vehicle once last year or so. It was not about EV specifically though, just the old fashioned hidden value through holdings method he employs.
We already have Ferrari through Exor. |
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