hTTps://citywire.com/investment-trust-insider/news/avi-global-lifts-hipgnosis-songs-stake-before-continuation-vote/a2426414 |
13/9 Net Asset Value incl. Debt at fair value: 223.53 pence |
Latest monthly report out - |
hTTps://doceo.tv/insights/news/avi-global-trust-and-the-fourth-dimension/?utm_medium=Email&utm_campaign=Update+email&utm_term=HTML+email&utm_content=Updates+Newsletter&utm_source=doceo+Email |
Yep, I read it yesterday, but forgot to post it in the thread. |
Nick Greenwood joining AVI - |
 As for my pick, following a pullback in valuations over 2022, AGT’s manager, Joe Bauernfreund, sought to increase his exposure to his highest-conviction positions with a focus on more idiosyncratic, event-driven strategies. This included renewed interest in the US and also increased allocations to alternative asset managers KKR, Apollo Global and Oakley Capital Investments, all of which appear in the top ten holdings. Joe remains confident in the long-term strategies of these holdings and the defensive nature of their revenues, with management fees predominantly charges on long-duration committed capital. The three investments have returned 30.6%, 28.5% and 10% respectively this YTD.
Impressively, AGT is the top performer in the global sector over the past three years, which has been helped by the manager’s valuation-sensitive approach in the high-inflation and high-interest rate environment. The allocation to Japan has helped performance this year, as the adjustment in the Bank of Japan’s monetary policy stance has had a positive impact on the basket of four Japanese regional banks held in the portfolio. AGT’s double discount remains close to its widest level since the Eurozone crisis, which may offer a particularly strong long-term entry point. |
For what it is worth it is now in their portfolio of ITs. |
Yes, but it was a fraction of a % of NAV, tiny holding. |
Don't we own this either directly or through Pershing Square?
I would need to pore into AR and factsheets but it is Friday and I am lazy. :) |
17Jul NAV... Debt at fair value: 212.65 pence |
AVI showing its teeth- |
AJOT -
Also Pershing |
Hopefully, was never keen on this position so good if they've cut their losses and moved on. |
A bit behind in my reading.
This is from the latest HY23:
"Third Point Investors
(Discount: 21.2%/Contribution: -0.53%)
Third Point Investors (‘TPOU’) materially underperformed with its NAV
falling by -4% versus +16% and +18% gains for the S&P 500 and MSCI
AC World indices respectively. A widening discount (from 17% to 20%)
compounded matters and resulted in a share price decline of -8%.
While the credit book was a solid contributor to returns, woeful
underperformance on both the long and short equity strategies more
than offset this with mark-downs in the VC portfolio adding to the pain.
AGT also owns a direct position in the Third Point Offshore Master Fund
that underlies TPOU. This was acquired as a result of our participation
in an exchange facility offered to TPOU shareholders in early 2022, that
allowed qualifying shareholders to exchange a portion of their TPOU
shareholding for shares in the Master Fund at a 2% discount to NAV.
This saw 43% of our position exchanged for shares in the Master Fund,
and we have since redeemed this holding at the maximum permissible
rate and will have exited entirely by the end of June 23."
Does it mean we have given up on TPOU?
There was a mighty battle last year or so to impose an independent director or two.
Maye be Joe Bauernfreund has had enough! :) |
You need to add /a2418352 to the end of the link to make it work. |
Underwhelming 12 month performance here, underperforming against the Japan index trackers which have been in an uptrend over the period and are now at a 12 month high, whereas AVI has been essentially flat. |
hTTps://www.morningstar.co.uk/uk/news/235646/japan-opportunities-in-a-booming-market.aspx? |
Back?Financial TimesFinancial Times US20 May 2023Buttons.SearchOptionsFinanceJapan gets its swagger backWeekend F.T. -Activists have their momentThe 500 or so international investors expected to attend next week's CLSA event will be given a number of good reasons to hope that - in the context of Japanese stocks at least - the sun will keep rising in a way it has not for more than three decades.Large funds, such as Elliott and Citadel, have said since the start of the year that they are either opening offices in Tokyo or expanding their coverage of Japan at home.An April visit to Tokyo by Warren Buffett intensified global investor focus on Japan. Berkshire Hathaway's investments in five Japanese stocks make Tokyo its largest market destination outside the US. At the fund's May 6 annual meeting, Buffett reassured his audience he was "not done" with his search for more investable targets there.One reason for why investor interest has so strongly revived is that managements in Japan are now under unambiguous and unavoidable pressure to engage with shareholders in a way they were not before.This year the newly installed head of JPX, the group which owns the Tokyo Stock Exchange, outlined a decisive shift in stance. Hiromi Yamaji publicly rued the fact that more than half of TSE stocks were trading below their book value. He suggested that the exchange would support mechanisms that would cajole companies into improving corporate value, rewarding shareholders and paying greater attention to their cost of capital - three changes investors had largely given up hope of seeing.Masashi Akutsu, chief Japan equity strategist of Bank of America, believes that by picking on low price-to-book, Yamaji had in effect created a formalised metric of shame for managements to live in fear of."Investors are asking me whether the TSE's plan will work without punishment and I say yes, it will. When the corporate governance code was introduced in 2015 it was a time of deflation and companies had little motivation to dramatically change their behaviour. This time the economic situation is different," he says, noting how radically the return of inflation to Japan after such a long absence had shifted the scenery.At the same time, shareholder activism has also evolved to sit more comfortably in the mainstream of Japan investment. The number of activist funds in the country has risen from under 10 in 2014 to nearly 70 this year. Between 2015 and 2022, notes Masatoshi Kikuchi, chief equity strategist at Mizuho Securities, the number of shareholder proposals submitted by activists in Japan rose from below five to nearly 60. |
15/5/23 Net Asset Value -- Debt at fair value: 213.76 pence |
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