htTPs://www.trustintelligence.co.uk/articles/opinion-december-sees-sharp-rally-in-agt-and-ajot-jan-2024 |
hTTps://masterinvestor.co.uk/funds-and-investment-trusts/specialist-trust-recommendations-for-2024/ |
OCI also close to all time high. |
The share price is getting back to late 2021.
Hopefully we should soon be talking about momentum instead of seesawing. |
Dec report out |
Fairly quick run up from 210p - 220p, and with NAV now 248p there seems to be little to prevent the share price taking out the ATH when peeps get back to work. I will be reinvesting my dividend next week as the ATH here still represents good value v NAV in my view.
Anyone make the AGM?
Hopefully there’ll be a video, presentation or Q&A on the website at some point.
GLA. |
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 13th December 2023 was as follows:
Net Asset Value -- Debt at par value: 232.82 pence
Net Asset Value -- Debt at fair value: 236.03 pence |
Indeed, unlikely to put the portfolio on fire, but every now and then it shoots up.
I also enjoy reading the ARs as they are genuinely actively managing their funds (AJOT being the other one).
We used to have special dividends, I miss those, always nice little surprises. |
SP 210p might take some clearing but then nothing to stop it challenging 221.38p ATH. Witchcraft I know but somehow history rhymes.
Happy holder. Their process repeatedly tells me I’m not clever enough to pick stocks and I’m happy to pay them to do so. |
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 11th December 2023 was as follows:
Net Asset Value -- Debt at par value: 230.85 pence
Net Asset Value -- Debt at fair value: 233.88 pence |
 November Management report...Markets were in ebullient spirts, with the largest monthly cross-asset rally since 2008. AGT's portfolio more than took part in this and was further boosted by several specific developments within the portfolio, with KKR and Schibsted the standout performers in this respect, contributing +160bps and +141bps apiece. We provide an update on bothinvestments below.Other strong performers include Princess Private Equity, Apollo, Wacom and Oakley Capital, which all added >50bps. Symphony International was the only meaningful detractor (-54bps) as the discount widened from 34% to 43% on typically thin volumes and a wide bid/offer spread.Over the month we realised £47m from Schibsted as the event angle of our investment thesis occurred, and gearing fell to 3.3%, having been 7.4% at the end of the financial year in September. We are excited about the flexibility this affords us in a world of wide discounts and rich opportunities, having started to build several new positions in recent weeks |
Quoted Data interview- |
I have noticed that the vocabulary in use is slowly degrading. Soon he will be calling people thieves and robbers. :) |
Go for it Joe! |
New monthly fund update |
"Joe Bauernfreund, CEO of AVI, commented: “After years of continued underperformance and a persistent valuation discount, we think that the current Board of Directors lack the necessary experience and independence to rectify the situation. Without meaningful strategic action, including the release of a more comprehensive medium-term plan and a review of the 20% stake in Kakaku.com, Digital Garage’s performance is unlikely to change. The inaction of the Board to address Digital Garage’s issues flies in the face of the efforts by the TSE, the Government and the FSA to enhance corporate governance and to pave way for an asset management-oriented country as manifested by Prime Minister Kishida.”
Another reading of the riot act.
AGT, AJOT and the other AVI funds altogether own 3% of the company, they can ask questions, but as usual the inertia of the other shareholders cannot be ignored. :( |
htTPs://citywire.com/investment-trust-insider/news/citywire-investment-trust-awards-2023-best-performers-and-best-board/a2429662?page=2 |
They are close to calling each other names:
"'This is another example of the board taking shareholders for fools,’ said Treanor, who added he could not think of ‘anyone worse qualified to hold a strategic review than this board'." |
htTPs://citywire.com/investment-trust-insider/news/newton-cuts-hipgnosis-songs-stake-as-analysts-back-avi-attack/a2428309?re=113829&refea=252901 |
Also targeting one of ours- Pershing Holdings - |
Alarming development -but nanny knows best!
Currently, Interactive’s platform offers investors access to the same five investment companies restricted by Fidelity: RIT Capital, MIGO Opportunities (MIGO), AVI Global (AGT), CT Global Managed Portfolio Income (CMPI) and Abrdn Private Equity Opportunities (APEO).
Interactive said it alerts customers making regular contributions into funds it has restricted.
‘Beyond that, as the process evolves and while the consumer duty regime matures, it is difficult to know how long they may be unavailable for,’ Jackson said.
The platform said it hopes consumer duty regulation will lead to better outcomes and ‘focus fund management group minds on value even further’, which means restrictions should ideally not be long term.
AJ Bell approach
AJ Bell takes a different approach, believing the new regulation does not require it to block investors from accessing funds.
Like Interactive, AJ Bell monitors funds through fair value assessments plus an independent third-party tool. But instead of restricting access, it notifies holders when a fund is deemed not to be delivering value.
According to the Association of Investment Companies and share register data collector Argus Vickers, Interactive has a 6% share of the investment company market, behind Hargreaves Lansdown on 7% but ahead of AJ Bell’s 2% and Fidelity’s 1%. |
As at Friday's close, the average UK investment trust was trading Just over 16% Discount to nav, based on 180 trusts in FTSE All Share index. Therefore, this is rated higher than most. |
Good read indeed. I guess the widening of the "double discount" is due to the current attitude towards PE and the fact that we have invested more into PE funds of late. |
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