Avi Global Share Discussion Threads

[davebowler] 24/9/2023 12:04

hTTps://citywire.com/investment-trust-insider/news/avi-global-lifts-hipgnosis-songs-stake-before-continuation-vote/a2426414

[davebowler] 15/9/2023 09:25

13/9 Net Asset Value incl. Debt at fair value: 223.53 pence

[davebowler] 12/9/2023 10:38

Latest monthly report out -

[davebowler] 01/9/2023 16:07

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

[vacendak] 29/8/2023 09:37

Yep, I read it yesterday, but forgot to post it in the thread.

[davebowler] 29/8/2023 08:26

Nick Greenwood joining AVI -

[davebowler] 24/8/2023 08:55

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.

[vacendak] 22/7/2023 08:19

For what it is worth it is now in their portfolio of ITs.

[emptyglass] 21/7/2023 16:36

Yes, but it was a fraction of a % of NAV, tiny holding.

[vacendak] 21/7/2023 08:49

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. :)

[davebowler] 19/7/2023 09:03

17Jul NAV... Debt at fair value: 212.65 pence

[davebowler] 07/7/2023 16:23

AVI showing its teeth-

[davebowler] 06/7/2023 08:17

AJOT -
Also Pershing

[riverman77] 16/6/2023 10:23

Hopefully, was never keen on this position so good if they've cut their losses and moved on.

[vacendak] 16/6/2023 10:11

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! :)

[peckers56] 05/6/2023 09:33

You need to add /a2418352 to the end of the link to make it work.

[1nf3rn0] 02/6/2023 16:12

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.

[davebowler] 02/6/2023 15:11

hTTps://www.morningstar.co.uk/uk/news/235646/japan-opportunities-in-a-booming-market.aspx?

[davebowler] 20/5/2023 19:50

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.

[davebowler] 17/5/2023 08:20

15/5/23 Net Asset Value -- Debt at fair value: 213.76 pence