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AGT Avi Global Trust Plc

2.00 (0.97%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Avi Global Trust Plc LSE:AGT London Ordinary Share GB00BLH3CY60 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 0.97% 207.50 724,188 16:35:23
Bid Price Offer Price High Price Low Price Open Price
207.50 208.00 208.00 205.00 205.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 147.05M 134.14M 0.2914 7.14 957.37M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:05:05 O 1,093 207.50 GBX

Avi Global (AGT) Latest News (2)

Avi Global (AGT) Discussions and Chat

Avi Global Forums and Chat

Date Time Title Posts
27/11/202314:49AVI Global Trust355
28/10/200813:36change your broker sans i am not a happy investor15
26/10/200812:26Argonaut Games Shareholders' Action Group (AGSAG)124
30/12/200723:19Aldgate Capital Plc5
08/6/200512:08AGM 2003 Meeting9,175

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Avi Global (AGT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 18:05:16207.501,0932,267.98O
2023-12-08 17:29:28206.412245.41O
2023-12-08 17:29:28206.37415856.44O
2023-12-08 17:24:21207.502,4315,044.28O
2023-12-08 17:06:45207.5030,00062,250.00O

Avi Global (AGT) Top Chat Posts

Top Posts
Posted at 08/12/2023 08:20 by Avi Global Daily Update
Avi Global Trust Plc is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker AGT. The last closing price for Avi Global was 205.50p.
Avi Global currently has 460,276,385 shares in issue. The market capitalisation of Avi Global is £957,374,881.
Avi Global has a price to earnings ratio (PE ratio) of 7.14.
This morning AGT shares opened at 205p
Posted at 09/11/2023 10:21 by davebowler
New monthly fund update
Posted at 08/11/2023 15:37 by vacendak
"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, 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. :(
Posted at 09/10/2023 08:25 by davebowler
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%.
Posted at 01/10/2023 14:53 by 2wild
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.
Posted at 28/9/2023 09:11 by davebowler
......The focus on discounted opportunities means AGT trades on an effective ‘double discount’ to the NAV of the underlying holdings. Data provided by the manager, suggests that AGT’s double discount was 48% as of 31/07/2023, which is significantly wider than the 33.3% average since AVI took over the management of the trust. In fact, it is very close to the historically wide levels seen during the coronavirus pandemic and again wider than that seen during the GFC and the Eurozone crisis in 2011. We believe this may be suggestive of good potential returns for a longer-term investor, particularly if a softer-than-expected economic landing evolves
Posted at 28/9/2023 09:04 by davebowler
AGT is trading at its widest ‘double discount’ since the great financial crisis
Posted at 26/9/2023 13:06 by steve3sandal
Largely going in the right direction. I’m now at my highest holding level of 10% and I follow AGT an and constituents closely. Surprised at the discount level here. Not surprised at the discount levels most everywhere else. I didn’t particularly like SONG about hopefully AVI will explain to them what needs to be done next and that’s not what they are proposing!
PIN a is a good example to Investment Trusts of what is possible to tackle discounts.
Posted at 24/8/2023 08:55 by davebowler
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.
Posted at 16/6/2023 10:11 by vacendak
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! :)
Posted at 28/4/2022 07:23 by davebowler
AVI Global (AGT) fund manager Joe Bauernfreund is cautiously looking for opportunities to deploy up to £150m of cash and borrowing as volatile stock markets weaken the share prices of the investment companies and holding companies he likes to buy.

Bauernfreuend (pictured below), who as chief executive of Asset Value Investors (AVI) has run the £950m investment trust for six-and-a-half years, removed the small amount of gearing, or borrowing, the closed-end fund had at the start of the year. Although the company is paying interest on £30m and €50m of long-term loans, keeping the cash in reserve has helped the trust avoid the steep falls of global growth rivals like Scottish Mortgage (SMT) and Martin Currie Global (MCP).

While they have slumped 34% and 25% respectively, AGT has fallen 12.5%, a decline that reflects the widening of investment company discounts as investors worry about inflation, rising US interest rates and the impact of the Ukraine war.

‘We have been patient thus far in terms of getting that money reinvested,’ Bauernfreund told Citywire Investment Trust Insider. ‘As things stand we are almost 100% invested, which I think is appropriate for our mandate.

‘I am not in favour of making big market-timing bets. We have made a few small incremental additions to some existing holdings in the past few weeks, and we are starting to see some of the weakness in equity markets spread to parts of our universe that had previously looked over-valued.

‘So I expect we will find good opportunities to invest that cash in the coming months but, at present, we are in no rush,’ he said.

Year to date the underlying net asset value (NAV) of AGT’s investments in 36 closed-end funds and holding companies is down 8%, according to Morningstar data from Numis Securities. That’s behind the 6.2% decline in the MSCI All Countries World index, a benchmark that it has underperformed over five years with NAV including dividends up 52.7% against a 60% advance in the MSCI.


Bauernfreund is confident the portfolio of undervalued investments can re-rate once markets stabilise. While he waits, there has also been a lull in his team’s investor activism. The fund manager declined to comment on this week’s strong results from Third Point Investors (TPOU), in which it is nearly 6% invested, having secured – with other rebel shareholders – representation on its board after a bruising corporate governance battle with the Daniel Loeb managed hedge fund last year.

However, he was clear he wanted to see further action on Third Point’s discount that has widened to 14% from the 11% it narrowed to after its victory in February.

‘We share the frustration of many shareholders that despite the very strong performance, the quality of the underlying portfolio and the success it’s had over the last few years in particular, that it continues to trade at a discount that we think is far too wide,’ said Bauernfreund, who took advantage of an opportunity this month to exchange some of AGT’s holding in Third Point to its underlying ‘master’ fund at close to NAV.

Bauernfreund is more patient with Third Point’s rival Pershing Square Holdings (PSH), its top position at 9% of assets at the end of March. Although AVI clashed with Pershing Square three years ago over a long-term loan it thought could frustrate efforts to narrow the fund’s wide discount, relations have improved. For the time being Bauernfreund is willing to settle for the turnaround in performance fund manager Bill Ackman has achieved through the pandemic, with shareholder returns up 107% since 2019, despite the stock trailing NAV by a massive 31%.

‘The NAV growth and the share price performance more than makes up for the fact that [Pershing] trades on a wide discount. We hope the board continues to look at ways to narrow the discount and we hope [it] does start to narrow,’ Bauernfreund said.

The key difference between the holdings is their long-term performance. Since investing in both in 2017, Pershing Square shares have returned around 136% versus Third Point’s 74% and the MSCI World’s 63%.

AVI is also forgiving of Ackman’s recent decision to end a three-month investment in Netflix, at a loss of over $400m, after the US streaming giant disclosed a slump in subscriber numbers due to inflation. Asked for his view, Bauernfreund referred to a comment from his head of research Tom Treanor who last week said: ‘Doubling down in these situations is actually the easy option. Yet often the most dangerous. Selling out was a brave decision and we applaud it regardless of Netflix’s subsequent share price from here – it appears Pershing has learnt from past mistakes and has demonstrated commendable discipline.’
Avi Global share price data is direct from the London Stock Exchange

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