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| 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
|
|
|---|---|---|---|---|---|
| 2.50 | 1.06% | 239.00 | 1,028,090 | 16:35:09 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 237.00 | 238.00 | 237.50 | 235.50 | 236.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 166.72M | 142.66M | 0.3227 | 7.36 | 1.05B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:48:11 | O | 42,114 | 239.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 20/12/2024 | 12:32 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 19/12/2024 | 13:03 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 19/12/2024 | 12:37 | UK RNS | AVI Global Trust PLC Result of AGM |
| 18/12/2024 | 12:04 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 17/12/2024 | 14:45 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 16/12/2024 | 14:36 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 13/12/2024 | 17:23 | UK RNS | AVI Global Trust PLC Transaction in Own Shares |
| 13/12/2024 | 16:14 | UK RNS | AVI Global Trust PLC Monthly Factsheet |
| 13/12/2024 | 12:41 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 12/12/2024 | 18:01 | UK RNS | Partners Group Private Equity Ltd Holding(s) in Company |
Avi Global (AGT) Share Charts1 Year Avi Global Chart |
|
1 Month Avi Global Chart |
Intraday Avi Global Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/12/2024 | 09:30 | AVI Global Trust | 456 |
| 28/10/2008 | 13:36 | change your broker sans i am not a happy investor | 15 |
| 26/10/2008 | 12:26 | Argonaut Games Shareholders' Action Group (AGSAG) | 124 |
| 30/12/2007 | 23:19 | Aldgate Capital Plc | 5 |
| 08/6/2005 | 12:08 | AGM 2003 Meeting | 9,175 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-12-20 16:48:13 | 239.00 | 42,114 | 100,652.46 | O |
| 2024-12-20 16:47:04 | 238.98 | 11,787 | 28,168.69 | O |
| 2024-12-20 16:35:09 | 239.00 | 469,634 | 1,122,425.26 | UT |
| 2024-12-20 16:21:13 | 237.50 | 683 | 1,622.13 | AT |
| 2024-12-20 16:20:55 | 237.00 | 828 | 1,962.36 | AT |
| Top Posts |
|---|
Posted at 21/12/2024 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 236.50p.Avi Global currently has 442,061,671 shares in issue. The market capitalisation of Avi Global is £1,049,896,469. Avi Global has a price to earnings ratio (PE ratio) of 7.36. This morning AGT shares opened at 236p |
Posted at 19/12/2024 09:29 by davebowler Citywire-AVI's Perspective: Navigating the Investment Trust Landscape By Tom Treanor As we look forward to 2025, those of us who in one way or another make a living from investment trusts will be hoping that the headwinds faced by the sector over the last few years have passed. While in some respects, what we have witnessed is a natural part of a market cycle, i.e., a boom in issuance followed by a cessation of new IPOs and shrinkage of the existing universe, powerful secular or idiosyncratic forces have exacerbated the down leg of this cycle and cast doubt over what sort of recovery we will see. Wealth manager consolidation has raised the minimum market cap requirements. While there will inevitably be a wave of refugees, fleeing the tyranny of centralised buy lists to establish new firms more predisposed to investment trusts, this will likely be a slow process and provide only a small offset. Cost disclosure rules forcing wealth managers to report misleadingly inflated aggregated costs to their clients have also weighed heavy on the sector. Although there was recently a brief burst of optimism triggered by the FCA announcement’s on forbearance1 around these rules, this has faded somewhat in the face of ill-judged resistance from certain investment platforms. Bulls on the sector’s durability will point to its 155-year history and repeated capacity over that time to reinvent itself. Open-ended structures are clearly unfit to house illiquid or private assets, and LTAFs (Long Term Asset Funds) should be a wholly unnecessary attempt to reinvent the wheel, notwithstanding the attractions of volatility laundering. Unfortunately, however, the failure of investment trust boards in certain alternative sectors to get to grips with persistent discounts has sent out an open invitation to prospective LTAF managers to steal their lunch. That grumble aside, our money would be on the sector surviving and thriving given the superiority of the structure and the opportunities for new issuance to capitalise, for example, on the enormous sums required to finance the energy transition. First, it’s imperative that excess supply in the sector shrinks through consolidation, managed run-offs, and take-privates before it can hope to grow again. While this process is already underway, the quicker we can get through this stage of the cycle, the sooner those sunlit uplands will come into view. Movements in gilt rates, the pace of wealth manager consolidation, and the misconceived anti-consumer choice behaviour of a small number of investment platforms are all factors outside the control of industry participants. Accelerating this unwind phase of the cycle is not, and all stakeholders have a part to play - investment trust boards, brokers, and shareholders. Investment Trust Boards Boards need to continually examine if investment strategies are still relevant and, if so, whether they are differentiated enough, and whether their investment vehicle in particular is the right one to execute that strategy. Perhaps their shareholders might be better served through mergers with other trusts or by going into managed run-off, a portion of the cash proceeds from which are likely to find their way back into the sector and, ultimately, be available to back new IPOs? Brokers should be willing to offer candid advice to boards on these matters, and it is imperative that shareholders make sure their voices are also heard. None of the above are novel insights. But if there is one key area in which there is much room for improvement, and which would grease the Schumpeterian wheels, it’s communication between these stakeholders. Chairs should be on the front foot, pro-actively offering meetings with shareholders to directly hear their views on the company (and shareholders should always accept these invitations!). And while there is clearly a need to be mindful of commercial considerations which will vary on a case-by-case basis, the default position of boards should be to disclose takeover bids even if they are minded to reject them as undervaluing the company. Let shareholders decide. As a related aside, there is a strong case for investment trust directors being paid more. While this clearly needs to be approached on a consultative basis with shareholders and acknowledging that this will exacerbate - at least in the short to medium term - the status quo under which bad directors are overpaid, such a change is vital to attracting high-quality candidates to the sector, particularly in alternative asset classes which are more complex and where specialist knowledge and experience is so important. We’ve observed a very welcome increase in the number of investors in the sector willing to engage robustly with boards that are failing to effectively represent the best interests of shareholders. This is a hugely important development that has significantly advanced the progress we have seen to date in reducing oversupply. But there is still a reticence in some quarters to fully engage with other shareholders. Shareholder-to-share We understand that regulatory/complianc Asset Value Investors (AVI) wears two hats, the first as the investment manager of three investment trusts (AVI Global Trust, AVI Japan Opportunity Trust, and MIGO Opportunities Trust); the second as an investor in investment trusts (via AVI Global, MIGO Opportunities, and dedicated open-ended funds and separate accounts). While the current opportunity set in investment trusts is among the most compelling we can recall, with prospective returns abnormally high, we have a vested interest in the long-term success of the sector whichever hat we are wearing. |
Posted at 10/12/2024 16:13 by craigso Wow! D'leteren closed yesterday at 200 euros or so. It does ex-dividend today (74 euros per share) but trades this afternoon at around 160 euros per share. Taking off the 7.4 euros per share of tax AVI mentions, that's still a 13.3% return in one day on nearly 10% of AVI.Unfortunately us mere mortals would have had 30% Belgian withholding tax on that 74 euro dividend. And my plan to buy ex-dividend obviously didn't happen when the share price of DIE.BR didn't drop by 74 euros at the open. I assume that AVI might not see the value in reinvesting the dividend back into DIE.BR either. |
Posted at 10/12/2024 08:22 by steve3sandal AVI Global Trust plc (the "Company")AGT Holding D’Ieteren (DIE BB) Trades Ex-Dividend The Company announces that its largest holding D’Ieteren Group today trades ex-dividend of a €74 per share extraordinary dividend. The payment date is 12 December 2024. The Company owns 663,947 D'Ieteren Group shares and as such will receive gross proceeds of €46.9m, equivalent to 3.4% of NAV. The Company will incur a net rate of tax of 10% on these proceeds. The distribution will be accounted for as a capital distribution and will not form part of the Company’s income required to be distributed to maintain investment trust status. ……… They had previously flagged this ‘distribution& |
Posted at 18/11/2024 09:41 by davebowler Investec commentary today -AVI Global Trust (AGT) – AGT announced their full year results last week. We listened in to their results presentation and these charts they showed on listed Private Equity stood out. The managers said that having spoken to their sources, the discount on secondary market buyout funds (blue line below) is currently in the 5-10% range whereas the current discounts in the listed PE sector are in the mid 30s (orange line). The second chart shows the differential. We continue to think that the sector looks good value and if there was ever a resolution to the ongoing cost disclosures, the LPE sector would be an obvious beneficiary. |
Posted at 08/10/2024 21:33 by steve3sandal Usual monthly fact sheet in news above. They’ve taken D’Leteren to 8.2%. It’s going to distribute €74 dividend almost 40% of MCap which AGT flag is 1.5x AGT usual dividend. Just thinking out loud, AGT will need to payout 85% of 9/25 income so somewhere down the line we will hopefully get a large special dividend. I always like a Special Dividend and it looks like JB and his team have done it again. I also noted today they’ve bought into RNEW in size. |
Posted at 12/9/2024 10:27 by davebowler Switch EditionUK?Opinion09 Sep, 2024James Carthew: AVI Global can extend its excellent track recordDiscounts across global markets present opportunities for the UK-based bargain hunter, which recently cashed in on Starwood's Balanced Commercial Property bid.ByJames CarthewThe investment companies sector continues to shrink. So far in September, we have seen bids for Tritax EuroBox (EBOX) and Balanced Commercial Property Trust (BCPT), JPMorg |
Posted at 09/9/2024 10:36 by davebowler InvestecAVI Global Trust (AGT): AGT published its Newsletter for August last week. AVI take a value orientated approach (in place since 1985) and given the portfolio is fairly concentrated (top 10 accounts for 55%) you will be unsurprised to hear the DD process is incredibly thorough. AGT currently has 30% invested in closed-end funds. We think there continues to be an interesting backdrop for AGT to take advantage of the significant discounts on offer and the pickup we are seeing in corporate activity/activism. There have been a number of recent corporate actions for the underlying AGT portfolio companies which have had a positive impact. Some of which AVI will have been more involved in than others, these include:Hipgnosis Songs (SONG) Acquired by Blackstone.PRS REIT (PRSR) Shareholders requisitioning an EGM to seek removal of the Chairman and a strategic review.Balanced Commercial Property Trust (BCPT) Starwood cash offer for the company last week. BCPT's shares rallied more than 10.3% last Wednesday and AVI confirmed it had sold its 16,165,250 shares.Aberdeen European Logistics Income (ASLI) In Wind-Down.NT Lease Office Property (NLOP) In Wind-Down.Chrysalis (CHRY) We note AGT recently announced a holding >10% in CHRY. The second part of CHRY's Capital Allocation Policy, which is dependent on further portfolio realisations is to return £100m to shareholders via share buybacks. Klarna is expected to IPO in Q1-25 and Visa is reportedly in negotiations to acquire Featurespace. |
Posted at 14/6/2024 08:16 by davebowler Citywire-Investment company bargain hunter Joe Bauernfreund says the 39% return the trust made in eight months on SONG demonstrates value of shareholder activism and importance of having the right board. Jamie Colvin BY JAMIE COLVIN comments Activist investor AVI Global (AGT) has sold out of Hipgnosis Songs (SONG) after a ‘highly successful’ holding that saw the rejigged board engineer a takeover bid above the shares’ 2018 listing price. Writing in the £1.2bn trust’s half-year report, fund manager Joe Bauernfreund highlighted his role in fighting off the proposed sale of a portion of SONG’s catalogues and urging fellow shareholders to vote against the company’s continuation last October. The activist then pushed successfully for the appointment to the board of Robert Naylor and Francis Keeling, who had just stepped down from rival Round Hill Music Royalty (RHM) following its acquisition by Concord. In April, a bidding war commenced in which Blackstone, the majority owner of Hipgnosis Songs Management, saw off another bid from Concord with a recommended offer at a 47% premium to the share price. ‘We are delighted with an outcome that has not only generated a very strong return for AGT’s shareholders but has demonstrated again both the value of shareholder activism and the critical importance of having the right people on boards,’ Bauernfreund first invested the trust in SONG in late 2020; he sold more than half its stake 12 months later. He then rebuilt the position back up to 6% ahead of the continuation vote. While the stake detracted from returns in the six months to 31 March, over the whole period of its last phase of ownershp up to May 2024, AVI Global received a 39% total return. The trust has returned 24.6% in one year. Bauernfreund hasn’t been the only seller. Most long-term holders sold out after Blackstone won the day, with hedge funds flooding in to take the 131-cents-per-share (102.7p) offer when the deal completes in the third quarter. The shares trade at just over 101p. Trust bargains Over the half-year, AVI Global delivered total returns of 14%, including the 1.2p dividend, while the shares jumped 16%, falling just short of the MSCI All-Country World index’s 16.1% gain, largely driven by US mega-cap stocks. Bauernfreund has taken advantage of the wide discounts across the investment company sector, which are ‘almost entirely for non-fundamental reasons’, where the trust can add value through activism. As a result, gearing, or borrowing, has increased to 9.6% of assets. Closed-end funds made up 31% of the trust at the end of May, with the larger positions including private equity funds Oakley Capital Investments (OCI) and Princess (PEY), and Cordiant Digital Infrastructure (CORD), which have respective weightings of 6.7%, 5.6% and 3.6%. Over the period, US private equity company KKR was the top performer, adding 2.5% to net asset value (NAV) as its share price soared 64%. AGT’s investment thesis remains that alternative asset managers remain undervalued. Asia-focused private equity firm Symphony International Holdings was the worst performer, knocking 0.8% off performance; its dollar shares fell as the discount widened from 36% to 50%, exacerbated by a rally in the pound. Rupert Murdoch’s News Corp is now the largest asset in the portfolio, with an 8.8% weighting, after Bauernfreund added to the position. Oakley and Princess are the second-largest holdings. Over the past five years, the trust’s shares have soared 74%, ranking it third in the AIC Global sector, where the average return has been 57.7%. AGT’s shares closed at 239.5p on Wednesday, 8% below NAV. The board spent £24m on buybacks to narrow the discount over the half-year |
Posted at 08/6/2024 07:20 by davebowler quoted-data-Listed Fund ResearchAVI Global TrustThriving under pressureThe AVI Global Trust (AGT) has gone from strength to strength as its managers identify a wealth of opportunities. A share price total return of over 30% in the past year highlights the value of the company's strategy of targeting high-quality companies whose shares are trading at a discount to their intrinsic value.Against a backdrop of markets adjusting to structurally higher interest rates, especially in the US, we expect this momentum to continue, and the value of less correlated market returns (in other words returns not tied to the performance of broader market indices), such as those provided by AGT, to increase.Despite its strong performance, the company continues to trade on a share price discount to net asset value (NAV) of 7.4%. Given AGT's performance track record and increasingly optimistic outlook, we believe this is an attractive entry point for investors, particularly for those looking to manage exposure to increasingly concentrated and expensive market indexes.Extracting value from discounted opportunitiesAGT aims to achieve capital growth through a focused portfolio of investments, particularly in companies whose shares stand at a discount to estimated underlying net asset value. It invests in quality assets held through unconventional structures that tend to attract discounts; these types of companies include holding companies, closed-end funds, and asset-backed special situations.NB: Marten & Co was paid to produce this note on AVI Global Trust Plc and it is for information purposes only. |
Posted at 03/4/2024 09:12 by davebowler KeplerAGT is trading at close to its widest ‘double discount’ since the Great Financial Crisis… AVI Global Trust (AGT) offers investors a highly differentiated exposure to global equities. Portfolio construction is centered around identifying high-quality companies trading at significantly depressed values to their estimated NAVs. This leads to a particular focus on closed-ended investment funds, family-backed holding companies, and Japanese smaller companies. Macroeconomic uncertainties and elevated levels of risk aversion have seen discounts across investment trusts widen significantly, this a resulted in an increased exposure to listed private equity and venture capital investment companies. AGT’s own discount of 10.9% is currently at wider levels than its five-year average discount, which combined with the wide discount for the underlying investments, means AGT is trading close to its widest ‘double discount’ since the Global Financial Crisis in 2008. The team also look to add value by taking a highly active approach - particularly through their allocation to Japan, where the team see the improved macroeconomic environment and focus on corporate governance as an opportunity. Furthermore, their regional expertise allows them to take a consultant-like engagement approach with the aim of making significant improvements to business operations. AGT’s performance has been impressive across both the short and long term. In our view, with AGT’s ‘double discount’ being close to historically wide levels, now could be one of the best opportunities to invest in the trust for a long-term investor looking to gain exposure to a truly benchmark-agnostic, global equity investment strategy. As interest rates look to be peaking in the US and the UK, and the premise of a softer landing becomes a more probable outcome, this bodes well for the potential NAV appreciation of the underlying holdings, particularly the increased allocation to private equity, and for the wider-than-average discount of AGT itself. |
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