Avi Japan Opportunity Share Discussion Threads

[steve3sandal] 19/7/2020 20:53

The Factsheets provide a good rationale for Softbank. Bought at distressed prices and Softbank changes afoot. I'm happy to hide something here.

[spectoacc] 19/7/2020 08:29

Thanks @vacendak. Nearly bought in the market mayhem but never got back in.

One thing I really don't like about AJOT - Softbank?? Why?

[vacendak] 17/7/2020 08:46

AJOT good cop - NAVF bad cop:

[vacendak] 16/7/2020 16:40

Q2 Newsletter is out:


For those who follow AGT (AVI Global) a lot of it can be found in the latest AGT factsheet.

June factsheet:


This is only about the numbers.

Note that Fujitec, the lift and escalator company is clocking at 9.3% of the NAV for AJOT, pretty high for a single holding. It is mentioned in the newsletter that AVI controls 3% of the company across its three vehicles (AJOT, AGT and likely their fund AFHC, the AVI Family Holding Companies fund).
I could not find much about Japan in AFHC but I assume they have a component there that holds Fujitec.

The Q2 newsletter explains some of the limitations put on foreign capital in Japan, but there is an exclusion clause for fund managers, so at 3%, they should have the wherewithal to do more than ask questions at some point.

[vacendak] 09/7/2020 17:33

Joe Bauernfreund has an article in MoneyWeek:



Usual background on Japan: Companies heavy on cash, etc.
New bit on the chronic under developed IT infrastructure in Japan.

[vacendak] 18/6/2020 17:24

That is now two rounds of issue in the past couple of days.
They walked back from the big placement back in March, so they are doing it in small slices under the radar. The premium is pretty hefty too, considering the current market conditions so the dilution for existing shareholder is not too painful. :)

[vacendak] 05/6/2020 21:11

At the end of the article: AJOT is mentioned as entering the FTSE All-Share index.

"Several investment companies also won places in the FTSE All-Share, designed to track at least 98% of the UK market, via their inclusion in the FTSE SmallCap index, which companies must be worth at least £100m to enter."

[davebowler] 03/6/2020 11:39

Webcast at 12.30 today, password is japan

[vacendak] 23/3/2020 14:29

They have admitted defeat before the battle:


This was the right decision to take.

I had considered putting some money on it back then, hoping that COVID-19 would be over within weeks, i.e. before the placement, but nope...
They were allocating one share subscription right per share, which would have been nice when trading at 115+ p.

[spectoacc] 12/3/2020 07:22

Suspect the time to buy AJOT will be in about 6 months, and certainly expecting as big a discount as the current premium.

Agree that none of us want to get Covid-19.

I'm amazed at the panic buying because surely, surely, everyone has their boxes of dried long-life foodstuffs already? Incredulous that they seemingly don't, particularly after 2008. Doesn't have to be a virus - could be war, nuclear accident, sun spot, earthquake...

(...Flood, pestilence :) But who's laughing now. Not me - had never crossed my mind to stash toilet rolls).

[cordwainer] 11/3/2020 23:01

re: "rampages across the USA" - I'm beginning to worry about it rampaging across me, albeit only other symptom is being incredulous at other people's panic buying in the country which flogs souvenirs and trinkets to do with 'keep calm and carry on'.
Been watching AJOT for ages wondering whether to add it alongside AGT

[spectoacc] 11/3/2020 11:22

Japan ought to be out of it sooner than we are - good luck!

Tho I still say - "Never pay a premium" ;)

[vacendak] 11/3/2020 09:36

There is something about Japan focused investment trusts and premium values.
I think it is because people see the Japanese QE as neverending.

I topped up recently on AJOT before COVID-19, so I bit the bullet and paid the slight premium. Let's say I did not time the market very well! :(

Oh well, I am planning on holding this for years, so I shall not sweat too much.

[spectoacc] 11/3/2020 06:53

Thanks @v, certainly won't be buying at fat premium! Bought it at float, but sold out too soon (about 103p). I like the ethos/method of AVI, hopefully will pick it up about 80p, when Covid-19 rampages across the USA :(

[vacendak] 10/3/2020 21:36

They are soon issuing more shares at 100p. I have received a message recently about my right to subscribe. Talk about bad timing, I think I shall pass as I do not expect COVID-19 and its associated fears to be gone by next month.

@SpectoAcc
This one started at a premium on the day of listing and has mostly always been at a slight premium.
Looking at my spreadsheet, only ten days at a very slight discount on a 52w basis. The biggest value was 1.99% on 24/2/2020.

Best of luck in timing the market on this one. :)

[spectoacc] 10/3/2020 16:16

Thanks @davebowler, 18% in Yen, 8% in OCI, I like it already :) Give me a 25% discount and I'm in :)

Edit - oh! 4.35% in Softbank. I'm out.

[davebowler] 10/3/2020 16:00

AVI Global has about 25% of its portfolio in Japanese companies, I think, and it is trading about 10% below NAV.

[spectoacc] 10/3/2020 15:53

88.4p NAV on Monday, wow. Got my eye on AJOT but at a discount, not 96p offered.

[dplewis1] 22/2/2020 21:56

There is no broker upgrade - dodgy link don't click it..

[vacendak] 22/2/2020 19:39

Cross posted on the British Empire/AVG thread. AJOT seems aligned with the "Japan Special Situation Basket" of AVG.

[vacendak] 01/7/2019 12:28

Good catch.
This should hopefully be only a website ommission.

No interim or full year report yet, so cannot see it anywhere formally defined or stated. The prospectus does not have it as an entry either.

[zangdook] 01/7/2019 12:08

I'm not impressed by this:

[rjmahan] 29/6/2019 22:39

My thoughts on this:



Hope this will do very well in the years ahead - anyone know of anything else out there similar ?