Avi Japan Opportunity Share Discussion Threads

[davebowler] 15/9/2023 09:26

13 September 2023:

Net Asset Value: 118.17 pence

[topvest] 01/9/2023 19:06

Still hold this and like AVI. Any view though on why NAVF have performed better? I have two trusts rolling into NAVF in the next month or two - abrdn Japan and Atlantis.

[vacendak] 25/8/2023 11:15

From the recent RNS.

One can learn how to say "Bauernfreund" from the man himself. :)

[Edit] Sorry, this is not as new as I thought! See a few posts above.

[makinbuks] 14/8/2023 09:37

Good intro

[davebowler] 07/7/2023 16:24

AVI showing its teeth here .......

[vacendak] 18/5/2023 07:25

Yep, SK Kaken again and again.
It is the same with Symphony with AGT.

Not sure if they can crack that nut, the management/founding family has 40% and the other shareholders do not seem willing to be active enough to band with AJOT.

They may have to drop that one in the long run. Cannot win all the battles. :(

[value hound] 18/5/2023 06:37

AVI on the campaign trail against what would seem to be a little obduracy :-)

[davebowler] 20/3/2023 09:07

AGT seems still a better way into Japan and at a big discount to NAV -unlike here.

[davebowler] 20/1/2023 20:19

htTPs://citywire.com/investment-trust-insider/news/avi-japan-gears-up-to-invest-in-stock-with-100-upside/a2407014?re=105034&refea=252901

[davebowler] 22/10/2022 07:08

https://quoteddata.com/research/avi-japan-opportunity-maintaining-firepower-mc/?utm_medium=email&utm_campaign=News+weekly+email+128th+-+Pro&utm_content=News+weekly+email+128th+-+Pro+CID_6df199405850efeab89cfc9fb22dfc20&utm_source=Research+note&utm_term=read+article&=1

[vacendak] 27/9/2022 15:36

They have won the "Japan Equity: Active" award.

[vacendak] 14/9/2022 11:43

This one is an interview with Joe Bauernfreund on Quoted Data

Direct link to video:


He talks about AGT and AJOT, more focused discussion, holding by holding, comments on discounts.
We learn that there is now only around 40% overlap in Japanese equities between AGT and AJOT. AJOT being used for smaller more illiquid holdings.

Bauernfreund says that 90% of his personal investment are in a mix of AGT/AJOT and other AVI funds. We need to take his word for it on that one of course.

[vacendak] 08/9/2022 11:52

I have picked that up from LinkedIn originally:

[vacendak] 06/9/2022 19:03

Still, it would have been polite to at least ask ALL the investors, not just the institutions. I would have voted for continuity too, but as I have just said, it would have been nice to be asked. :(

[vacendak] 22/8/2022 09:36

The latest factsheet mentions the option to exit at NAV soon:

"As laid out in AJOT’s prospectus, four years after launch shareholders who wish to exit will be given an opportunity to do so at close to NAV. The rationale behind including this clause was to ensure that if the original investment thesis did not generate the expected returns, or if circumstances had changed to make Japan unattractive, then Shareholders would not be penalised for wishing to exit. AJOT has generated better than market returns and there is still an abundance of compelling opportunities. Given the share price is trading at or close to NAV, we hope that any Shareholders who wish to exit will be able to sell their shares in the secondary market, without AJOT needing to incur the expense of a more complicated mechanism. Nonetheless, AJOT’s joint placing agents Singer Capital Markets and Kepler Partners will be consulting Shareholders over the coming months to canvass opinions about a possible exit and as detailed in the Prospectus, a strategy will be developed based on the demand, underlying liquidity of our investments and the other factors mentioned. The results of the consultation will be reported in October 2022."

Considering that AJOT has mostly traded, on average, at a slight premium, this is unlikely to be a major issue comes October.

[davebowler] 01/8/2022 08:15

Liberum count this as ‘Cheap’ - Funds trading at more than 2 standard deviations below 1-year avg premium/discount

[vacendak] 26/4/2022 17:02

Investment Manager Increases Holding



AJOT is so badly run that activist investor AVI is taking a position in it to influence the manager and release some value. :)

[vacendak] 28/3/2022 12:42

Yep, good performance against its index.
Now... all we need is for the index to go up significantly. :)