Avi Japan Opportunity Share Discussion Threads

[vacendak] 14/9/2022 12:43

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 12:52

I have picked that up from LinkedIn originally:

[vacendak] 06/9/2022 20:03

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 10:36

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 09:15

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

[vacendak] 26/4/2022 18:02

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 13:42

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

[vacendak] 31/1/2022 12:11

AJOT is talked about in the second half of the article.

[vacendak] 17/1/2022 16:43

Turning more aggressive are we?
The NAV is again languishing below 120p.

AJOT may beat its index, but the index is doing pretty poorly at the moment. Still, the premium remains so the market trusts the manager, so shall I.

[davebowler] 17/1/2022 15:19

Potential Share Issuance
We continue to see an attractive investment environment and have identified six high conviction opportunities, comprising three new
and three existing companies where AJOT could increase its position. To capitalise on these opportunities, we are exploring the most
appropriate way of funding them, including a potential equity raise under the Company’s existing authorities. Alongside this option we
are considering the possibility of increasing gearing, and/or recycling of some of the existing portfolio. The six identified opportunities
could account for up to 35% of AJOT’s NAV, as the new capital is being sought to build large stakes to accelerate events and realise
potential upside

[davebowler] 17/1/2022 15:13

WEBINAR ON NEW CAPITAL RAISE -

[vacendak] 17/12/2021 09:45

Newsletter for November:
www.ajot.co.uk/content/uploads/2021/12/AJOT-NOV-2021-2.pdf

Good bet on Wacom, which is now the top investment in AJOT.

[vacendak] 30/11/2021 15:25

Takeover bid for Daibiru at 50% premium to add 2.7% to AJOT's NAV

"While we are pleased that MOL has taken steps to address these issues, we believe the ¥2,200 bid significantly undervalues Daibiru given flaws in the procedures for calculating the offer price that conflict with Japan's Ministry of Economy, Trade and Industry's Fair M&A Guidelines. We are evaluating the bid in full and will be engaging with both Daibiru and MOL over the coming weeks to seek a price for minority shareholders that more accurately reflects true fair value."

Apparently AVI will try to get even more money from that welcome development.

[vacendak] 26/10/2021 17:02

I do not get the latest RNS about the share issue. They say they created 250,000 at 117p but these seem to show as "held in treasury".
Unless this is just a coincidence: They created 250,000 and sold them and... we still have 250,000 held in treasury. However... why not just sell the treasury shares?

[davebowler] 16/9/2021 21:31

htTPs://www.ajot.co.uk/content/uploads/2021/09/AJOT-AUG-2021.pdf

[davebowler] 14/9/2021 17:01

AVI JAPAN OPPORTUNITY TRUST PLC

It is announced that the un--audited Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Japan Opportunity Trust plc, an investment trust managed by Asset Value Investors
Limited, at the close of business on 13 September 2021 was as follows:

Net Asset Value: 123.88 pence

[chrisdgb] 13/9/2021 09:58

Yep looking very nice here and relatively Japan has been out performing, a core holding.......

[vacendak] 13/9/2021 09:53

Well, it was good to moan about it as it has been taking off lately.

[vacendak] 02/9/2021 17:21

Taking off at long last?

The NAV is also moving up and at 115.76p is the highest ever according to my Excel data.
The three year anniversary is for end of October, 15.76p is not a loss but the passive brigade would be right to point out that a bland ETF tracker of pretty much anything would have beaten that.

We also got some half decent dividend payments; but again, not really the beast I was expecting three years ago.