Meet the Managers

Asset Value Investors (“AVI”) was established in 1985 to manage the assets of AVI Global Trust plc (AVI Global), then a £6 million London listed investment company.

A group of UK institutional and private US investors supported a 4 for 1 rights offering to enlarge AVI Global to £30 million.

AVI Global is managed by AVI’s CIO, Joe Bauernfreund.


Joe Bauernfreund

BSc, MSc

As of 1 October 2015, Joe Bauernfreund is the named portfolio manager of the AVI Global Trust. He joined Asset Value Investors in July 2002 as an Investment Analyst, following completion of a Masters in Finance from the London Business School. At first, Joe worked closely with John Walton in focusing on the European Holding Companies. He then covered the entire portfolio and became joint manager with John Pennink.

Prior to joining Asset Value Investors, Joe worked six years for a real estate investment organisation in London.

Head of Research

Tom Treanor

BA (Economics), CFA

Tom joined AVI in February 2011. He works closely with the analyst team providing support and guidance on prospective and current investments across the portfolio, in addition to taking responsibility for all investments in closed-end funds.
Tom spent nine years working for Fundamental Data/Morningstar in various roles involving closed-end fund analysis. He has a degree in Economics from the University of Leicester.

Investment Consultant

Jason Bellamy

B.Sc. (Economics)

Jason joined AVI in April 2020. He works closely with the analyst team and leads on the engagement efforts in Japan. He brings more than 30 years’ experience in the financial services industry, working for and engaging with global companies, government bodies, regulators and international investors including Sumitomo Mitsui Trust Bank, First Trust Advisors and Aberdeen Standard Investments.

Jason has a degree from The London School of Economics & Political Science (University of London).

Investment Analyst

Scott Beveridge

BSc (Actuarial Science), CFA

Scott joined AVI in October 2005. He researches real estate-backed opportunities and Asian holding companies.
Before joining AVI, Scott spent two years as an investment analyst with Fundamental Data undertaking quantitative analysis. He has a degree in Actuarial Science from the University of Kent, Canterbury.

Investment Analyst

Daniel Lee

BSc (Physics), CFA, CAIA

Daniel joined AVI in February 2015. He researches global holding companies and asset-backed special situations.
Before joining AVI, Daniel completed internships at Pamplona Capital Management and Mercer. He graduated with a First Class Honours in Physics from the University of Bristol.

Investment Analyst

Darren Gillen

BA (Accounting & Finance), CFA

Darren joined AVI in September 2016. He researches closed-end funds.
Before joining AVI, Darren spent three years working in Dublin as an investment analyst at GillenMarkets. He graduated with a First Class Honours degree in Accounting & Finance from Dublin City University.

Investment Analyst

Wilfrid Craigie

BSc (Social Policy)

Wilfrid joined AVI in January 2018.  He researches global holding companies and asset-backed special situations.

Before joining AVI, Wilfrid completed internships at Sanderson Asset Management, Guinness Asset Management and Oldfield Partners.  Wilfrid has a BSc in Social Policy from the London School of Economics.

Junior Investment Analyst

Ross McGarry

BSc (Economics)

Ross joined AVI in June 2020. He researches global holding companies and provides support to the investment team.

Before joining AVI, Ross completed a one year programme at Nomura on a UK M&A Investment Banking Industrial Placement. Ross has a BSc in Economics from the University of Bath.

AVI Global Trust p.l.c is referred to as ‘AVI Global’ throughout the website. AVI Global’s investment managers, Asset Value Investors are referred to as ‘AVI’

AVI Global currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © AVI Global Trust plc. 2019 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. AVI Global uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.


The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of AVI Global Trust plc (“AVI Global”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). AVI Global is a public company listed and traded on the London Stock Exchange.

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