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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The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.


Portfolio Holdings

30/11/2018 % of NAV
Japan Special Situations 15.6%
Pershing Square Holdings** 8.9%
Jardine Strategic 6.2%
Fondul Proprietatea 6.0%
Exor 5.6%
Riverstone Energy 5.3%
Tetragon Financial 4.8%
Pargesa 5.1%
Third Point Offshore Investors 4.9%
Symphony International Holdings 4.7%
JPEL Private Equity 4.6%
Swire Pacific Ltd ‘B’ 4.6%
Wendel 4.5%
Oakley Capital Investments 4.5%
Cosan 4.5%
Tokyo Broadcasting System 4.2%
NB Private Equity Partners 3.5%
Investor AB ‘A’ 2.9%
Vietnam Phoenix Fund – Private Equity 2.1%
Aker ASA 1.6%
GP Investments 1.4%
Better Capital 2009 0.4%
D’Ieteren 0.2%
Ashmore Global Opportunities GBP 0.2%



* A basket of 19 stocks: Daiwa Industries, Fujitec, Kanaden Corp, Kato Sangyo, Konishi Co, Mitsuboshi Belting, Nakano Corp, Nishimatsuya Chain, Nippon Kanzai, Nissan Shatai, NuFlare Techonology, Pasona Group, Sekisui Jushi, SK Kaken, Tachi-S, Taogosei Co, Teikoku Sen-I, Toshiba Plant, Yamato Kogyo.
** 30% of this position (2.7% of NAV) is hedged, partially reducing BTEM’s overall exposure to Pershing Square Holdings

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.