AVI Global Trust (AGT)’s NAV rose by +10% over the month, recouping some of the losses incurred during the February and March sell-off. Returns were driven by a recovery in NAVs, with an additional boost provided by a tightening of the portfolio discount. During the sell-off, AGT’s performance was doubly affected by declining underlying NAVs and a widening portfolio discount. The recovery since then has been the flipside of this, with improving underlying NAVs being boosted by a tighter portfolio discount. As we have said previously, a widening discount often sets the stage for outperformance in the future.
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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.