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.
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’