AVI Global Trust (AGT)’s NAV rose by +6.1% in December, as the recovery in global equity markets continued apace. Returns were driven by a combination of NAV growth and a tightening of the portfolio discount (32% to 30%). Major contributors included VNV Global, Oakley Capital Investments, SoftBank and EXOR.
VNV Global was the single-largest contributor to returns in December, adding 142 basis points (bps) as its share price rose +32%. VNV is a Stockholm-listed company which invests in early-stage technology-enabled businesses, in particular those with strong network effects. We attribute the strong increase in VNV’s share price to increasing investor enthusiasm around Babylon, the digital healthcare company.
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’