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.
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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.