AVI Global Trust (AGT)’s NAV returned +1.9% in December. The key contributors were Oakley Capital Investments, Fondul Proprietatea and Christian Dior. Third Point Investors and Pasona were the most significant detractors.
For the full calendar year AGT achieved a NAV total return of +23.6%, which compares to +8.8% for our comparator benchmark, the MSCI ACWI ex-US, and +19.6% for the broader MSCI AC World. This was predominantly driven by underlying NAV growth, but also aided by discount narrowing, with the portfolio weighted average discount currently standing at 25.7% versus 30.1% a year ago.
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’