AVI Global Trust (AGT)’s NAV fell by -8.9% in February as global markets sold off in response to the spread of Coronavirus. The decline was driven both by NAV declines and a widening of the portfolio discount from 32% to 36%, with sterling strength softening some of the losses. Contributors over the month include Vietnam Phoenix ‘C’, Swire Pacific ‘B’ and JPEL Private Equity. Major detractors include the Japan Special Situations basket, Oakley Capital Investments, Sony Corp and Pershing Square Holdings.
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’