BTEM’s NAV increased by 1.2% in July, helped by positive contributions from Riverstone Energy, the Japanese Net Cash Basket, Aker, Exor, Pargesa, Tokyo Broadcasting System, and Fondul Proprietatea. Detractors included Pershing Square Holdings, Aberdeen Private Equity, Jardine Strategic, and Vietnam Phoenix Private Equity. Oil, Japan, sports cars, and Vietnamese pigs all influenced performance over July.

Riverstone Energy (RSE) saw its discount narrow by c. 800bps over the month as a large sell order that had been weighing on the share price completed. In addition, a further recovery in the oil price was not unhelpful.  Although unsurprising that sentiment towards RSE will often sway in line with crude prices, the manager’s flexible “build-up” investment approach with strategic investments made in the lowest-cost basins, the use of conservative capital structures, and a pragmatic approach to hedging, have seen material outperformance of the underlying commodity price.  RSE’s NAV is up +23% (in USD terms) since inception to 30-Jun-17, versus a fall in WTI of -15% from RSE’s weighted average “in-price” of $54.

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AVI Global currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © AVI Global Trust plc. 2019 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. AVI Global uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.


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