AVI Global Trust (AGT)’s NAV gained +2.0% in May. A widening of the portfolio discount (26% to 27%) hampered returns, while sterling weakness provided a tailwind. Contributors included the Japan Special Situations basket, Oakley Capital Investments, and KKR. Detractors included Symphony International, doValue, and EXOR.
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’