AVI Global Trust (AGT)’s NAV gained +5.4% in March, with returns primarily driven by a tightening in the portfolio discount (31% to 28%). Over the six-month interim period, the NAV gained +26.8% versus a return of +13.5% from the MSCI ACWI ex-USA Index (total return in sterling). Significant contributors for the month of March included Jardine Strategic Holdings, Godrej Industries, the Japan Special Situations basket, and Fondul Proprietatea. Detractors included SoftBank, IAC/InterActive, and Nintendo.
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’