AGT’s NAV fell by -0.4% during May, driven by both declining NAVs and widening discounts as the portfolio discount moved from 32.1% to 33.4%. Currencies were a positive contributor over the month, with GBP being particularly weak against JPY, EUR and USD. Good performance was generated from the Japan Special Situations Basket, Fondul Proprietatea, and Cosan Ltd. Detractors included Riverstone Energy and Tokyo Broadcasting.
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’