AVI Global Trust (AGT)’s NAV rose by +6% in May, continuing the recovery from the February and March sell-off. Returns were driven primarily by a recovery in NAVs, with a boost provided by a weaker sterling. Major contributors included Pershing Square Holdings, the Japan Special Situations basket, and Kinnevik. Major detractors included Swire Pacific ‘B’, and Oakley Capital Investments.
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’