AVI Global Trust (AGT)’s NAV declined -0.9% in May. Sterling strength was a headwind over the month, while a tightening of the portfolio discount (28% to 26%) provided a tailwind. Contributors included Oakley Capital Investments, Christian Dior, and Symphony International. Detractors included the Japan Special Situations basket, SoftBank, and Naspers.
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’