AVI Global Trust (AGT)’s NAV fell by -1.6% in October, with underlying NAV declines more than offsetting the positive impact from a tightening portfolio discount (in from 33.0% to 32.5%). Currencies were a powerful headwind over the month, with GBP strengthening against all major currencies on the back of the UK’s Withdrawal Agreement reached with the EU. Contributors for the month include EXOR, the Japan Special Situations basket, and Cosan Ltd. Detractors include Riverstone Energy, Pershing Square Holdings, and Third Point Offshore Investors (all three of which suffered from a weaker USD, the most pronounced of the major currency moves against GBP).
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’