AVI Global Trust (AGT)’s NAV rose by +1% in September. A 1% widening of the portfolio discount (to 35%) posed a headwind for returns, and sterling weakness provided a minor boost. Major contributors included the Japan Special Situations basket, Oakley Capital Investments, Third Point Investors, and Fondul Proprietatea. The most sizable detractors included VNV Global, doValue, and GP Investments.
The Japan Special Situations basket was the largest contributor to returns for the second month running, adding 136 basis points (bps). Returns were driven by a weighted-average share price gain of +5% and boosted by a 4% strengthening of the yen relative to sterling.
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’