Overview
AVI Global Trust (formerly British Empire Trust : BTEM) has an objective to achieve capital growth through a focused global portfolio of investments, particularly in companies whose share prices stand at a discount to estimated underlying net asset value. The latter point means it tends to favour companies with significant asset backing like investment companies, property and family holding companies.
Managed by AVI
Asset Value Investors or AVI is an international equity boutique founded in 1985. Based in London, AVI is majority-owned by employees and regulated by FCA in the UK and in the US by the SEC . The company has £1,125m assets under management with £186m in Japan. AVI also manages AVI Japan Opportunities Trust (AJOT).
We have published a note which explains how the fund works:
“Double discount on quality-focused portfolio“, published on 25 January 2021, seeks to explain the workings of the fund in some detail.
The fund’s website can be found here.
AGT : AVI Global Trust
Fundamentals
Price
Research History
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25 Jan 2021 24 min read
AVI Global Trust – Double discount on quality-focused portfolio
Double-discount on quality-focused portfolio AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts. It also has a good track record of beating its performance benchmark. The manager believes that some well-timed trades and a willingness to look through the current COVID-19 disruption affecting some businesses have helped drive strong […]
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24 min read
AVI Global Trust – Double discount on quality-focused portfolio
Double discount on quality-focused portfolio AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts. It also has a good track record of beating its performance benchmark. Some well-timed trades and a willingness to look through the current COVID-19 disruption affecting some businesses have helped drive strong performance from AGT […]
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25 min read
AVI Global Trust – Double discount on quality-focused portfolio
Double discount on quality-focused portfolio AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts in the AIC’s global sector. It also has a good track record of beating its performance benchmark, the MSCI All Countries World ex the United States Index, with dividends reinvested and translated back into pounds. […]
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06 Aug 2020 2 min read
Covid – 19 Impact on Markets webinar playback
On the 20th July QuotedData hosted a webinar entitled “Covid-19 – Impact on Markets”. The webinar provided both professional and private investors access to 3 investment company managers covering either specific geographic regions or investment sectors. The managers discussed their funds and shared their views on the potential changes for their investment area following the pandemic […]
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08 Jun 2020 11 min read
QuotedData’s Economic Roundup – June 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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06 Dec 2019 7 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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07 Jun 2019 7 min read
QuotedData’s economic roundup – June 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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19 Dec 2018 2 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 Jun 2018 2 min read
QuotedData’s Economic round up – June 2018
QuotedData’s Economic round up – June 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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25 Apr 2018 2 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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19 Oct 2017 2 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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03 Aug 2017 2 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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15 Mar 2017 1 min read
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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07 Dec 2016 1 min read
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
News
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26 Jan 2021 1 min read
Educational Video – Value Investing in 4 Minutes
Watch the video below provided by AVI for more information on how they construct their portfolio and an explanation of their unique strategy to investing which has ensured their NAV total return was +11.7% compared to the benchmark of +8.2%. Click here to view our recent research note on AVI Global Trust – Double discount […]
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14 Jan 2021 2 min read
QuotedData’s morning briefing 14 January 2021
In QuotedData’s morning briefing 14 January 2021: Polar Capital Global Financials has published a circular to convene a meeting on 1 February at which shareholders will be asked to approve the issue of up to 70,375,000 shares from treasury without pre-emption (first offering them to existing shareholders). The shares will be issued at a premium and […]
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13 Nov 2020 43 min read
AVI Global has bounced right back
AVI Global (AGT) has announced its annual results for the year ended 30 September 2020, which show that, during the second half of its financial year, the trust’s NAV (having reported at the half year stage a reduction in value of almost a quarter) has bounced right back with all of the fall recovered (overall, […]
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1 min read
QuotedData’s Morning Briefing 13 November 2020
In QuotedData’s Morning Briefing 13 November 2020: EPE Special Opportunities (ESO) has announced that it has completed a $2.5 million investment in a segregated account of Prelude Structured Alternatives Master Fund LP, which will invest in distressed credit opportunities, targeting a fund level gross annual return of 6-8%. ESO is investing in junior tranche and it […]
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29 May 2020 4 min read
AVI Global reflects on interim period to end-March
AVI Global’s (AGT) NAV and shares declined by 24.7% and 24.3% (both in total return terms) over the six-month period to 31 March 2020. AVI targets companies whose shares stand at a discount to their estimated underlying NAV. These can include investment holding companies, investment trusts and other companies. In her outlook statement, chair, Susan Noble, noted: “Having experienced […]
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12 Nov 2019 2 min read
AVI Global held back as underlying discount widens
AVI Global held back as underlying discount widens – For the year ended 30 September 2019, AVI Global delivered an NAV return of 2.1%, lagging its benchmark, the MSCI All Country World ex US Index, which returned 4.5%. A widening of the discount from 8.5% to 10.9% left shareholders with a return of -0.4%. The dividend […]
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24 May 2019 1 min read
QuotedData’s other news 24 May 2019
Secure Property Development & Investment (SPDI) has provided an updates on the sale of its non-Greek assets to Arcona Property Fund N.V. Witan Investment Trust has announced that shareholders approved its proposed five-for-one share split at the company’s Annual General Meeting on 1 May 2019. The split will take effect from 28 May 2019. BMO […]
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30 Apr 2019 1 min read
QuotedData’s other news 30 April 2019
British Empire Trust (BTEM) has entered into an agreement with Scotiabank Europe for a Japanese Yen 4.0bn revolving credit facility for a period of three years. The facility is equivalent to £27.7m at current exchange rates. BTEM wants to add some flexibility to the management of its gearing and the new facility will also bring […]
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12 Nov 2018 1 min read
British Empire focuses on extracting value from portfolio
British Empire focuses on extracting value from portfolio – British Empire says that, for the year ended 30 September 2018, it generated a net asset value total return of 10.0%, 4.8 percentage points higher than the return of the benchmark, the MSCI All Country World ex-US Index.The total dividend for the year will be 13p, up […]
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13 Nov 2017 5 min read
British Empire beats its World ex US benchmark
British Empire beats its World ex US benchmark – British Empire achieves an 18.8% return on net assets for the year ended 30 September 2017. 2.5% ahead of the return on its principal benchmark, the MSCI AC World ex US index. The Board has elected to increase the final dividend to 10.0p per share, which […]
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11 Nov 2016 4 min read
British Empire returns 31.0% beating its benchmark
British Empire Trust has announced its annual results for the year ended 30 September 2016. The company says that, during the period, its NAV total return per share was 31.0%, its benchmark return was 28.0% (the MSCI All Country World ex-US Index), whilst its share price total return was 34.3%, reflecting a narrowing of the […]
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01 Jul 2016 1 min read
Activist building stake in British Empire
According to an article in the Daily Telegraph (which you can access here), Elliott Advisors (the activist investor in Alliance Trust) has built up a 5% stake in British Empire worth £32m. So far neither side has commented on the story. BTEM : Activist building stake in British Empire
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24 May 2016 7 min read
British Empire’s value style continues to underperform growth
British Empire Trust (formerly British Empire Securities & General trust) has announced its interim results for the six-months ended 31 March 2016. During the period, the trust provided NAV total return of 5.6% and a share price total return of 4.6% both of which underperformed its lead benchmark index, the MSCI All Country World ex-US […]
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15 Jan 2016 1 min read
British Empire takes on 20 year debt
British Empire has announced that it is taking on 20 year debt. The company says the Board (headed up by Strone Macpherson – pictured) have agreed to issue 20 year unsecured private placement notes in two tranches. The first tranche is £30m and the second is €30m (equal to £22.6m at the closing exchange rate on 14 January […]
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09 Nov 2015 2 min read
British Empire hit by oil and commodity exposure
British Empire underperformed its benchmark over the year that ended on 30 September 2015, delivering a total return on net assets of -8.3% against a -5.6% return for the MSCI All Country World ex-US Index. The Morningstar Investment Trust Global Index rose by 3.7% over the period. The discount widened slightly from 10.3% to 11.6% (despite them […]
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30 Sep 2015 1 min read
British Empire Securities names Joe Bauernfreund as lead manager
British Empire Securities and General Trust has announced that Joe Bauernfreund will become its named portfolio manager from 1 October 2015. This is a low turnover position (the trust has had just three portfolio managers in the last 30 years). Jo has been with the trust’s managers (Asset Value Investors) since 2002 and has worked […]
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28 May 2015 2 min read
British Empire’s Japan underweight proves costly
British Empire, chaired by Strone Macpherson (pictured), has reported total returns of 7.2% on both its net assets and shares for the six months ended 31 March 2015. These numbers are behind the returns on all the indices that British Empire uses to benchmark its performance. The Morgan Stanley Capital International All Country World ex-US Index total return […]
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10 Nov 2014 1 min read
British Empire hedges yen exposure
BTEM : British Empire hedges yen exposure British Empire Securities delivered a return on net assets of 6.8% over the year to 30 September 2014 – ahead of the 5.1% return on the company’s benchmark (MSCI All Country World ex-US Index). Shareholders also saw the discount narrow resulting in a return to them of 8.9%. […]
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02 Jun 2014 1 min read
British Empire : BTEM – interims
British Empire’s interim results for the six months that ended 31 March 2014 show the fund generating a total return on net assets of 4.8%, beating its benchmark (the MSCI All Country World ex US Index) which returned 2.4% but lagging the 5.6% return on the MSCI All Country World Index and the 5.5% return on […]
