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Wednesday Oct 23, 2024
Wednesday Oct 23, 2024
MIGO’s NAV fell by 1.0% in September
After a tumultuous August, September was generally a quieter month. In performance terms, it was an underwhelming period with our net asset value declining nearly one percent. Despite very little share price reactionthere were two events which could be described as potentially game-changing for our portfolio...
View the September 2024 factsheet here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.
MIGO Opportunity Trust p.l.c is referred to as ‘MIGO’ throughout the channel. MIGO's investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in MIGO Opportunities (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Oct 21, 2024
Monday Oct 21, 2024
D'Ieteren was the most significant detractor shaving - 106bps from returns. We discuss this below having materially added to the position such that it is now an 8.2% weight. Other notable detractors included News Corp (-60bps), Aker (-40bps) and Partners Group Private Equity (-38bps).
View the Sept 2024 Factsheet here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.
AVI Global Trust p.l.c is referred to as ‘AGT’ throughout the channel. AGT's investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AGT (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Oct 21, 2024
Monday Oct 21, 2024
AJOT’s NAV increased by +3.9% (in GBP) over the quarter and declined -2.0% in local currency terms (in JPY). The two largest drivers of performance were JADE GROUP (+27%), which in July disclosed promising post-merger integration of MagaSeek with its operating income in May up +63% on an annualised level relative to FY23, and Beenos (+11%). Meanwhile, Nihon Kohden (-8%) and TSI Holdings (-9%) were the most notable detractors.
View AJOT's Sept 2024 factsheet here
Visit the fund page here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the channel. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AVI Japan Opportunity Trust (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Oct 21, 2024
Monday Oct 21, 2024
AJOT’s NAV increased by +3.9% (in GBP) over the quarter and declined -2.0% in local currency terms (in JPY). The two largest drivers of performance were JADE GROUP (+27%), which in July disclosed promising post-merger integration of MagaSeek with its operating income in May up +63% on an annualised level relative to FY23, and Beenos (+11%). Meanwhile, Nihon Kohden (-8%) and TSI Holdings (-9%) were the most notable detractors.
View AJOT's Sept 2024 factsheet here
Visit the fund page here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the channel. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AVI Japan Opportunity Trust (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Oct 21, 2024
Monday Oct 21, 2024
AJOT’s NAV increased by +3.9% (in GBP) over the quarter and declined -2.0% in local currency terms (in JPY). The two largest drivers of performance were JADE GROUP (+27%), which in July disclosed promising post-merger integration of MagaSeek with its operating income in May up +63% on an annualised level relative to FY23, and Beenos (+11%). Meanwhile, Nihon Kohden (-8%) and TSI Holdings (-9%) were the most notable detractors.
View AJOT's Sept 2024 factsheet here
Visit the fund page here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the channel. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AVI Japan Opportunity Trust (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Sep 30, 2024
Monday Sep 30, 2024
AJOT’s NAV decreased by -1.9% (in GBP) and -2.9% (in JPY) over the month, while the benchmark returned - 1.4% (in GBP) and -2.3% (in JPY). Despite heightened volatility so far in 2024, AJOT has outperformed its benchmark by +7.8% (in GBP), returning +12.7% vs the MSCI Japan Small Cap Index’s return of +4.9%.
View AJOT's July 2024 factsheet here
Visit the fund page here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the channel. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AVI Japan Opportunity Trust (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Sep 30, 2024
Monday Sep 30, 2024
AJOT’s NAV decreased by -1.9% (in GBP) and -2.9% (in JPY) over the month, while the benchmark returned - 1.4% (in GBP) and -2.3% (in JPY). Despite heightened volatility so far in 2024, AJOT has outperformed its benchmark by +7.8% (in GBP), returning +12.7% vs the MSCI Japan Small Cap Index’s return of +4.9%.
View AJOT's July 2024 factsheet here
Visit the fund page here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the channel. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AVI Japan Opportunity Trust (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Sep 30, 2024
Monday Sep 30, 2024
AJOT’s NAV decreased by -1.9% (in GBP) and -2.9% (in JPY) over the month, while the benchmark returned - 1.4% (in GBP) and -2.3% (in JPY). Despite heightened volatility so far in 2024, AJOT has outperformed its benchmark by +7.8% (in GBP), returning +12.7% vs the MSCI Japan Small Cap Index’s return of +4.9%.
View AJOT's July 2024 factsheet here
Visit the fund page here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the channel. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AVI Japan Opportunity Trust (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Thursday Sep 19, 2024
Thursday Sep 19, 2024
MIGO’s NAV fell by 1.9% in August
August started with a spectacular collapse in markets triggered by heightened recessionary fears on the back of weaker than expected jobs data in the US. A rise in Japanese interest rates resulted in the unwinding of the Yen carry trade.
View the August 2024 factsheet here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.
MIGO Opportunity Trust p.l.c is referred to as ‘MIGO’ throughout the channel. MIGO's investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in MIGO Opportunities (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
Monday Sep 09, 2024
Monday Sep 09, 2024
Tune in to the August 2024 newsletter commentary by investment manager Joe Bauernfreund.
AVI Global Trust (AGT)’s NAV declined -2.1% in August.
Entain (+39bps), Reckitt (+23ps) and Dai Nippon Printing (+18bps) were the most significant contributors. We endured weakness in Japan. In total our Japanese small-cap holdings detracted -113bps and we focus on this below. FEMSA suffered the newsletter curse and shaved off -42bps, whilst Symphony cost us -29bps.
View the Aug 2024 Factsheet here
//About us:Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.
AVI Global Trust p.l.c is referred to as ‘AGT’ throughout the channel. AGT's investment managers, Asset Value Investors are referred to as ‘AVI’
//IMPORTANT INFORMATIONAVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AGT (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.
AVI was established in 1985 to manage the assets of one of London's oldest listed investment companies.
Our distinctive approach of investing in family-controlled holding companies, closed-end funds and asset-back situations is still a unique combination over 37 years later.