AVI’s Newsletter Podcast
Episodes
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 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.
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.
Monday Aug 19, 2024
Monday Aug 19, 2024
Tune in to the July 2024 newsletter commentary by investment manager Joe Bauernfreund.
AVI Global Trust (AGT)’s NAV rose +1.0% in July. D'Ieteren (+36bps), IAC (+29bps) and Chrysalis (+28bps) were the most significant contributors. Christian Dior (-31bps) was the largest detractor during a month in which LVMHreported half year results, followed by Entain (-27bps) and Partners Group Private Equity (-21bps).
View the July 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.
Wednesday Jul 10, 2024
Wednesday Jul 10, 2024
Tune in to the June 2024 newsletter commentary by investment manager Joe Bauernfreund.
AVI Global Trust (AGT)’s NAV declined -1.2% in June. Cordiant Digital Infrastructure was the most significant contributor, adding +38bps to NAV, followed by Oakley and Dai Nippon Printing which contributed +22bps and +21%, respectively. There was a relatively long list of detractors. Bollore was the most significant with a -10% return detracting -56bps as French equity markets fell following President Macron’s decision to call a snap election. We do not believe the fundamental outlook for Bollore has changed and took advantage of this to add to the position.
View the June 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.
Wednesday Jul 10, 2024
Wednesday Jul 10, 2024
Part two (final) of the June 2024 Factsheet.
AVI Global Trust (AGT)’s NAV declined -1.2% in June. Cordiant Digital Infrastructure was the most significant contributor, adding +38bps to NAV, followed by Oakley and Dai Nippon Printing which contributed +22bps and +21%, respectively. There was a relatively long list of detractors. Bollore was the most significant with a -10% return detracting -56bps as French equity markets fell following President Macron’s decision to call a snap election. We do not believe the fundamental outlook for Bollore has changed and took advantage of this to add to the position.
View the June 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.
Wednesday Jul 10, 2024
Wednesday Jul 10, 2024
Tune in to the June 2024 newsletter commentary by investment manager Joe Bauernfreund.
AVI Global Trust (AGT)’s NAV declined -1.2% in June. Cordiant Digital Infrastructure was the most significant contributor, adding +38bps to NAV, followed by Oakley and Dai Nippon Printing which contributed +22bps and +21%, respectively. There was a relatively long list of detractors. Bollore was the most significant with a -10% return detracting -56bps as French equity markets fell following President Macron’s decision to call a snap election. We do not believe the fundamental outlook for Bollore has changed and took advantage of this to add to the position.
View the June 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.
Tuesday Jun 11, 2024
Tuesday Jun 11, 2024
Tune in to the May 2024 newsletter commentary by investment manager Joe Bauernfreund.
View the May 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.
Friday May 24, 2024
Friday May 24, 2024
Princess Private Equity - Part two (Final) of the April 2024 Factsheet.
View the March 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.
Friday May 24, 2024
Friday May 24, 2024
Hipgnosis Songs Fund - Part one of the April 2024 Factsheet.
View the March 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.