AVI’s Newsletter Podcast

View AJOT's July 2024 factsheet here
 
Visit the fund page here
AJOT’s NAV increased by +6.7% (in GBP) and +1.4% (in JPY) over the month. The two largest contributors to performance were Jade Group (+20.8% share price), which evidenced encouraging progress of its recent acquisition of Magaseek, and Eiken Chemical (+9.2%), which rose steadily before a disappointing earnings announcement. Kurabo Industries (-8.3%), which fell after a strong start to the year, and Konishi (-7.2%), were two of only four detractors during a buoyant month for the portfolio
 
//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.

 MIGO's nav increased by 2.0% in July.
July proved to be a quiet month with global markets static. Nevertheless, there was some progress in investment trust share prices as the sector started to get to grips with the problems of oversupply. Our winners included R T W Biotech, Duke Capital (corporate mortgagees), Amedeo A4 (aircraft leasing) and Tufton Oceanic (shipping). These names highlight the extent of the diversification a holding in MYGO Opportunities Trust brings to a client portfolio.
 
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.
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.

MIGO’s Share Price decreased by 0.8% in June. All eyes continue to be on technology companies in the US. Nvidia overtook Microsoft to become the world’s largest company helping bolster US market returns. In the UK the market remained subdued, falling modestly.
 
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.
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.

View AJOT's Q.2 2024 here
 
Visit the fund page here
 
AJOT’s NAV increased by +2.1% over the quarter and +8.6% in JPY. Tender offers for both Alps Logistics (+94%) and NC Holdings (+31%) drove performance, while TSI Holdings (+20%), currently the largest position in the portfolio, also performed strongly. Meanwhile, Jade Group (-41%) and Konishi (-17%) were the most notable detractors during the period.
 
//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.

View AJOT's Q.2 2024 here
 
Visit the fund page  here
 
AJOT’s NAV increased by +2.1% over the quarter and +8.6% in JPY. Tender offers for both Alps Logistics (+94%) and NC Holdings (+31%) drove performance, while TSI Holdings (+20%), currently the largest position in the portfolio, also performed strongly. Meanwhile, Jade Group (-41%) and Konishi (-17%) were the most notable detractors during the period.
 
//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.

View AJOT's Q.2 2024
here
Visit the fund page 
here
 
AJOT’s NAV increased by +2.1% over the quarter and +8.6% in JPY. Tender offers for both Alps Logistics (+94%) and NC Holdings (+31%) drove performance, while TSI Holdings (+20%), currently the largest position in the portfolio, also performed strongly. Meanwhile, Jade Group (-41%) and Konishi (-17%) were the most notable detractors during the period.
 
//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.

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.

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.

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.

View AJOT's May 2024 Factsheet here
Visit the fund page here
 
AJOT’s NAV increased by +1.1% during an active month for corporate activity. The two largest contributors to performance were Alps Logistics, (+76.6% share price) which was subject to a takeover bid from the KKR-owned Logisteed, and Nihon Kohden, (+11.5%) which released a transformative mid-term plan. Takuma (-12.8%), which released a disappointing mid-term plan, and NC Holdings, (- 22.6%) which shortly after month end was subject to a takeover bid from a US fund that is set to more than reverse the share price decline, were two significant detractors.
 
//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.