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AVI Global Trust - AGT

Closed-end funds and OEICs
richfool
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AVI Global Trust - AGT

#403544

Postby richfool » April 12th, 2021, 10:10 am

Noting that AVI Global Trust (AGT) is often referred to in various threads, I thought it worth starting a thread specifically dedicated to AVI Global. That then coincides nicely with this report from Kepler Trust Intelligence:
AVI Global Trust (AGT) – previously named British Empire Trust (BTEM) – seeks to generate capital growth for investors through investment in a concentrated portfolio of companies trading at a wide discount to NAV.

AGT currently trades on a share price discount of c. 7.9% (as at 26/03/2021). However, when the discount to fair-value of the underlying holdings is accounted for, AVI estimates that the trust trades on a ‘double-discount’ of c. 39% (as at 28/02/2021), as discussed under discount. Historically such levels have proven attractive entry points, which we discuss under performance. Performance in recent months has indeed been very strong, boosted by astute tactical adjustments to positioning. Despite the relatively low allocations made to the US market for a global strategy and the outperformance of US equities compared to global peers, AGT has outperformed global equities over the past five years.

https://www.trustintelligence.co.uk/inv ... l-apr-2021

I have held the trust on and off and am currently awaiting a better entry point, as the SP has risen considerably over the last year (c 67%).

https://www.hl.co.uk/shares/shares-sear ... lc-ord-10p

fisher
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Re: AVI Global Trust - AGT

#403700

Postby fisher » April 12th, 2021, 7:02 pm

I have been investing in a few other global trusts such as RCP, CLDN, WTAN over the last year and I have AGT (AVI Global) on my list to buy into. I have a small position built up over the last 6 months and I have it on a watch list. Hardly a day has gone by over the last 6 months whhen it has not risen in price. I like the idea of the "undervalued" assets it holds and I like its different geographical exposure compared to other trusts. Also, its performance record over the last few decades is good. I currently feel a little like I have "missed the boat" and I am now drip feeding small amounts each month into it as I am cautious about its recent "meteoric" rise.

Dod101
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Re: AVI Global Trust - AGT

#403807

Postby Dod101 » April 13th, 2021, 9:54 am

I too have held this trust at various times over the last 25 years or so. The proposition makes sense but it has long periods when it does absolutely nothing followed by times, apparently like now, when it does well. If I were to buy into it which I am not, If it is trading at a a discount itself, I would buy because its underlying holdings are usually only held at a discount; if not they are sold. That is the point. Does not really matter that it has risen a lot in the last 12 months.

Dood

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Re: AVI Global Trust - AGT

#404295

Postby OllyDrod » April 14th, 2021, 7:35 pm

richfool wrote:Noting that AVI Global Trust (AGT) is often referred to in various threads, I thought it worth starting a thread specifically dedicated to AVI Global.


Thanks for starting this thread richfool. The AGT manager Joe Bauernfreund was recently interviewed by Richard Hunter which some Lemons may find interesting:
https://soundcloud.com/interactive-inve ... -interview

- OllyDrod

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Re: AVI Global Trust - AGT

#405325

Postby OllyDrod » April 19th, 2021, 12:15 pm

He's obviously doing the rounds at the moment - another (short) interview this time with Shares magazine:
https://www.sharesmagazine.co.uk/video/ ... nt-officer

Edit - looking at the video on YouTube this dates from 2019 (although uploaded by Shares Magazine 4 days ago, according to Google).

- OllyDrod

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Re: AVI Global Trust - AGT

#405650

Postby ralt » April 20th, 2021, 5:44 pm

Citywire article of a few days ago - mention of AVI Global as a way of investing in James Anderson's new funds/investments
- the comments may be particularly useful

https://citywire.co.uk/investment-trust ... ider+Daily

wanderer
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Re: AVI Global Trust - AGT

#413642

Postby wanderer » May 20th, 2021, 6:00 pm

Interesting to see AVI going public on frustrations with one of the investments held by AVI Global (previously British Empire Trust.) They've set up a dedicated website to try and topple the board at Symphony International Holdings.

Website: http://www.savesymphony.com
Article: https://quoteddata.com/2021/04/avi-plans-unseat-symphony-board/

I quite like the way AVI behaves as an activist investor to try and cajole companies into releasing value for shareholders. You can read quite a bit about it happening in their Japan fund, although much of the discussion seems to be going on behind closed doors.

Clearly they have run out of patience on this occasion, through, and are behaving rather more like Elliott and at times bordering on Muddy Waters territory! A good read if you like dirty washing being hung out in public.

Disclosure: I hold AVI Global Trust and AVI Japan Ops.

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Re: AVI Global Trust - AGT

#468187

Postby bruncher » December 23rd, 2021, 10:59 am

I believe there's a 5 for 1 share split happening on 17th Jan

richfool
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Re: AVI Global Trust - AGT

#614126

Postby richfool » September 10th, 2023, 12:22 pm

Dod's recent posts about Pershing Square Holdings, and the dearth of posts on investment and IT related topics, caused me to revisit AVI Global (AGT). AVI seems to be among the top performers within the global growth sector (see the Citywire link below). It tends to target companies that it considers are undervalued, and has holdings in various other IT's including private equity. Top Ten holdings include: Oakley Capital, KKR, Princess Private Equity, Pershing Square, Pantheon International and Christian Dior.

As a growth trust, it tends not to feature on my "watchlist", as I generally focus on income. I have held it previously, but don't now. (Though that said, I do hold ATST and BUT in that sector).

According to HL, the current yield: 1.67% Disc to NAV: 10.67%

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.02

https://uk.citywire.com/funds_insider/i ... Period:36;

Dod101
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Re: AVI Global Trust - AGT

#614191

Postby Dod101 » September 10th, 2023, 5:37 pm

richfool wrote:Dod's recent posts about Pershing Square Holdings, and the dearth of posts on investment and IT related topics, caused me to revisit AVI Global (AGT). AVI seems to be among the top performers within the global growth sector (see the Citywire link below). It tends to target companies that it considers are undervalued, and has holdings in various other IT's including private equity. Top Ten holdings include: Oakley Capital, KKR, Princess Private Equity, Pershing Square, Pantheon International and Christian Dior.

As a growth trust, it tends not to feature on my "watchlist", as I generally focus on income. I have held it previously, but don't now. (Though that said, I do hold ATST and BUT in that sector).

According to HL, the current yield: 1.67% Disc to NAV: 10.67%

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.02

https://uk.citywire.com/funds_insider/i ... Period:36;


Thanks. I have not followed AGT for some time but certainly they used to buy companies, other holding companies and so on which looked under valued and were prepared to hold for a long while. That might be a way to get exposure to Pershing Square Holdings , alongside similar holdings. Decisions!

Dod

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Re: AVI Global Trust - AGT

#615307

Postby barchid » September 16th, 2023, 12:06 pm

AGT does indeed look an intersting trust, I started buying it about 6 months ago, like BUT the managers keep their investors in touch on a monthly basis as why holdings are up or down & the rationale for holding them.
On a 10% discount with the company buying back in at just under that discount it seems a very interesting & well diversified fund to me which in a better market could easily trade close to parity. Nevertheless using capital to buy assets which are already trading on a big discount in a trust which is itself on 10% discount seems to me to be a sensible place to invest & hold. Market cycles will always occur & this has to be an attractive entry point on past performance.

richfool
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Re: AVI Global Trust - AGT

#615310

Postby richfool » September 16th, 2023, 12:46 pm

barchid wrote:AGT does indeed look an intersting trust, I started buying it about 6 months ago, like BUT the managers keep their investors in touch on a monthly basis as why holdings are up or down & the rationale for holding them.
On a 10% discount with the company buying back in at just under that discount it seems a very interesting & well diversified fund to me which in a better market could easily trade close to parity. Nevertheless using capital to buy assets which are already trading on a big discount in a trust which is itself on 10% discount seems to me to be a sensible place to invest & hold. Market cycles will always occur & this has to be an attractive entry point on past performance.


Point taken re the discount on discounts (the trust trading at a discount, and holding investments that are themselves at a discount).

I have dabbled with AGT before, but being primarily an income investor, I switched to other investments. Thoughts that occurred to me include:

~The yield is only c 1.64%
~According to the KID, AGT has a (high) OCR of 2.86% (presumably because it invests in private equity, hedge funds etc).
~It has traded at a discount of c 10% on an ongoing/long term basis.
~It can often take a long time for discounted holdings to come good/come to fruition (and whilst waiting the yield doesn't provide much reward).

The above said, its capital performance seems to be better than "defensive" trusts like PNL, RICA and CGT!!

https://www.fundslibrary.co.uk/FundsLib ... eAk7T48%3d

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.02

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Re: AVI Global Trust - AGT

#615332

Postby Alaric » September 16th, 2023, 3:23 pm

richfool wrote:~According to the KID, AGT has a (high) OCR of 2.86% (presumably because it invests in private equity, hedge funds etc).


Beware also of the prescribed nonsense of including borrowing costs in the expenses without highlighting them separately for those who would regard a bit of gearing as part of investment management and not connected to how much is being taken by managers and the administrative expenses of running the fund.

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Re: AVI Global Trust - AGT

#615480

Postby DavidM13 » September 17th, 2023, 4:29 pm

Alaric wrote:
richfool wrote:~According to the KID, AGT has a (high) OCR of 2.86% (presumably because it invests in private equity, hedge funds etc).


Beware also of the prescribed nonsense of including borrowing costs in the expenses without highlighting them separately for those who would regard a bit of gearing as part of investment management and not connected to how much is being taken by managers and the administrative expenses of running the fund.


Quite right indeed. And it is utter nonsense. The gearing costs add 0.36% and the underlying fund charges ad 1.62%. Which is ridiculous as its already baked in to the returns that AVI get. So that is 1.98% that isn't a real ongoing charge but a cost of employing the strategy. Very different.

richfool
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Re: AVI Global Trust - AGT

#650815

Postby richfool » March 2nd, 2024, 1:13 pm

For those with an interest in AGT (AVI Global), I came across this on Trustnet:

https://www.trustnet.com/news/13406752/ ... t-families

I must admit I have been following AGT with interest over the last several months with the thought of (again) taking a small holding to take advantage of its value and growth themes in areas/sectors I don't really have exposure to through my other IT holdings.

Current SP: 231p. Yield: 1.52%. Disc to NAV: -8.91%

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.02

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Re: AVI Global Trust - AGT

#655712

Postby clissold345 » March 25th, 2024, 6:59 am

Alaric wrote:
Beware also of the prescribed nonsense of including borrowing costs in the expenses without highlighting them separately for those who would regard a bit of gearing as part of investment management and not connected to how much is being taken by managers and the administrative expenses of running the fund.


The AIC excludes borrowing costs from Ongoing Charges:

"It is recommended that bank and loan interest, and associated drawdown costs, are excluded from the Ongoing Charges calculation because they are deemed to be an investment related capital expense rather than an operational expense."

The AIC gives Ongoing Charge for AGT = 1.27%.


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