What did Benjamin Graham ever do for us?
* As at 30/09/2026
** Source: Morningstar, performance period 30 June 1985 to 30 September, TR net of fees, GBP
*** As at 31 October 2025, includes: management fee 0.70%, marketing and administration costs
If you’re not familiar with us, here’s a video that’ll help. This video is presented by Joe Bauernfreund, CEO and Chief Investment Officer at Asset Value Investors.
AVI Global Trust (“AGT”) provides expertly managed exposure to the opportunities presented in various parts of the world. The investment strategy identifies valuation anomalies to create a concentrated, unique and diversified portfolio of stocks. The investment manager then engages with these companies to improve shareholder value.
| Label | 2025 % | 2024 % |
|---|---|---|
| < £1 billion | 34 | 37 |
| > £1 billion - < £5 billion | 30 | 20 |
| > £5 billion - < £10 billion | 15 | 10 |
| > £10 billion | 21 | 33 |
| Label | 2025 % | 2024 % |
|---|---|---|
| Holding Companies | 48 | 43 |
| Closed-ended funds | 31 | 31 |
| Asset-backed Special Situations | 21 | 26 |
As of 31/08/2026
The AVI Global Trust plc (“AGT”) was established in 1889 in order to generate profits for its shareholders by investing in the shares of other companies. In 1985, Asset Value Investors (“AVI”) were appointed as investment managers of AGT, which at that point held a total of £6 million in assets under management. As at 31 January 2026, total assets under management of AGT stand at over £1.3 billion.
Asset Value Investors (“AVI”) value investment process for AVI Global emphasizes bottom up fundamental research, using both quantitative and qualitative techniques.
AVI’s screening process starts by looking at an investment universe which consists of global holding companies, closed-end funds and asset backed companies. We have detailed models on approximately 415 companies out of this universe, which track stock prices and earnings information.
Throughout the filtering process AVI asks the following questions:
AVI’s analysts track stock prices, earnings and balance sheet information with an aim to identify good quality companies trading on a discount to their NAV which exhibit clear trends to create long-term value.
Research includes:
We want to have a reasonably concentrated portfolio (typically 30-40 stocks) of our best ideas
The objective of AVI’s portfolio construction process is to end up with a concentrated portfolio of about 40-50 holdings, facilitating a clear monitoring process of the entire portfolio. AVI picks stocks that meet our investment criteria and once we decide to invest we seek a minimum position size of approximately 2% of the portfolio, however the timing of the catalyst and the liquidity of the stock can result in the holding being greater or lesser than 2%.
The investment philosophy employed by Asset Value Investors (“AVI”), the managers of AVI Global, strives to identify valuation anomalies and focuses on investing where the market price does not reflect the estimated intrinsic value.
Asset Value Investors (“AVI”) deep value investment process strives to identify and mitigate downside risks in all market environments.
We seek to construct a discounted portfolio of stocks consisting of companies which due to the geographic and sector diversification of their underlying assets are less likely to display high correlations to the market.
AVI’s risk management techniques include thorough qualitative fundamental bottom up research to establish a company’s real value. We monitor our holdings on an on-going basis and our in-house OMS system contains an automatic alert system which alerts us of any breaches of built-in risk parameters.
The investment management team holds regular meetings discussing the portfolio with a view to reassess, sell or buy securities and to discuss current cash position as well as sector and geographic weighting.
Exclusionary screening is not our guiding framework, however there are certain exceptions to this. AVI will not invest in a company with direct involvement* in:
Or companies that engage in child labour or human exploitation as defined by the relevant ILO conventions.
* whereby more than 5% of that company’s NAV is derived from these activities.
As part of our in-depth research into companies, we consider and discuss material ESG risks and opportunities, including climate-related risks and opportunities. Supported by ISS Norms-based research, we also assess any involvement in actual or potential violations of international norms and standards.
We have developed a bespoke ESG monitoring system built into our proprietary database to ensure ESG factors are considered alongside financial analysis. We conduct ongoing ESG assessments of portfolio companies’ performance against defined ESG metrics. A scoring system is used to assess trends and highlight potential areas for engagement.
Based on our assessments, we send tailored questionnaires to all portfolio companies to request additional ESG information and promote improved sustainability disclosure. This can provide a useful starting point for deeper engagement on ESG issues.
Controversies can bring major reputational damage and a loss of consumer trust which can have a significant effect on a company’s value. We promote responsible conduct by actively engaging and encouraging our companies to strengthen their focus on ESG issues.
We seek to build constructive relationships with the boards and management of our portfolio companies, offering detailed suggestions to sustainably increase corporate value by building resilience to ESG risks and promoting responsible business practices.
At AGT, we believe that integrating ESG and sustainability factors into our investment process, alongside traditional financial factors, is important to enable us to deliver strong and durable performance to our clients and to meet our broader investment responsibilities. ESG matters, including climate change, are part of our analysis and risk assessment when deciding whether an investment should be made. Climate change poses both risks and opportunities. The transition to a low-carbon economy will affect all businesses, irrespective of their size, sector, or geographic location. Therefore, no company’s revenues are immune, and the assessment of such risks must be considered within any effective investment approach.
As active investors, once we have invested in a company, we take our stewardship responsibilities seriously. AGT acknowledges that it can have an indirect impact on communities and the environment through the companies it holds in its portfolio. We look to engage with boards and management on an ongoing basis and create an active dialogue on various ESG factors. Often, engagement with investee boards is undertaken with a view to helping realise value or to address potential issues with governance. We seek to ensure good governance practices are being upheld and encourage adherence to responsible and ethical conduct. AGT also views voting at company meetings to be an important lever in our stewardship responsibilities and will vote at company meetings when we have the opportunity to do so.
See the sections below for further insights into the ESG work at AGT.
AVI has developed a proprietary ESG monitoring system that allows us to track the extent to which our portfolio companies are effectively managing ESG issues and their progress against defined ESG metrics. This process helps to highlight trends and identify weaknesses where we can engage constructively with companies to build resilience to ESG risks and promote responsible business practices.
AVI became a signatory to the UN-supported Principles for Responsible Investment (PRI) on 09 April 2021.
We are aligned with the PRI’s belief that an economically efficient, sustainable global financial system is a necessity for long-term value creation. Such a system will reward long-term, responsible investment and benefit the environment and society as a whole.
We consider proxy voting to be an important lever in engaging with our portfolio companies and ensuring that our perspectives on environmental, social and governance issues are represented.
As responsible, active stewards of our clients’ capital, we have a duty to vote carefully and thoughtfully on their behalf, and we take this duty seriously. We aim to vote at every general meeting for which we are eligible.
As part of our responsible investing initiative, we have compiled a new report detailing our approach to ESG and sustainability at AVI.
To read the full report, please click the button below.
AVI Global Trust plc (“AVI Global”) is a closed-end investment trust with shares listed on the London Stock Exchange and part of the FTSE 250 index. Shares in AVI Global can be bought directly on the London Stock Exchange or through the following platforms:
There are two ways that the value of a share in an investment trust is often expressed:
It’s the role of the asset management company, AVI ,appointed by AVI Global to plan, manage the assets and oversee the investments on behalf of investment trust.
Unconstrained
AGT’s index agnostic approach allows for investments to be made in areas of the market that are often overlooked by other funds, typically due to their unconventional structures, size, or liquidity. These areas can include listed family holding companies and private equity, which over time, have been shown to deliver excess returns.
AGT’s unique approach of investing in holding companies, closed-ended funds and asset-backed special situations differentiates us from other funds, with portfolio holdings unlikely to be found elsewhere. Through these unconventional structures, AGT gains exposure to multiple underlying companies, providing both sector and geographic diversification benefits.
Track Record of Outperformance
Through an unconstrained and unique investment philosophy, AGT has been able to outperform its comparator benchmark over the long run. Since 1985, AGT’s average annual performance has been 11.5% vs 9.0% for the benchmark
(View chart below) Over the past ten years, the ordinary dividends paid by AGT to shareholders have grown by more than 6.5 times. The level of income may vary due to the occasional receipt of large, one-off, special dividends from investee companies and it is for this reason that AGT has paid special dividends in the past few years. Naturally, there can be no guarantee that further special dividends will be paid in the future.
* as at 30 September 2022.
Investment trusts are publicly listed companies on the London Stock Exchange, regulated under UK Listing Rules established by the Financial Services and Markets Act. They are also subject to the Companies Act. Investment managers promoting investment trust products are regulated by the FCA. Asset Value Investors Limited, the investment manager of AVI Global Trust, is authorised and regulated by the FCA. FCA Firm Reference Number (FRN) 119270.
Gearing means an investment trust has borrowed money to invest alongside shareholders’ funds, amplifying both gains and losses. A gearing ratio of 120% means the trust has invested £120 for every £100 of shareholder equity. AVI Global Trust uses modest gearing as part of its capital allocation strategy.
Investment trust portfolios typically hold 50 to 100 positions. AVI Global Trust maintains a concentrated portfolio of approximately 30–40 holdings, reflecting its high-conviction, bottom-up approach. Each position is reviewed against the trust’s objective of achieving capital growth by investing in companies at a discount to NAV.
The spread is set by market makers, not by the investment manager. There is no standard spread — it depends on the liquidity of the individual trust’s shares. Stamp duty of 0.5% applies to all share purchases and is not included in the quoted spread.
The dividend yield is the total dividends paid in the last 12 months, (historic yield), divided by the current share price, expressed as a percentage. AVI Global Trust’s current dividend yield is 1.82% as at 16 March 2026, source: assetvalueinvestors.com.
Investment trust discounts and premiums are calculated with reference to the previous day’s closing mid-price for both the share price and the underlying net asset value per share.
The Company Secretary co-ordinates all legal, financial and governance reporting for the trust, including annual reports, interim reports, board meeting minutes and regulatory filings. They liaise between the board, investment manager and external advisers to ensure ongoing legal and regulatory compliance.
The Board of Directors is independent of the investment manager and accountable directly to shareholders. It oversees the fund management relationship to ensure the trust’s investment objective is being met, and is responsible for major governance decisions including dividend policy and manager continuation votes.
Under the Companies Act, all public companies must maintain a register of shareholders recording legal title to shares and entitlement to dividends and capital distributions. For AVI Global Trust, the registrar is Equiniti Limited.
AVI Global trust is a UK-based investment trust, providing carefully selected, diversified exposure to unique global companies. It seeks out companies whose value and growth is being overlooked by the market, with the aim of realising long-term capital growth for shareholders.
AVI Global Trust is currently trading at a discount of around 8% to the value of the underlying assets . This is in line with many of its peer groups. A discount to NAV is a normal feature of investment trusts and can fluctuate over time. The board takes action to manage the discount where it is in shareholders’ best interests.
AVI Global Trust has a long-term record of delivering stable returns to investors. The average annual return is 11.6% since its launch in 1985. It has a well-established, proven investment process that has proved resilient through a range of market conditions. Investors should remember that past performance is not a guide to future performance and capital is at risk.
*Source: AVI (as at 30/09/2025).
AVI Global Trust has a highly active approach, meaning its portfolio will look very different from an index fund. While an index fund will have higher weightings in the largest companies, the AVI Global Trust seeks out companies it sees as being undervalued relative to their long-term potential.
Private investors can buy or sell shares in AVI Global Trust in the same way as a normal company. The trust trades on the London Stock Exchange and you can trade shares through an online broker, stockbroker, or dedicated investment platform.
The AVI Global Trust has a current dividend yield of 1.7%. However, this is a byproduct of the investment process and not an explicit target for the trust. The trust targets capital growth, but some of its holdings will pay dividends.
The AVI Global Trust has an ongoing charge of 0.85%, according to the latest audited results for the company . It has a highly active, intensive approach, engaging with companies to realise value. This has delivered long-term value for its shareholders.
Working with companies to help them restructure and streamline their operations, improve governance or communications, can be a powerful way to realise hidden value in individual holdings. This engagement is an integral part of our investment approach on the AVI Global trust.
A discount arises when there are more sellers than buyers for a trust. Discounts can widen out during periods of market volatility, or when there are worries about the outlook for individual investments. AVI Global has a share buyback programme, which aims to narrow the discount.
Family-controlled holding companies are an integral part of the investment strategy at AVI Global trust. We believe these family-run companies tend to have valuable assets, and are often misunderstood by the market. Their owners tend to be long-term in focus, thinking in generations rather than quarters. Patient investing can realise their value.
Private investors can buy shares in AVI Global trust on the Hargreaves Lansdown, Interactive Investor and AJ Bell platforms. You can search under ‘AVI Global trust’ or the ticker AGT. From there, you can use the ‘deal’ function to buy shares in the trust. For more information on platform availability please contact us.
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU. AVI 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 the Investment Manager 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.
To the extent that material on this website is issued in the UK, it is issued for the purposes of the Financial Services and Markets Act 2000
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The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website. The information contained on this website is subject to change without notice.
It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.
This website is primarily intended for United Kingdom (“UK”) residents. It is not intended for distribution to, or use by, any U.S. persons or persons in any other country where such distribution, publication or use would be contrary to local law or regulation or in which AVI does not hold any necessary licence or registration. Individuals or entities in respect of whom such prohibitions apply, must not access or use the AVI website.
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Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
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As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
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As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided, please consult your financial adviser or other professional adviser.
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Neither AVI, any of its directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of AVI, or of any vendor providing software or services support.
All information and content on this website is subject to applicable statutes and regulations, furnished “as is”, without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.
In no event shall AVI be liable to any indirect, incidental, special or consequential damages arising out of or in connection with the use of this website, the inability to use this site or any products or services obtained or stored in or from this website, whether based on contract, tort, strict liability or otherwise. These limitations also apply to any third-party claims against users.
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The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third-party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility and liability for the content on third party sites.
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For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error. You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
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Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions.
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You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of this website, any breach of any applicable law, statute, ordinance, regulation or third party rights and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU.
AVI 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 the Investment Manager 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.
Intended Audience
The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website. The information contained on this website is subject to change without notice.
This website is primarily intended for UK residents. It is not intended for distribution to, or use by, any U.S. persons or persons in any other country where such distribution or use would be contrary to local law or regulation.
It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.
No Tax or Legal Advice
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
Money Laundering
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
Investment Decisions
As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided, please consult your financial adviser or other professional adviser.
No Warranty; Limitation on Liability
Whilst all reasonable care has been taken in the preparation of this website, AVI cannot guarantee the accuracy or completeness of such information, either expressly or implied. Neither AVI, any of its directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of AVI, or of any vendor providing software or services support.
All information and content on this website is subject to applicable statutes and regulations, furnished “as is”, without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.
In no event shall AVI be liable to any indirect, incidental, special or consequential damages arising out of or in connection with the use of this website, the inability to use this site or any products or services obtained or stored in or from this website, whether based on contract, tort, strict liability or otherwise. These limitations also apply to any third-party claims against users.
Intellectual Property
Everything on this website is the valuable intellectual property of Asset Value Investors Limited, or their respective suppliers. We protect our intellectual property rights to the full extent of the law.
Copyright Policy
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Hyperlinks
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third-party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility for the content of third-party sites
Security
For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error.
You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
Privacy Policy
We encourage you to read AVI’s Privacy Policy which can be obtained by clicking the Privacy Policy button found on the Homepage.
General Terms
Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of this website, any breach of any applicable law, statute, ordinance, regulation or third party rights and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website.
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INVESTOR – Risk Warnings
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AVI Global Trust’s (AGT) NAV declined -2.6% in September.
In terms of contributors, it was a relatively lean month: Symphony, Wacom and Rohm added +27bps, +26bps and +21bps respectively.
On the other hand, we suffered from a number of larger positions enduring weaker performances leading to more sizeable detractions. Most notably, despite reporting what we thought was a good set of results in early September, D’Ieteren was the largest detractor (-63bps) as the shares declined -9% over the course of the month. The company remains our largest position and we see scope for considerable returns as we move toward a likely IPO of Belron (73% of NAV).
AVI Global Trust’s (AGT) NAV increased by +4.0% in August.
Samsung C&T was the top contributor (+81bps) as strong share price performance (+14%) was boosted by an appreciation of the Won against Sterling (+4.3%) Other strong contributors included Mitsui O.S.K Lines (+60bps), News Corp (+53bps) and Rohm (+40bps).
In terms of detractors the most notable one was Jardine Matheson (-64bps). The shares have now de-rated substantially from a mid-20s discount earlier in the year to 41% currently. We have been adding to the position and believe one seller in particular has been weighing on the price. Mitsubishi Logistics (-38bps) and Symphony International (-24bps) were the other detractors.
AVI Global Trust’s (AGT) NAV increased by +0.9% in July.
News Corp (+49bps) was the most significant contributor over the month. The shares have now risen nearly 25% from the February 2026 AI-induced sell-off lows (where we added) and the stub has re-rated from 3x to 6x forward EBITDA – leading us to trim the position.
Other strong performers included shipping / energy vessel company Mitsui O.S.K (+42bps) and Japanese entertainment company, Toho (+41bps).
Vivendi, Samsung C&T and last month’s write up – Rohm – were the three largest detractors, shaving off -156bps, -137bps and -68bps apiece.
AVI Global Trust’s (AGT) NAV declined by -4.1% in June 2026.
Samsung C&T added +31bps to NAV. Beyond this, however, there were few meaningful other positive contributors.
On the other hand, the list of meaningful detractors was longer. Partners Group Private Equity was the largest detractor (-90bps), followed HD Hyundai (-68bps) and Vivendi (-52bps).
We have added a number of new positions to the portfolio in recent weeks and months, as well as exited some. We discuss two such names below.
AVI Global Trust’s (AGT) NAV increased by +3.0% in May 2026.
Samsung C&T was the standout performer, adding +214bps to NAV with a share price return of +45%. Vivendi (+97bps) and Kyocera (+58bps) also contributed strongly.
At the other end of the ledger, Hyosung Corp suffered the newsletter curse and shaved -57bps from returns. Chrysalis (-56bps) and Amorepacific (-42bps) also detracted.