History

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 August 2020, total assets under management of AGT stand at over £979 million.

(Hard copies available upon request for UK addresses only)

  1. British Empire Trust plc. established.

  2. Asset Value Investors Ltd. (Formerly Laurwood, clan and ISAM) became the investment manager.

  3. 4 for 1 rights issue increases size from £6 million to £30 million.

  4. Successful acquisition of Ashdown Investment Trust for a consideration of c. £66 million.

  5. Company exceeds the MSCI World Index by 20 percentage points

  6. The Company’s NAV (Net asset value) exceeds the MSCI World Index for a seventh consecutive year, by 26 percentage points on a total return basis.

  7. NAV per Share reaches 517.8p. The Company’s positive performance continues, 5.9 percentage points above the MSCI World Index on a total return basis.

  8. NAV per Share reaches 521.1p, a record level, before market turmoil causes it to fall.

  9. A volatile year in which NAV total return per share fell over 10% in the first half of the fiscal year, then gained over 31% in the second half, resulting in a 17.8% total NAV return over the year.

  10. A difficult year for the investment community in which NAV total return per share grew by 10.3% compared with an increase of 13.8% in the Morningstar Global Growth Index.

  11. A year of progress with total NAV return being 6.8% vs the MSCI All Country World Ex USA at 5.1% and in which the trust’s discount reduced from 11.8% to 10.3%.

  12. The second half of the Company’s financial year has been marked by intense volatility across equity markets around the world. Having returned 7.2% during the first half of the year, the NAV total return in the second half of the year was -14.5%, making the total return for the full year -8.3%.
    The Company’s formal benchmark (MSCI All Country World ex-US) returned -5.6% over the full year.
    Joe Bauernfreund became British Empire’s named portfolio manager with effect from 01 October 2015.

  13. Debt funding of 20 year unsecured private placement notes issued in two tranches. The first tranche is £30 million and the second tranche is EUR30 million (equivalent to approximately 22.6 million). The blended annualised cost of the new debt is 3.78% and are due to be repaid in 2036. The total fixed rate borrowing has increased from £15 million to £67.6 million following completion of this transaction.

  14. Debt funding of 20 year unsecured private placement notes issued for EUR 20 million (equivalent to approximately £17.5 million). The annualised cost of the new debt is 2.93% and is due to be repaid in 2037. Total borrowing has increased to £89 million following completion of this transaction, or 10% of net assets.

  15. In April 2019, the Company entered into a ¥4 billion (£28 million) revolving credit facility. The proceeds were partly used to redeem the more expensive 8 1/8% debenture stock, due to mature in 2023, at a cost of £20 million including accrued interest. Following the redemption and refinancing, the Company’s weighted average interest rate on borrowings was reduced to 2.9%, compared with 4.3% previously.

  16. In May 2019, the Board changed the Company name to AVI Global Trust plc.

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Disclaimer

This website is directed only at Professional Clients and Self-Certified Sophisticated Investors as defined by the UK Financial Conduct Authority (“FCA”).

The contents of this website are communicated by Asset Value Investors Limited (“AVI”) in respect of AVI Global Trust plc ( the “Company”).  AVI is authorised and regulated by the FCA, with registered number 01881101 and which has its registered office at 2 Cavendish Square, London W1G 0PU, United Kingdom.

Nothing in this website is to be taken as a financial promotion and all contents are provided for information purposes only.  Further, nothing in this website is to be taken as investment or tax advice.  If you are unclear about any of the information on this website or its suitability for you, you must contact your financial or tax adviser, or an independent financial or tax adviser before making any investment or financial decisions.

The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.

General risk warning:  All investment is subject to risk. The value of the Shares may go down as well as go up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Shares will fully reflect their underlying net asset value. There is also no guarantee that the Company’s investment objective will be achieved.

The information contained in this website may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement.  You should not place undue reliance on any forward-looking statement.

Neither the Company nor AVI undertakes any obligation to update or revise any information in this website, including without limitation, any forward-looking statements, whether as a result of new information, future events or otherwise, and neither the Company nor AVI will confirm the accuracy or completeness of any information at any given time.

This website may contain links to third party websites. These links are provided for your information and convenience only, and do not amount to a recommendation or endorsement by the Company or AVI of that third party or its website. Neither the Company nor AVI has any control over the content of any third party website and neither the Company nor AVI has verified the accuracy of any content on any third party website. Accordingly, neither the Company nor AVI is liable for the content or availability (or lack of availability) of such third party websites.

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