Meet the Managers

Asset Value Investors (“AVI”) was established in 1985 to manage the assets of AVI Global Trust plc (AVI Global), then a £6 million London listed investment company.

A group of UK institutional and private US investors supported a 4 for 1 rights offering to enlarge AVI Global to £30 million.

AVI Global is managed by AVI’s CIO, Joe Bauernfreund.


Joe Bauernfreund

BSc, MSc

Joe Bauernfreund is Chief Executive Officer and Chief Investment Officer of Asset Value Investors. He is the manager of AVI Global Trust and AVI Japan Opportunity Trust and responsible for all investment decisions across AVI’s strategies. Joe has over 24 years’ experience in the finance industry.

Before joining AVI in 2002, Joe worked six years for a real estate investment organisation in London. He has a Masters in Finance from the London Business School.

Head of Research

Tom Treanor

BA (Economics), CFA

Tom joined AVI in February 2011. He works closely with the analyst team providing support and guidance on prospective and current investments across the portfolio, in addition to taking responsibility for all investments in closed-end funds.
Tom spent nine years working for Fundamental Data/Morningstar in various roles involving closed-end fund analysis. He has a degree in Economics from the University of Leicester.

Investment Analyst

Scott Beveridge

BSc (Actuarial Science), CFA

Scott joined AVI in October 2005. He researches real estate-backed opportunities and Asian holding companies.
Before joining AVI, Scott spent two years as an investment analyst with Fundamental Data undertaking quantitative analysis. He has a degree in Actuarial Science from the University of Kent, Canterbury.

Head of Japan Research

Daniel Lee

BSc (Physics), CFA, CAIA

Daniel joined AVI in February 2015. He focuses on researching Japanese companies.

Before joining AVI, Daniel completed internships at Pamplona Capital Management and Mercer. He has passed all three levels of the CFA exam. He graduated with a First Class Honours in Physics from the University of Bristol.

Investment Analyst

Wilfrid Craigie

BSc (Social Policy)

Wilfrid joined AVI in January 2018.  He researches global holding companies and asset-backed special situations.

Before joining AVI, Wilfrid completed internships at Sanderson Asset Management, Guinness Asset Management and Oldfield Partners.  Wilfrid has a BSc in Social Policy from the London School of Economics.

Engagement Consultant

Jason Bellamy

B.Sc. (Economics)

Jason joined AVI in April 2020. He works closely with the analyst team and leads on the engagement efforts in Japan. He brings more than 30 years’ experience in the financial services industry, working for and engaging with global companies, government bodies, regulators and international investors including Sumitomo Mitsui Trust Bank, First Trust Advisors and Aberdeen Standard Investments.

Jason has a BSc in economics from the London School of Economics & Political Science (University of London).

Junior Investment Analyst

Ross McGarry

BSc (Economics)

Ross joined AVI in June 2020. He researches global holding companies and provides support to the investment team.

Before joining AVI, Ross completed a one year programme at Nomura on a UK M&A Investment Banking Industrial Placement. Ross has a BSc in Economics from the University of Bath.

Investment Analyst

Makiko Shimada

BA (Economics)

Makiko joined AVI in January 2021 from Goldman Sachs, where she was a member of the Advisory Group in the Investment Banking Division in Tokyo.  She holds a B.A. in Economics from the University of Tokyo.

Senior Investment Analyst

Kaz Sakai

Bsc (Geochemistry), MBA

Kaz Sakai has been working with AVI since May 2020 and joined AVI’s investment team full-time in June 2021. Kaz previously worked at as an Engagement Manger at McKinsey & Company and an RTS Practice Associate in Melbourne. Kaz also gained valuable experience at a private equity firm in Tokyo from 2016-2018. He holds a B.S. in Geochemistry from the University of Tokyo and an MBA from Harvard Business School.

Junior Investment Analyst

William Hawkes

BSc (Economics & Finance), MSc

William joined AVI in October 2021.  He researches global holding companies and provides support to the investment team.

Before joining AVI, William completed internships at Passion Capital and Aravis Capital.  William has a BSc in Economics & Finance from Newcastle University and an MSc with Distinction in Investment Management from Bayes (formally Cass) Business School.

ESG Research

Esme Morter

BA (International Relations & French)

Esme joined AVI in February 2021.  She focuses on ESG research and supports its integration throughout the investment process.

Before joining AVI, Esme graduated with a First Class Honours degree in International Relations and French from the University of Sussex, putting these skills to practical use helping on the ground in Greece with the migrant crisis.

AVI Global Trust p.l.c is referred to as ‘AVI Global’ throughout the website. AVI Global’s investment managers, Asset Value Investors are referred to as ‘AVI’

AVI Global currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © AVI Global Trust plc. 2019 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: 6th Floor, 65 Gresham Street, London EC2V 7NQ. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. AVI Global uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.


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