This report covers the period from 1 October 2020 to 30 September 2021.
I am pleased to report that the NAV total return for the year to 30 September 2021 was +36.2%, driven primarily by excellent stock selection, which compares very well with the comparator benchmark return of +18.8%. Performance during the year under review was naturally linked to the extent and timing of expected economic recovery from the effects of the COVID-19 pandemic but, as described in the Investment Manager’s Report, several other factors were also important drivers of investment returns. It was encouraging to note that returns were driven both by the active decision by the Investment Manager to position part of the portfolio for the post-COVID economic recovery and also by companies which are less directly economically sensitive, demonstrating the broad and balanced exposure of our investments.
Susan Noble, Chairman
The Companies Act 2006 (as amended) requires AVI Global to provide an electronic address for the receipt of any document or information relating to proxies for a general meeting.
For these purposes, documents relating to proxies include:
The Annual General Meeting (“AGM”) takes place each year in December. You will receive a Proxy Form prior to the AGM taking place, should you wish to appoint a proxy to vote at the AGM in accordance with your directions you will need to complete the Proxy Form and submit the same via post or via email to the Registrars at Proxy.Votes@equiniti.com.
Please ensure that that all identification numbers and any information completed by you on the Proxy Form is clearly legible, otherwise the Form may be rejected and your proxy instructions will not be accepted.
* Net Liquidity is: the fixed income investments less the Debenture (at par value) plus or minus the net current assets/(liabilities), divided by the net assets of the Company.
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’