Reports and Accounts

View full 2022 annual reports and accounts Annual Report Archive Online Summary

Extract from the Chairman’s Statement 2022

This report covers the period from 1 October 2021 to 30 September 2022.

The clouds have darkened considerably since I wrote to you this time last year.

During this period it has become clear that inflation is not the transitory phenomenon that it was once hoped. All of this has been accentuated and exacerbated by Russia’s invasion of Ukraine, which has led to higher energy prices and a spiralling cost of living. Western Central banks have been steadfast in their determination to bring inflation back under control, raising interest rates and tightening financial conditions. This has put considerable downward pressure on asset prices – from high-flying tech stocks to index linked bonds – and on global economic growth. Within this context, over the twelve months under review the Company’s NAV Total Return was -7.3%. Over the same period, the comparator benchmark, the MSCI AC World ex-US, returned -9.6%. We always remind shareholders that our Investment Manager invests for the long term, and over five years the NAV total return was +41.9%, compared with a benchmark return of +15.4%, while over ten years the return was +144.6%, compared with 94.5%.

Susan Noble, Chairman


Electronic Address For Receipt Of Proxies

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

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’

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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