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.
AVI Japan Opportunity Trust (“AJOT”) is managed by AVI’s CIO, Joe Bauernfreund.
AVI established AJOT to provide shareholders with capital growth through investing in cash-rich and over-capitalised small-cap Japanese equities in October 2018.
CEO & CIO
Joe Bauernfreund is the portfolio manager of AJOT and as of October 2015 he is also the named portfolio manager of the AVI Global Trust. He is the CEO and CIO of Asset Value Investors. He joined Asset Value Investors in July 2002 as an Investment Analyst, following completion of a Masters in Finance from the London Business School. At first, Joe worked closely with John Walton in focusing on the European Holding Companies. He then covered the entire portfolio and became joint manager with John Pennink.
Prior to joining Asset Value Investors, Joe worked six years for a real estate investment organisation in London.
Head of Japan Research
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.
Senior Investment Analyst
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.
Jason joined AVI in March 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 is based in Tokyo.
Jason has a BSc in economics from the London School of Economics & Political Science (University of London).
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.
BA (Law), LLM
Shimpei joined AVI in October 2022. He previously worked as a lawyer at Mori Hamada & Matsumoto and as a government official at Ministry of Economy, Trade and Industry of Japan. He holds a B.A. in Law from the University of Tokyo and an LL.M. from Columbia Law School.
Japan Team Assistant
Yuki joined AVI in February 2020 as a Japan Team assistant to provide translating support, desk research and other secretarial support to the members of Japan Team.
Yuki previously worked for BZW Tokyo as an assistant to the investment strategist and the economist.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s
investment managers, Asset Value Investors are referred to as ‘AVI’
THIS WEBSITE IS NOT INTENDED TO OFFER OR TO PROMOTE THE OFFER OR SALE OF THE SHARES (THE “SHARES”) OF AVI JAPAN OPPORTUNITY TRUST PLC (THE “COMPANY”) IN THE UNITED STATES OR TO ANY “U.S. PERSONS” AS DEFINED IN REGULATION S (“US PERSONS”) UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, AND MUST NOT BE MADE AVAILABLE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW OR REGULATION.
The contents of this website are communicated by Asset Value Investors Limited (“AVI”), which is authorised and regulated by the UK Financial Conduct Authority, with registered number 01881101 and which has its registered office at 2 Cavendish Square, London W1G 0PU, United Kingdom.
The information contained in this website does not constitute or form a part of any offer to sell or issue, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States or in any jurisdiction in which, or to any person to whom, such an offer or solicitation would be unlawful.
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 Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act“), and as such holders of the Shares are not and will not be entitled to the benefits of the Investment Company Act. The Shares have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered, assigned or otherwise transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, any US Persons. There has been and will be no public offer of the Shares in the United States. The offer and sale of the Shares have not been and will not be registered under the applicable securities laws of Australia, Canada, Japan or South Africa. Potential users of the information contained in this website are requested to inform themselves about and to observe all applicable restrictions.
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.
This website is provided for your use “as is” without any warranties (whether express or implied) of any kind including, but not limited to, the warranty of non-infringement of third party rights or freedom from computer virus. As a result, neither the Company nor AVI accepts any ongoing obligation or responsibility in respect of any errors, omissions, interruptions or delays in service which may occur. Internet is not a secure medium of communication unless the data being sent is encrypted. Neither the Company nor AVI accepts any responsibility for unauthorised access by a third party or the corruption of data sent to it.
By continuing to use this website, you agree to the exclusion by the Company and AVI, to the extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, or any loss of profits, revenue or data arising out of or relating to your use of and our provision of this website and its content. The Company may change these terms and conditions from time to time and any such changes will be posted on this website. Your access to this website is governed by the version of these terms and conditions then in force.
By clicking “Agree” below, you represent, warrant, undertake and agree that (1) you have read, understood and agree to be bound by the terms and conditions and other information set out herein, (2) you are permitted under applicable laws and regulations to receive the information contained in this website, (3) you are located outside the United States and are not a US Person, and (4) you will not transmit or otherwise send any information contained in this website to any persons in the United States or who are US Persons or to any publications with a general circulation in the United States. If you cannot so represent, warrant, undertake and agree, you must click the button labelled “Decline” or otherwise exit this website.