As we show in this note, AVI Japan Opportunity (AJOT) has delivered impressive returns to its shareholders in recent years. The work that the manager Asset Value Investors (AVI) has done to encourage the companies that AJOT invests in to improve operations, capital structures, shareholder communications, and corporate governance has borne fruit. However, even as it exits a number of successful investments, AVI stresses that AJOT has no shortage of opportunities to pursue and has an attractive ....