AVI Global

AGT’s increasing focus on idiosyncratic opportunities may offer a good source of diversification…

AVI Global Trust

AVI Global Trust (AGT) has been performing well recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them to unlock value for the benefit of all shareholders. Lately, AGT has also been involved in some more high-profile situations, which we discuss in this note. While the NAV seems to be moving in the right direction, the double discount – AGT’s own discount plus the gap between the share prices of investee companies and their underlying in

AVI Global Trust

As the data on page 13 shows, AVI Global Trust (AGT) has been outperforming recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them with the aim of unlocking value for the benefit of all shareholders. Lately, AGT has also been involved in some more high-profile situations, which are discussed in this note. While the NAV seems to be moving in the right direction, the double discount – AGT’s own discount plus the gap between the share price

AVI Global

AGT is trading at its widest ‘double discount’ since the great financial crisis…

AVI Global

AGT is the top-performing global trust over three years…

AVI Global Trust – Doubly blessed

AVI Global Trust (AGT) offers investors a unique opportunity to access an idiosyncratic portfolio of good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to NAV plus the discount on the underlying portfolio – now sits on an abnormally wide level. The team has been tactically increasing AGT’s market exposure to tap into these discount-opportunities. This gives AGT’s shareholders the potential

AVI Global Trust – Doubly blessed

AVI Global Trust (AGT) offers investors an opportunity to access a portfolio of what the manager feels are good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to NAV plus the manager’s estimation of the discount on the underlying portfolio – now sits on an abnormally wide level. The team has been tactically increasing AGT’s market exposure, with the aim of tapping into these discount-opport

AVI Global

AGT’s double discount is around the widest it has been since the aftermath of the 2008 crisis…

AVI Global Trust - Bargain hunting

After a strong run of both absolute and relative performance, AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by current events. The manager believes that when markets settle, discounts will start to narrow again.

AVI Global Trust - Bargain hunting

After a strong run of both absolute and relative performance (see page 16), AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio – as holdings’ share prices move further below their underlying net asset value – and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing (borrowing) at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by curre

Finding value in a haystack

Non-income value strategies are becoming increasingly scarce, but the holdouts represent attractive near-term opportunities

AVI Global

AGT trades on an attractively wide discount, despite its long-term outperformance and potential capacity to rebound

Fight or flight

Two of our analysts debate the impact that war in Ukraine could have on investors' portfolios

Morning Note – 22 April 2024

Benefits of scale set to materialise

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Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

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International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

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LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

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Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

H&T Group (HAT): Core franchise build, short-term retail noise

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