Equity Research, Broker Reports, and media content on AVI Global Trust PLC GBP

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  • 30 Dec 21
Great expectations

Once upon a time I was lucky enough to spend a few days on a junket to Morocco, where I stayed at a hotel in Marrakech called La Mamounia, occupying the grounds of a former royal palace built by Sultan Mohammed ben Abdallah in the 18th century and described by Winston Churchill as ‘the most lovely spot in the whole world’. On my last night at the hotel I won approximately 52 million dirhams1 in the hotel casino and, feeling somewhat groggy the following morning after celebrating my victory unti

Companies: THRG SONG BRSC RICA MINI AGT

  • 14 Oct 21
AVI Global - Overview

AVI Global Trust (AGT) offers investors a portfolio of companies which trade at a discount to their own NAV, while offering opportunities to add value via active ownership. The team, led by manager Joe Bauernfreund, believe their holdings will generate superior returns either through a narrowing of their discount, often achieved by unlocking unrealised shareholder value through active engagement. However, first Joe aims to find companies which own highquality underlying assets which should be ab

Companies: AVI Global Trust PLC GBP
  • 17 Aug 21
Pandemic immunity

Since the start of 2020 global equity markets have been on a pandemic-driven roller-coaster ride, with many phases of an economic cycle condensed into the last 19 months. Yet thanks to the effective roll-out of vaccines we are beginning to see the light at the end of the tunnel. As equity markets show signs of normalisation we take the opportunity to review the AIC’s Global sector, examining how its constituents performed over the four major periods of the pandemic and identifying which trusts,

Companies: FCIT ATST WTAN MNP KPC AGT MWY

  • 05 Aug 21
Focused high conviction portfolio

AVI Global Trust (AGT) has had a strong run of performance since last November. Its manager, Asset Value Investors (AVI) has been realising substantial profits from a number of positions where the discounts that these companies have traded at in the market, relative to their underlying net asset values, have narrowed significantly or have been eliminated altogether. As we describe on page 9onwards, the proceeds of these salesare being recycled into a more focused, high conviction portfolio of go

Companies: AVI Global Trust PLC GBP
  • 05 Aug 21
Focused high conviction portfolio

AVI Global Trust (AGT) has had a strong run of performance since last November. Its manager, Asset Value Investors (AVI) has been realising substantial profits from a number of positions where discounts have narrowed significantly or have been eliminated altogether. As we describe on page 8 onwards, the proceeds are being recycled into a more focused, high conviction portfolio of good quality companies trading at meaningful discounts to AVI’s estimate of their true asset value. Recent nervousnes

Companies: AVI Global Trust PLC GBP
  • 02 Jun 21
Fortune favours the brave (sometimes)

Everybody I know calls me a contrarian. I disagree. Nonetheless, the enduring popularity of our discount portfolio with readers can’t help but pique our interest in contrarian opportunities. With our discount opportunities portfolio, we look for opportunities in investment trusts where we can see a reasonable rationale for a wide discount narrowing and the potential for NAV outperformance too. Several investment managers, such as the managers of Miton Global Opportunities (MIGO) and AVI Global

Companies: CCJI ASCI JMF MIGO AJOT AGT

  • 18 May 21
The complexity premium

Demand for alternative assets has soared in recent years, as investors have sought yield and low NAV volatility outside the bond market in a low interest rate world. The investment trust sector has been a major beneficiary, with many closed-ended funds offering these characteristics through their ability to invest in illiquid assets. Historically, alternative assets have offered the potential for higher returns by (in technical terms) harvesting the illiquidity premium. In more natural language

Companies: SONG ICGT HONY OCI MGCI NBPE NBMI MIGO AGT

  • 09 Apr 21
AVI Global - Overview

AVI Global Trust (AGT) – previously named British Empire Trust (BTEM) – seeks to generate capital growth for investors through investment in a concentrated portfolio of companies trading at a wide discount to NAV. AGT currently trades on a share price discount of c. 7.9% (as at 26/03/2021). However, when the discount to fair-value of the underlying holdings is accounted for, AVI estimates that the trust trades on a ‘double-discount’ of c. 39% (as at 28/02/2021), as discussed under discount. Hist

Companies: AVI Global Trust PLC GBP
  • 25 Jan 21
Double discount on quality-focused portfolio

AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts in the AIC’s global sector. It also has a good track record of beating its performance benchmark, the MSCI All Countries World ex the United States Index, with dividends reinvested and translated back into pounds. Some well-timed trades and a willingness to look through the current COVID-19 disruption affecting some businesses have helped drive strong performance from AGT over the past few months

Companies: AVI Global Trust PLC GBP
  • 25 Jan 21
Double discount on quality-focused portfolio

AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts. It also has a good track record of beating its performance benchmark. Some well-timed trades and a willingness to look through the current COVID-19 disruption affecting some businesses have helped drive strong performance from AGT over the past few months. The trust’s shares are on an attractive discount and it is itself invested in a portfolio of high-quality family holding companies, closed-en

Companies: AVI Global Trust PLC GBP
  • 20 Nov 20
AVI Global - Overview

AVI Global Trust (AGT – previously British Empire Trust) seeks to generate capital growth for investors through investment in a reasonably concentrated portfolio of listed companies whose shares trade at a discount to the managers’ estimate of fair value. AGT’s investment strategy under current lead manager Joe Bauernfreund, who took over in 2015, has moved to increase portfolio concentration and place a greater emphasis on identifying a catalyst for value realisation. AGT looks to exploit marke

Companies: AVI Global Trust PLC GBP
  • 02 Jun 20
Price is what you pay, value is what you get

Discounts across the investment trust sector have widened –- dramatically at first – but in most cases have now narrowed back in somewhat. At first glance, the listed private equity (LPE) sector has widened most of all, and remains on a significantly bigger discount than other sectors. Does this present an opportunity?

Companies: OCI HGT ICGT NBPE AGT

  • 19 May 20
AVI Global - Overview

AVI Global Trust (AGT – previously British Empire Trust) seeks to generate capital growth for investors through investment in a reasonably concentrated portfolio of listed companies whose shares trade at a discount to the managers’ estimate of fair value. Under current manager Joe Bauernfreund, who took over in 2015, AGT has evolved its investment strategy, looking to increase portfolio concentration, utilise attractive borrowing rates on long-term debt, and place a greater emphasis on identifyi

Companies: AVI Global Trust PLC GBP
  • 18 Feb 20
The return of the activist... but not as we know it.

The advent of social media has led to an increase in activism of all types, the like of which has not been seen since the penny press changed the course of American history in the 1800s. From #MAGA to the Arab Spring, platforms such as Facebook have had a profound effect on politics and society. Everywhere, we are invited to support campaigns on social media. Where once it would have taken a petition (which requires a pen, frayed paper, and someone to hand it around at the very least), it is no

Companies: TPOU AGT AJOT

  • 12 Dec 19
AVI Global Trust - Overview

AVI Global (AGT- previously British Empire Trust) seeks to generate capital growth for investors through investment in a reasonably concentrated portfolio of listed companies whose shares trade at a discount to the manager’s estimate of fair value. AGT is managed by Joe Bauernfreund, CIO of Asset Value Investors. With a history stretching back over 130 years, this is one of the oldest trusts in the UK, and has seen gradual but ultimately substantial changes to the investment strategy over this

Companies: AVI Global Trust PLC GBP

AVI Global Trust PLC GBP

Company Profile

  • Personnel
  • Susan Margaret Noble, Chairman

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on AVI Global Trust PLC GBP. We currently have 36 research reports from 6 professional analysts.

Latest News/RNS

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Date Source Announcement
20May22 17:35 RNS AVI Global Trust PLC - Transaction in Own Shares
20May22 17:02 RNS AVI Global Trust PLC - Research from QuotedData
19May22 17:34 RNS AVI Global Trust PLC - Transaction in Own Shares
19May22 07:00 RNS AVI Global Trust PLC - AVI Submits Shareholder Proposals to SK Kaken
18May22 17:40 RNS AVI Global Trust PLC - Transaction in Own Shares
18May22 17:36 RNS AVI Global Trust PLC - Monthly update
18May22 07:00 RNS AVI Global Trust PLC - Correction: shareholder proposals to NS Solutions
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  • 21 Apr 22
LIBERUM: Emmerson* - Initiation - Best-in-class independent potash play


Companies: Emmerson Plc
  • 18 May 22
Continued capital redistribution story to offset weak profitability?

Aviva’s Q1 22 trading update was slightly above our expectations although this remains very much tied to the top-line and profitability could be impacted as of H1. Do the operations really mean that much for the share price with high dividends as a back-up? The latter are expected to continue as the firm has stated that it will release capital above its 180% solvency ratio.

Companies: Aviva plc
  • 16 May 22
LIBERUM: Plus500* - Strong trading leads to FY22 upgrades


Companies: Plus500 Ltd.
  • 11 May 22
Cenkos: Duke Royalty Ltd -- Majestic Royalty Expansion

Duke has raised £20m in new equity capital, subject to shareholder approval, to fund their continued expansion. The new capital will also support the company's target of increasing their debt facility by a further £25m, and therefore providing a total of £45m of new capital to invest. The increasing scale and diversification of the portfolio is forecast to eventually increase free cash flow per share once full deployment has taken place and will allow Duke to seek a reduction in its debt facilit

Companies: Duke Royalty Limited
  • 20 May 22
Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG

  • 12 May 22
£20m Fundraise Underpins Growth Expectations

MERC has announced a raise of £20m across its first Knowledge-Intensive and annual Enterprise Investment Scheme funds. The raise underpins our AuM growth expectations for the year and highlight future growth potential across both existing and new strategies within the fund management business. The significant valuation dislocation within the Group persists, with MERC’s current market cap of £143m (o/w ~36% cash) implying a significant discount to the balance sheet portfolio and ascribing no valu

Companies: Mercia Asset Management PLC
  • 13 May 22
Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Agronomics, Eden Research, IXICO, HeiQ, Trellus Health, NetScientific, Circassia, 4basebio, Fusion Antibodies, Surgical Innovations Group, Yourgene Health, Abingdon Health, Verici Dx, Poolbeg Pharma, Omega Diagnostics

Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG

  • 10 May 22
Hybridan Small Cap Feast 10/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No leavers Today. What’s cooking in the IPO kitchen? EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more

Companies: XTR XLM VRS SUP ROCK SLE SEMP OHG HDD FIH

  • 16 May 22
Hybridan Small Cap Feast 16/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa intends to join the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Due 18th May 2022. EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specifi

Companies: EEE FARN FCAP HZM JLP NSCI SRE

  • 11 May 22
LIBERUM: CLS Holdings* - New dividend policy and proposed tender offer


Companies: CLS Holdings plc
  • 11 May 22
LIBERUM: Civitas Social Housing* - New lease clause to increase risk-sharing with housing associations


Companies: Civitas Social Housing Plc
  • 09 May 22
SHORE CAPITAL - Downing Strategic Micro-Cap Investment Trust + (DSM) - House Stock at 70p


Companies: Downing Strategic Micro-Cap Investment Trust PLC GBP
  • 29 Apr 22
Auctus on Friday - 29/04/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b

Companies: TAL SNM XOM XOM TTE SEPL SHEL REP REP PAT OMV OMV HUR FAR ENI ENI EME EDR DELT DEC CEG AKRBP AKERBP ADX CE1 PEN PEN TETY TETY EGY VLE

  • 03 May 22
The Hardman & Co Monthly: May 2022

Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.

Companies: VTA TRX SCE STX AVO ARBB PANR RECI PCA OCI IBT ICGT FAS FCSS FEV FJV FSV DNL CLIG BBGI

  • 16 May 22
HgCapital Trust - The King of ‘Dulltech’

HgCapital Trust’s (HGT’s) sector expertise has allowed it to consistently deliver strong performance, with a 10-year NAV total return (TR) at 17.6% per year (with 30.9% over the last 12 months), materially above the FTSE All-Share of 7.2% per year and LPX Europe NAV Index of 11.5% per year. Importantly, this has largely been driven by top-line and earnings growth (90% of returns on HGT’s software and services holdings exited in 2001–2022 ytd) rather than multiple expansion, with five-year EBITDA

Companies: HGCapital Trust PLC