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AVI Global Trust plc (AGT) Ord 10p

Sell:632.00p Buy:638.00p 0 Change: No change
FTSE 250:0.08%
Market closed Prices as at close on 22 May 2020 Prices delayed by at least 15 minutes | Switch to live prices |
Change: No change
Market closed Prices as at close on 22 May 2020 Prices delayed by at least 15 minutes | Switch to live prices |
Change: No change
Market closed Prices as at close on 22 May 2020 Prices delayed by at least 15 minutes | Switch to live prices |
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

HL comment

This trust is managed using a robust and well-established approach. We like the concept of finding undervalued, but high-quality businesses with a catalyst to return them to form. The managers take a pragmatic view and if they are struggling to find opportunities they will increase cash. Presently they are finding plenty of opportunities so cash is at a minimum.

The management team has the flexibility to use gearing (borrowing to invest), but the trust has generally maintained a net cash position for many years. Gearing increases risk, not least because it can result in magnified losses when the portfolio falls in value. Please refer to the latest annual report and accounts for full details.

The specialist approach and unique nature of the trust's investments mean it will perform differently from any benchmark. In recent years the manager's style has been out of favour, but over the long term attractive returns and growing dividends have been delivered to shareholders; although there are no guarantees this will continue.

We believe this trust could appeal investors with a long-term horizon and a diversified portfolio who are looking for something a little different to add to their portfolio. Potential investors should ensure they are comfortable with the risks, details of which can be found in the latest annual report and accounts along with the charging structure.

View our full research note on British Empire Securities & General Trust plc »


To achieve capital growth through a focused portfolio of investments, particularly in companies whose share prices stand at a discount to estimated underlying NAV. Investments are principally in companies listed on recognised stock exchanges in the UK and/or overseas. The Company generally invests on a long-only basis but may hedge exposures through the use of derivative instruments and may also hedge its foreign currency exposures. There are no geographic limits on exposure, as the Company invests wherever it considers that there are opportunities for capital growth.
Security Weight
Oakley Capital Investments Ord 7.97%
Pershing Square Holdings Ltd NPV 7.43%
SoftBank Group Corp 6.64%
Sony Corp 6.03%
Jardine Strategic Holdings Ltd 5.55%
SC Fondul Proprietatea SA ADR 5.20%
Third Point Offshore Investors Ord NPV USD 4.72%
MS Liquidity Fds Sterl Lqdy Instl 4.63%
Sector Weight
Financial Services 22.32%
Industrials 19.96%
Communication Services 9.79%
Technology 8.74%
Consumer Cyclical 5.21%
Basic Materials 4.45%
Energy 3.20%
Consumer Defensive 1.19%
Real Estate 1.03%
Country Weight
Japan 35.37%
Sweden 6.69%
United Kingdom 6.47%
Italy 6.41%
Romania 5.20%
France 3.59%
Hong Kong 3.58%
United States 3.21%
India 2.16%
Norway 1.70%

Fee Structure

The Investment Manager is entitled to a management fee of 0.70% of the NAV of the Company, calculated quarterly by reference to the NAV at the preceding quarter end and paid monthly. Contract terminable on 6 months notice.

Dividend Policy

The Board has elected to increase the final dividend to GBX11.0 per share, which will result in a total dividend for the year of GBX13.0 pershare. The interim and final dividends of year were fully covered by net revenue earned during the accounting year.


Total number of holdings: 51.

Trust Manager

Joe Bauernfreund

Manager Bio

Not currently available for this investment trust.

Board Of Directors

Susan NobleChairman, Steven Bates, Nigel Rich, Anja Balfour, Calum Thomson

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Objective, holding data, trust manager and bio information, dividend policy, asset split and fee structure are provided by Morningstar.

The London Stock Exchange does not disclose whether a trade is a buy or a sell so this data is estimated based on the trade price received and the LSE-quoted mid-price at the point the trade is placed. It should only be considered an indication and not a recommendation.

Trades priced above the mid-price at the time the trade is placed are labelled as a buy; those priced below the mid-price are sells; and those priced close to the mid-price or declared late are labelled 'N/A'.