REG - AVI Global Trust PLC - Monthly Factsheet

AVI Global TrustAnnouncement

10/02/2026 16:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260210:nRSJ4793Sa&default-theme=true

RNS Number : 4793S  AVI Global Trust PLC  10 February 2026

 

AVI GLOBAL TRUST PLC

 

Monthly Update

 

AVI Global Trust plc (the "Company") presents its Update, reporting
performance figures for the month ended 31 January 2026.

 

This Monthly Newsletter is available on the Company's website at:
AGT-JANUARY-2026.pdf
(https://www.assetvalueinvestors.com/content/uploads/2026/02/AGT-Newsletter-JAN-2026.pdf?mc_cid=c56fbe0f86&mc_eid=b2f1940a8e)

 

This investment management report relates to performance figures to 31 January
2026.

 

 Total Returns (%)   Month  1Y    5Y    10Y
 NAV p/s(1)          2.6    7.9   61.4  230.3
 MSCI ACWI(2)        0.9    10.4  75.9  243.2
 MSCI ACWI ex US(2)  3.9    22.1  54.8  163.7

 

All performance shown net of fees in GBP Total Return as at 31/01/2026.

(1)Net Asset Value cum-fair.

(2)From 1st October 2023, the comparator benchmark was changed to the MSCI
ACWI Index. Prior to this, from 1st October 2013, the comparator benchmark was
the MSCI ACWI ex US Index.

Source: Morningstar, S&P Capital IQ

 

Manager's Comment

AVI Global Trust's (AGT) NAV rose +2.6% in January 2026.

D'Ieteren was the standout performer adding +153bps to NAV and we write about
this below.

Other strong contributors included Samsung C&T (+80bps), Hyosung Corp
(+51bps) and HD Hyundai (+44bps) - with share price returns of +26%, +33% and
+24%, respectively.

At the other end, Chrysalis was a meaningful (-95bps) detractor, as the shares
fell -6% on the last day of the month, following the publication of a
disappointing NAV which revealed a further write-down at wefox (7% of NAV). We
wrote last month about the proposed orderly realisation. With the shares
trading at a 33% discount (36% ex-listed and cash), we see attractive returns
from this discount unwinding.

In recent months, we have sought to improve the portfolio balance and made a
number of changes. Toyota Industries - which we discuss below - is now our
largest position (8.3% weight), whilst we have meaningfully added to Jardine
Matheson (5.4%) and Samsung C&T (5.7%).

To fund this, we have exited a number of smaller positions, as well as Aker,
which we discuss below.

D'Ieteren

D'Ieteren shares returned +25% in January following reports that Belron (74%
of NAV) is exploring an IPO later this year. We have long argued that a
potential IPO of Belron should serve as the key catalyst for D'Ieteren's
excessively wide discount to narrow and it is pleasing to see this start to
come to fruition.

 

As we explained in a recent newsletter, D'Ieteren had underperformed lately
and investors seemed to be missing the wood for the trees in a focus on
short-term and backward looking issues. The Belron IPO news appears to have
provided a rude awakening and a quick revaluation of the situation.

 

As things stand D'Ieteren trades at a 40% discount to our estimated NAV (with
Belron's carrying value pegged in-line with the 2024 minority shareholder
transaction). The current valuation can be sliced in various ways but at
current prices - taking the other assets at NAV - one is implicitly paying
~12x 2026 EV/EBIT for Belron whilst business services peers in the US trade
>20x.

 

We added to the position in the Autumn - with the CFO also buying in the
market and the company initiating a new buyback program. The shares have
sharply re-rated, but we continue to see meaningful upside: the combination of
attractive assets, a still wide discount, and a potential catalyst bode well
for future returns.

Toyota Industries

During the month we added to the position in Toyota Industries to make it our
largest position at an 8.3% weight.

As readers may remember, in the June 2025 newsletter
(https://www.assetvalueinvestors.com/content/uploads/2025/07/AGT-JUNE-2025.pdf)
we wrote that Akio Toyoda - through Toyota Fudosan - had made a 16,300 Yen per
share offer to take Toyota Industries private "that severely undervalues
Toyota Industries…suffice to say we do not believe this is a good or fair
outcome for minority shareholders". We publicly voiced and advanced this
argument as a co-signatory to a public letter to the Toyota Industries board
from the Asian Corporate Governance Association.

In recent weeks, we have been re-adding to the position as the likelihood of a
higher offer has increased.

Today the shares change hands at 19,755 Yen per share, following pressure from
the activist Elliott Management (who now owns a 6.7% stake) and with Toyota
Fudosan having raised the offer price to 18,800 Yen per share. As with the
original offer, there is little economic support for the begrudging +15%
increase in the offer price, with Toyota Industries' listed securities
portfolio up c.40% since the first offer.

As we assess the probabilities today, they appear quite asymmetric. Whilst
they protest otherwise, having conceded the principle of raising the offer
price, there is ample room for Toyota Fudosan to raise their offer closer to
fair value (with book value ~21,000 Yen per share and our estimate of fair
value ~26,000).

In a scenario where this doesn't occur, the downside to the revised offer is
modest. There are of course left tail scenarios where a deal falls away
entirely, but we believe Toyoda Fudosan are highly motivated to reach the
required threshold after nearly a year of deal preparation. All told we expect
that quite a few twists and turns are yet to come - but see further downside
protection in the underlying asset quality and other standalone steps to
unlock shareholder value - namely the unwinding of cross shareholdings.

More broadly, we view this an important test case for Japanese corporate
governance reform - with ramifications well beyond the Toyota Group companies.

Aker

 

During the month we exited Aker, which had been our longest held continuous
investment in the portfolio, held since 2008. The discount had narrowed from
c.30% in July 2025 to high single digits / low double digits, with the
position having been the greatest contributor to our returns in calendar 2025
- and indeed over the last decade too.

 

Over the 18-year holding period, the investment generated an IRR of 17.3% in
NOK - compared with 13.5%/10.2% for the MSCI ACWI and MSCI ACW Ex-US (also in
NOK).

 

Our first purchase was at 241 NOK per share. Over the course of the
investment, Aker paid dividends totalling 143 NOK per share, and we made our
final sale at 822 NOK per share. Along the way we bought as low as 117 NOK per
share and sold as high as 926 NOK. On average we bought on a 39% discount (and
as wide as 56%) and sold on a 22% discount (and as narrow as 7%). That said,
as one would expect for such a long duration investment, approximately 2/3rd
of the return came from NAV growth.

 

Readers might well be surprised that since Aker's (re) IPO in 2004, the
company has compounded returns for shareholders at a rate 4x that of Berkshire
Hathaway (in NOK). We believe Kjell Røkke to be one of the most tremendous
creators of value in our universe. As and when the discount widens and
prospective returns appear higher, we would welcome the opportunity to align
capital with him again.

 

Contributors / Detractors (in GBP)(4)

 

 Largest Contributors  1- month contribution  % Weight(3)

                       bps
 D'Ieteren             153                    7.9
 Samsung C&T           80                     5.7
 Hyosung Corp          51                     2.6
 HD Hyundai            44                     2.5
 Mitsubishi Logistics  38                     5.1

 

 Largest Detractors          1- month contribution  % Weight(3)

                             bps
 Chrysalis Investments       -95                    7.1
 Entain                      -35                    1.3
 Christian Dior              -32                    1.7
 Oakley Capital Investments  -27                    3.7
 Exor                        -19                    3.3

 

(3)All Figures shown as % of Net Asset Value

(4)Contributors and detractors from Factset

 

 

MUFG Corporate Governance Limited

Corporate Secretary

 

10 February 2026

 

LEI: 213800QUODCLWWRVI968

 

The content of the Company's web-pages and the content of any website or pages
which may be accessed through hyperlinks on the Company's web-pages, other
than the content of the Newsletter referred to above, is neither incorporated
into nor forms part of the above announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDZGMZVGZGVZM



            Copyright 2019 Regulatory News Service, all rights reserved