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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AVI Global Trust
AVI Global Trust (AGT) investor relations material
AVI Global Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary4 Jun, 2026
Executive summary
NAV total return per share fell -5.0% and share price total return was -6.7% for the six months to 31 March 2026, underperforming the benchmark's +2.1% return.
Interim dividend maintained at 1.50p per share; Board intends to at least maintain the final dividend for the year, targeting a total dividend of at least 4.5p.
Share buybacks of 10.3 million shares (2.4% of shares in issue) added 0.2% to NAV and aimed to limit discount widening.
Portfolio performance was negatively impacted by geopolitical events, notably the US and Israel's military action in Iran, which led to a sharp market correction in March and widened discounts.
Prior to March, the portfolio reached all-time highs, with Asian holdings contributing positively, but discounts widened sharply during the crisis.
Financial highlights
Net asset value per share (total return) declined -5.0% year-over-year; share price total return -6.7%.
Benchmark (MSCI ACWI) rose +2.1% over the same period.
Revenue earnings per share were 2.25p (down from 2.75p); capital earnings per share were -17.81p.
Ongoing Charges Ratio increased to 0.89% (from 0.85%).
Total assets at period end were £1.0bn, down from £1.1bn last year.
Outlook and guidance
NAV has recovered post-period end, reversing the March decline.
Ongoing market volatility expected due to geopolitical risks and inflation concerns, especially in energy and food.
Portfolio remains attractively valued, with a weighted average discount of ~40%.
Focus remains on undervalued companies with catalysts for improvement.
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Latest events from AVI Global Trust
- NAV outperformed its benchmark as cautious gearing preserved nearly £150m for opportunities.AGT
H1 2022 - NAV outperformed its benchmark as wider discounts created both headwinds and opportunities.AGTH2 2022
- NAV rose 5.3%, trailing the benchmark as March volatility widened portfolio discounts.AGTH1 2023
- A 15.3% NAV return outpaced benchmarks as stock selection offset a challenging macro backdrop.AGTH2 2023
- NAV total return +12.4%, dividend up 20%, and buybacks narrowed discount to 6.7%.AGTH2 2025
- NAV returned 1.0% as buybacks and activism targeted wide-discount value.AGTH1 2025
- NAV total return +13.7%, share price +16.3%, strong buybacks, and positive long-term outlook.AGTH2 2024
- NAV rose 13.9%, with buybacks supporting returns amid persistent discount pressures.AGTH1 2024
Next AVI Global Trust earnings date
H2 202610 Nov, 2026
AVI Global Trust
Next AVI Global Trust earnings date
H2 202610 Nov, 2026
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Frequently asked questions
AVI Global Trust PLC (AGT), managed by Asset Value Investors, is a London-based investment trust focused on achieving capital growth by investing in a diversified portfolio of stocks globally. The trust seeks out undervalued companies, aiming to unlock shareholder value through active engagement and improving corporate governance. Its investment strategy involves identifying valuation anomalies across various sectors and regions, leveraging a unique portfolio that includes holding companies, closed-ended funds, and asset-backed special situations. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.