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AVI Global Trust (AGT) investor relations material
AVI Global Trust H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary13 Jun, 2025
Executive summary
Portfolio is highly concentrated and benchmark agnostic, with top 10 holdings making up nearly 60% and a strong tilt toward ex-US markets, especially Europe and Japan.
NAV total return per share rose 1.0% and share price total return was 0.8% for the six months to 31 March 2025, underperforming the benchmark's 1.5% return.
Interim dividend increased to 1.50p per share, with the Board targeting a total of at least 4.05p for the year.
Portfolio construction focuses on undervalued assets in less efficient markets, with active engagement and activism, especially in Europe and Japan.
Market volatility driven by US trade policy and geopolitical uncertainty impacted performance and outlook.
Financial highlights
Portfolio average discount to NAV is just under 40%, historically wide and attractive for value realization.
Net asset value per share (total return) up 1.0% year-over-year; share price total return up 0.8%.
Ordinary dividends per share increased to 1.50p from 1.20p year-over-year.
12.7 million shares (2.9% of shares in issue) were bought back, adding 0.3% to NAV and helping manage the share price discount.
Gearing is currently around 6-7%, with capacity up to 14%.
Outlook and guidance
Confident in compelling investment returns due to NAV growth and discount narrowing.
Board aims to at least maintain the final dividend, with a minimum total dividend of 4.05p for the year.
Expect continued focus on ex-US markets, with growing exposure to Asia and Korea as reforms progress.
Management remains focused on bottom-up opportunities and unlocking value through activism and engagement.
Near-term market outlook is uncertain due to elevated geopolitical and macroeconomic risks.
How will AGT narrow its 39% portfolio discount?
How does AGT navigate elevated macro risks?
Elaborate on the Japan strategy and outlook.
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Next AVI Global Trust earnings date
H2 202512 Nov, 2025
Next AVI Global Trust earnings date
H2 202512 Nov, 2025
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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.
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