AVI Global Trust (AGT) investor relations material

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.