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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.
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H1 2025 earnings summary13 Jun, 2025

Executive summary

  • 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; Board intends to at least maintain the final dividend, targeting a total of at least 4.05p for the 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.

  • Portfolio focus remains on undervalued assets, with increased exposure to Japan (23% of NAV) and active engagement strategies.

  • Market volatility driven by US trade policy and geopolitical uncertainty impacted performance and outlook.

Financial highlights

  • Net asset value per share (total return) up 1.0% year-over-year; share price total return up 0.8%.

  • Benchmark index (MSCI AC World Index) returned 1.5% over the same period.

  • Revenue earnings per share were 2.75p, up from 1.38p year-over-year.

  • Ordinary dividends per share increased to 1.50p from 1.20p year-over-year.

  • Ongoing Charges Ratio (annualised) improved to 0.85% from 0.88% year-over-year.

Outlook and guidance

  • Board aims to at least maintain the final dividend, with a minimum total dividend of 4.05p for the year, barring unforeseen events.

  • 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.

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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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