AVI Global Trust (AGT) H1 2023 earnings summary

Executive summary

• NAV total return was +5.3% for the six months to 31 March 2023, behind the comparator benchmark’s +10.3%; share-price total return was +5.5%.

• The portfolio was repositioned toward selected undervalued and event-driven opportunities; net gearing reached 6.9% at period end.

Financial highlights

• Investment income was £9.40m vs £9.25m YoY; revenue earnings were 1.28p per share vs 1.25p, and total earnings were 10.70p vs 1.07p.

• Capital earnings were 9.42p per share vs a loss of 0.18p YoY; the interim dividend was maintained at 1.2p per share.

• NAV per share total return was +5.3%, while the benchmark returned +10.3%; the discount was 10.4% at 31 March 2023 vs 9.1% a year earlier.

Outlook and guidance

• The investment manager cited a broader opportunity set and attractive prospective returns, supported by a portfolio weighted-average discount of 37.2%.

• Gearing reflects individual stock opportunities, rather than a top-down view on economies or markets; long-term NAV growth and discount-narrowing catalysts remain the focus.

• Volatility is expected to persist amid banking-sector concerns, geopolitical challenges and inflation; the Board remained optimistic about long-term returns.