The hummingbird embodies agility through rapid wingbeats, precision in its ability to hover and extract nectar from tiny flowers, and adaptability by thriving across diverse environments – perfectly reflecting our approach to uncovering opportunities.
North America
United Kingdom
Europe
Other
Asia
Japan
South Korea
Source / Galeanu Mihai via iStock
AVI is aligned with the UN-supported Principles for Responsible Investment (PRI)’s view that a sustainable and economically efficient global financial system is essential for long-term value creation. Such a system promotes responsible, long-term investment and delivers benefits to society and the environment. AVI became a signatory to the PRI on 9 April 2021.
AVI’s ESG monitoring framework enables us to identify potential weaknesses within a company and equips us to engage effectively where appropriate. Through constructive dialogue, we encourage and expect our investee companies to take meaningful steps to address these issues in support of long-term value creation.
A unique portfolio investing in holding companies, closed-ended funds and asset-backed special situations unlikely to be found in other funds.
A select portfolio of 45 stocks, but with broad diversification of sectors and companies as a result of the holding structures which give exposure to multiple underlying companies.
Seeking out good quality, misunderstood companies and engaging to improve shareholder value.
Finding complex, inefficient and overlooked investment opportunities.
Bottom-up stock picking, seeking the best investment opportunities across the globe.
Over five years, our net asset value total return has been +86.0%.
40 years’ experience of long-term outperformance following our distinctive investment style (annualised NAV total returns of +11.6% since 1985*).
AVI actively looks for the catalyst within a company which will drive fundamental change.
AVI seeks to improve corporate governance through active engagement to unlock potential shareholder value.
Over the past decade, the global equity market has become narrower with a handful of mega-cap stocks in the US driving returns. We have not been investors in these companies and have always focused on the misunderstood and under-researched parts of the market prone to pricing inefficiency. If you look at AGT’s top 10 holdings, you will find names that are rarely found in other global strategies. This offers an important level of diversification to investors.
South Korea is a good example of an undiscovered market, with the KOSPI index trading at a -39% and -67% discount to emerging and developed markets, respectively. We see a long-term re-rating opportunity in the corporate governance reform that is currently taking place in South Korea.
In the same way that we approached Japan over 10 years ago, we have conducted in-depth, bottom-up research to identify a universe of under-researched and undervalued companies. Our South Korean names now make up c.8% of AGT’s portfolio, and trade at a weighted average discount of 54%**.
** As at 30 September 2025.
Unlocking value through active involvement is a big part of what we do. We start with an incredible amount of fundamental research on the target companies. We have in place a proprietary database that is customised to track our universe of companies. Not only does the team spend a lot of time researching the companies, but we also then engage with the companies in ways that many other investors won’t or can’t. Engaging on corporate governance and balance sheet items are some common areas but our involvement is bespoke and company-specific dependent on the needs. Activism and engagement are integral to AGT’s approach, going beyond the balance sheet.
The investment team has many years of experience researching and engaging with companies and this has stood us in good stead to deliver strong long-term returns to AGT shareholders.
Yes, our portfolio is diverse as we look in the under-researched parts of the market. This means that the level of activism or engagement will vary greatly for each company. Many of the companies we have in the portfolio are complex and challenging to understand but we embrace the complexity. We dig down to understand their governance structures, incentives, succession plans, hidden assets on the balance sheet and the drivers of their earnings. We can then engage with the companies on the areas that we think will help the company to be recognised by the market for their true value. It may be a dialogue on corporate governance concerns, or a discussion on exiting a minor line of business that is detracting resources from their main business. It can be as basic as engagement on how a company can improve their public image. We believe that these are valuable companies with durable businesses, and we work to uncover that hidden value.
All discounts are estimated by AVI as at 30 September 2025, based on AVI’s estimate of each company’s net asset value.
As we look ahead, we remain cautiously optimistic. Valuations remain highly compelling, with numerous catalysts and events across the portfolio to help narrow discounts.
The names Bolloré and Vivendi will sound familiar to long-term followers of AVI Global.
In South Korean homes, there’s a sound which marks the moment when rice has reached cooking completion and dinner is ready to be served: the distinctive two-note call of the Cuckoo bird.
It is difficult to overstate the significance of Toyota Motor in Japanese corporate culture. It is not simply because of its size or global importance as the world’s largest automaker, but because it has long embodied the ideals and core values of Japan Inc.
Belron is the global number one operator in the Vehicle Glass Repair, Replacement, and Recalibration industry.
We sold out of our shares in Hipgnosis Songs Fund (SONG) in May 2025, marking the conclusion of a highly successful engagement campaign and investment for AGT.
Chrysalis Investments (Chrysalis) is a London-listed closed-ended fund which owns a concentrated portfolio of late-stage, technology-driven private companies.
Source / TVH
Source / Aker Solutions ASA
Copyright / Klarna Group PLC
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Chrysalis Investments is a London-listed closed-ended fund which invests in latestage private companies. The shares still trade at close to a 30% discount, despite Chrysalis’ top three portfolio companies representing 71%NAV / 100% of its market cap NAV, and the company having conducted a large buyback over FY25.
Source / Klarna Group PLC
The Murdoch family-controlled holding company that was established in current form in 2013. A 62% listed stake in Australianlisted REA Group accounts for the bulk of News Corp’s market cap and masks an attractive collection of unlisted assets. In particular Dow Jones, a crown jewel asset that successfully evolved the Wall Street Journal into a thriving digital consumer and Professional Information business.
Source / SOPA Images via Getty Images
In December 2025 Vivendi split into 4 companies, to simplify the group structure, aiming to reduce the record sum-of-the-parts discount. Vivendi today is essentially a mono-holding company for Universal Music Group, which we believe to be a highly attractive asset with few comparable alternatives.
Source / Trio Images via Getty Images
A seventh-generation Belgian family-controlled holding company whose crown jewel asset is a 50% stake in Belron, the global no.1 operator in the Vehicle Glass Repair, Replacement and Recalibration industry.
Source / Belron Group SCA
HarbourVest Global Private Equity was established to invest into HarbourVest’s managed funds, offering investors access to private market assets. AGT first invested in the fund at an unduly wide -41% discount to NAV, and continue to proactively engage with the Board and management.
Source / HarbourVest Global Private Equity
Oakley Capital Investments (OCI) is a London listed closed-ended fund which invests in the private funds run by Oakley Capital, a UK-based private equity firm. OCI owns a portfolio of fast-growing businesses in the consumer, education, services, and technology sectors.
Source / IU Group
Cordiant Digital Infrastructure is a London-listed closed-ended fund which invests in various infrastructure assets such as data centres, telecom towers, and fibre-optic asset businesses predominantly in Emerging Europe. We invested into Cordiant at an unduly wide 40% discount driven by a rising yield environment and an unfair read-across from problems at its closest peer.
Source / Cordiant Digital Infrastructure Limited
Rohto is a Japan-based manufacturer and marketer of cosmetics products and functional foods. Despite the company’s superior operational efficiencies and profit margins versus peers, it trades at a heavy discount due to an unclear equity story, poor shareholder communication and inefficient capital allocation. AVI believes that constructive engagement with management can help drive long-term value creation, in turn leading to a re-rating in the shares.
Source / Rohto Pharmaceutical Co., Ltd.
London-listed closed-end fund managed by Swiss private equity manager Partners Group, which invests in global buyouts on a co-investment basis alongside Partners’ direct investing programmes. We invested following lethargic returns, concerns over governance, and suspension of the dividend which forced a sell-off. We have since proactively engaged with the Board on multiple matters.
Source / Partners Group / Forterro
Aker is a Norwegian holding company with investments principally in oil & gas, renewables & green tech, marine-related activities and industrial software. Its largest asset is Aker BP, a Norwegian oil company. Aker has a history of active portfolio management, dealmaking and value creation, with a track record of strong shareholder returns since Initial Public Offering (IPO) in 2004.
Source / Aker Solutions ASA
