AVI Global Trust

1. AVI Global Trust offers a unique value-based investment approach.

Originally launched in 1889 and managed by Asset Value Investors (AVI) since 1985, the AVI Global Trust (AGT) assumed its current name in 2019 to reflect its modern, global investment mandate. Joe Bauernfreund became AGT’s sole manager in 2015; he has been instrumental in building AVI’s experienced team and developing its proprietary value-based investment approach. AGT offers a unique opportunity to invest in a global portfolio of undervalued securities in niche areas of the market that can be inefficient as they are generally overlooked by other investors.

2. AGT’s proprietary research identifies overlooked value opportunities.

AGT’s proprietary, custom-built database and decades of specialist expertise allow the team to identify high-quality assets embedded within complex structures that often trade below their intrinsic value. These inefficiencies can arise from corporate complexity, governance issues or investor neglect. The team focuses on situations where there is a clear catalyst for value realisation, whether through improved capital allocation, corporate change, market recognition or constructive shareholder engagement.

While opportunities can be found across holding companies, closed-end funds and other asset-backed special situations, the common thread is ownership of quality assets trading at a discount to intrinsic value with identifiable catalysts for change.

3. Engagement is an integral part of the investment process.

Engagement with the managements of misunderstood companies is an integral part of the investment process as it can be a significant catalyst for improved shareholder returns. Bauernfreund favours constructive criticism but will employ a more forceful approach when necessary. Low-intensity engagement is likely to be private meetings with company managements; medium intensity may be private letters to and/or presentations to company managements; and high intensity engagement may involve public presentations or convening an extraordinary general meeting.

The manager avoids value traps and zombie companies and is not seeking an arbitrage quick profit. Instead, he takes stakes in companies and works with their management teams to achieve a narrower discount.

4. Double-digit NAV total returns over the long term.

In the 40 years to the end of September 2025, AGT’s shareholders have enjoyed double-digit average annual total returns. To put this achievement in context, these results were achieved during a period when growth rather than value stocks led the global market for much of the time.

Published 21 August 2026

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