AVI Global Trust (LSE: AGT) is a large London-based British investment trust dedicated to investments in companies trading at a discount to Net Asset Value. Established as British Empire Trust in 1889, the company is a constituent of the FTSE 250 Index. The chairman is Susan Noble.
The firm’s recent history dates to 1985, when Asset Value Investors, an employee-owned management company was established to manage the firm, then valued at £6 million.
Its goal of acquiring firms under NAV has led it to attempt takeovers of other investment trusts trading at a discount. In 1986 the company acquired Ashdown Investment Trust for £66 million. In 1989 it mounted a hostile takeover bid for Schroder Global Trust: it had been building up a stake in the target company over a two year period. In 1995 it acquired the Selective Assets Trust (formerly the Edinburgh Assets Trust) for £42 million. It changed its name from British Empire Trust to AVI Global Trust in May 2019.
In 2016 the activist US Hedge fund, Elliott Management Corporation, built up a large stake in the company. The investment was seen as one of Elliott’s successful investment positions in the UK.
In 2019/20 the company invested heavily in SoftBank Group and other Japanese stocks. The company’s strategy has been to take advantage of Softbank’s share buyback programme. This has supported the company’s market capitalisation on the London Stock Exchange which was £751 million in July 2020. It has also built up a significant holding in the listed hedge fund, Pershing Square Holdings.
Founded: 1985
Headquarters: London, UK
Website: www.aviglobal.co.uk