AVI Global Trust (AGT) H2 2024 earnings summary

Executive summary

• Net asset value (NAV) per share total return was +13.7% for the year to 30 September 2024, outperforming the long-term average but trailing the MSCI AC World Index benchmark return of +19.9%.

• Share price total return was +16.3%, with the discount to NAV narrowing to 9.0% at year-end.

• The portfolio remains focused on undervalued companies, particularly holding companies, closed-ended funds, and asset-backed special situations, with active engagement to unlock value.

• The investment approach emphasizes bottom-up stock selection, balance sheet strength, and catalysts for discount narrowing.

Financial highlights

• Net assets increased to £1.11 billion (from £1.03 billion in 2023).

• Revenue profit for the year was £18.9m (2023: £20.0m).

• Earnings per share: 31.65p total (4.20p revenue, 27.45p capital).

• Ordinary dividend per share increased 7.1% to 3.75p (2023: 3.5p), with a proposed final dividend of 2.55p.

• Ongoing Charges Ratio was 0.87% (2023: 0.86%).

• 20.1 million shares were bought back, adding an estimated 0.4% to NAV per share.

Outlook and guidance

• The Board and Investment Manager remain confident in the long-term strategy, citing a rich opportunity set and wide portfolio discounts.

• Macroeconomic and geopolitical risks persist, but the portfolio is positioned for attractive long-term returns, with explicit catalysts and activism expected to drive value.