AVI Global Trust (AGT) H2 2025 earnings summary

Executive summary

• Net asset value (NAV) per share total return was +12.4% and share price total return was +15.4% for the year ended 30 September 2025, underperforming the MSCI All Country World Index benchmark (+16.8%).

• Over five years, NAV total return was +86.0%, ahead of the benchmark's +81.2%.

• The portfolio remains focused on undervalued companies, with active engagement and buybacks used to narrow discounts.

• Dividend per share increased 20% year-over-year to 4.50p.

Financial highlights

• Net assets at year-end were £1.15bn (2024: £1.11bn).

• Revenue profit for the year was £21.8m (2024: £18.9m).

• Revenue earnings per share rose to 5.07p (2024: 4.20p).

• Ordinary dividends per share increased to 4.50p (2024: 3.75p).

• Ongoing Charges Ratio improved to 0.85% (2024: 0.87%).

• Share buybacks of 28.7m shares (5.9% of issued capital) added an estimated 0.6% to NAV per share.

Outlook and guidance

• The outlook remains cautiously optimistic, with wide portfolio discounts and compelling valuations.

• Focus remains on bottom-up fundamentals, activism, and event-driven value unlocking.

• Gearing has been reduced to 2.6% in anticipation of potential market volatility.