AVI Global Trust PLC Monthly Update (5228Y)
14 1월 2022 - 10:03PM
UK Regulatory
TIDMAGT
RNS Number : 5228Y
AVI Global Trust PLC
14 January 2022
AVI GLOBAL TRUST PLC
Monthly Update
AVI Global Trust plc (the "Company") presents its Update,
reporting performance figures for the month ended 31 December
2021.
This Monthly Newsletter is available on the Company's website
at:
https://www.aviglobal.co.uk/content/uploads/2022/01/AGT-DEC-2021.pdf
Performance Total Return
This investment management report relates to performance figures
to 31 December 2021.
Month Fiscal Yr Calendar
to date Yr
to date
AGT NAV(1) 1.9% 6.5% 23.6%
MSCI ACWI Ex US(2) 1.7% 1.4% 8.8%
MSCI ACWI(1) 1.6% 6.2% 19.6%
1 Source: Morningstar. All NAV figures are cum-fair values.
2 From 1st October 2013 the lead benchmark was changed to the
MSCI ACWI ex US (GBP) Index. The investment management fee was
changed to 0.7% of net assets and the performance related fee
eliminated.
Manager's Comment
AVI Global Trust (AGT)'s NAV returned +1.9% in December. The key
contributors were Oakley Capital Investments, Fondul Proprietatea
and Christian Dior. Third Point Investors and Pasona were the most
significant detractors.
For the full calendar year AGT achieved a NAV total return of
+23.6%, which compares to +8.8% for our comparator benchmark, the
MSCI ACWI ex-US, and +19.6% for the broader MSCI AC World. This was
predominantly driven by underlying NAV growth, but also aided by
discount narrowing, with the portfolio weighted average discount
currently standing at 25.7% versus 30.1% a year ago.
Oakley Capital Investments:
Oakley Capital Investments returned +11% during a month in which
they announced the sale of TechInsights at a 134% premium to
carrying valuing, adding +4.2% to NAV. TechInsights focusses on
analysing IP across the semiconductors industry with its services
used by corporate clients to support patent claims, and is very
much a classic Oakley investment having been acquired as a
carve-out from a large conglomerate with zero competition from
other buyers back in 2017. Under Oakley's ownership, TechInsights
shifted to a subscription-based revenue model, having previously
earned revenues solely from one-off projects, and completed a
number of bolt-on acquisitions. The combination of a
non-competitive acquisition process coupled with material
improvements in business quality are fine ingredients for
investment returns, with TechInsights generating an 18.8x MoC and
82% IRR. We believe this speaks to the attractiveness of Oakley's
model and remain excited at the prospect of aligning capital with
such shrewd operators.
Godrej Industries:
Shares in Godrej Industries were up +10% in December, as the
discount narrowed from 62% to 57% on a flat NAV. Since initiating a
position in Feb-19 the discount has widened materially (from 45% to
as wide as 67%), acting as a headwind to returns, and partially
diluting the strong NAV growth (+20% CAGR) we have experienced. Of
late there have been reports that the Godrej family are looking to
separate and divide their assets as part of a generational
transition. It is unclear what form this might take, or whether
this will impact Godrej Industries, but the family have a history
of creating value for all shareholders.
During the month Godrej Consumer Products ("GCPL") - which
accounts for 47% of Godrej Industries' NAV - held a capital markets
day. This was the first proper opportunity for Sudhir Sitapati -
who started as CEO in October following a 22 year career at
Hindustan Unilever - to lay out his vision for the business. The
investor day involved a candid outsider's assessment of GCPL's
performance, strengths and weaknesses. As well as this GCPL set out
their mid-term targets and strategy, aiming for double-digit volume
growth led by increased penetration and higher media investment,
whilst targeting 150-200bps of margin expansion. With the new CEO
and (relatively) new head of the Africa business, GCPL appears well
positioned to drive growth in value for Godrej Industries in the
years ahead.
Eurazeo:
During the period we (re) built a position in Eurazeo.
Eurazeo is a French-listed holding company controlled by the
Decaux family. AVI have invested in Eurazeo at various points over
the last 20 years and in recent years have studied from afar
Eurazeo's evolution from traditional holding company to alternative
asset manager. As we wrote about in the October newsletter in
reference to our investments in KKR and Apollo, the market has
started to recognise the high-quality characteristics of companies
operating within the alternative asset management industry, their
secular growth tailwinds and attractive economics. We believe
Eurazeo shares these characteristics, but is overlooked due to the
relative infancy of its third party capital strategy, its heavy
balance sheet weighting, historic Eurocentricity, and financial
reporting.
We believe Eurazeo is at an inflection point in this transition,
with the prospect of strong growth in third party AUM (management
are well on the way to hitting their target of doubling AUM) and
even faster growth in earnings as margins expand due to the
inherent operating leverage in such businesses. We acquired our
shares at a wider than average c.25% discount to reported NAV. In
turn we believe this NAV to be conservative, most notably with
regard to Eurazeo's asset management activities (20% of NAV) which
are valued at a steep discount to peers who command high near-term
multiples reflecting the long growth runway for alternatives
assets, and the high quality nature of fee income.
We believe the prospects for NAV growth and discount narrowing -
as over time the market starts to value Eurazeo more like the
alternative asset manager it is becoming - will drive attractive
long-term returns.
Contributors / Detractors (in GBP)
Largest Contributors 1 month contribution Percent of
bps NAV
Oakley Capital 58 5.7
Fondul Proprietatea 36 4.6
Christian Dior 35 4.6
Pershing Square Holdings 31 8.6
Godrej Industries 29 3.5
Largest Detractors 1 month contribution Percent of
bps NAV
Third Point Investors -47 5.9
Pasona Group -19 1.6
IAC/InterActiveCorp -17 3.5
KKR -14 5.9
Symphony International
Holdings -7 2.1
Link Company Matters Limited
Corporate Secretary
14 January 2022
LEI: 213800QUODCLWWRVI968
The content of the Company's web-pages and the content of any
website or pages which may be accessed through hyperlinks on the
Company's web-pages, other than the content of the Newsletter
referred to above, is neither incorporated into nor forms part of
the above announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFLFIVLFISLIF
(END) Dow Jones Newswires
January 14, 2022 08:03 ET (13:03 GMT)
British Empire (LSE:BTEM)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
British Empire (LSE:BTEM)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
