Asset Value Investors

Asset Value Investors Limited (AVI ) is a London-based UK specialist global-equity investment-management firm established in 1985 to manage the assets of the historic British Empire Trust plc (originally founded in 1889 as the Transvaal Mortgage Loan and Finance Company, renamed British Empire Land Mortgage and Loan Company in 1906, British Empire Securities and General Trust in 1964, British Empire Trust in 2015, and AVI Global Trust plc in May 2019), and authorised and regulated by the UK Financial Conduct Authority (FCA registration number 01881101) with registered headquarters at 2 Cavendish Square, London W1G 0PU, United Kingdom. AVI is an employee-owned investment-management boutique pursuing a bottom-up, research-driven, value-oriented investment philosophy that focuses on family-controlled holding companies, closed-end funds, and asset-backed situations trading at significant discounts to underlying net asset value, and engages constructively with company management to unlock hidden value. Current assets under management exceed GBP 1.8 billion across three principal strategies: the flagship AVI Global Trust (AGT, LSE:AGT, approximately GBP 1.2 billion), the AVI Japan Opportunity Trust (AJOT, launched 2018, approximately GBP 180 million), and newer UCITS fund offerings and the AVI Japan Discovery Fund. The firm is led by CEO and CIO Joe Bauernfreund (sole manager of the Global Trust since October 2015), with founder John Walton and former manager John Pennink (Chairman of AVI), supported by a 12-strong research team.