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AVI

Dec 2024 → Sep 2026 · Publishes monthly · 8 funds

Our archive holds 44 letters from AVI, behind 30 investment theses and positions in 63 companies. Every quote below is copied verbatim from the letter it came from.

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44
Letters
63
Companies
29
Moves
30
Theses

8 strategies

AVI publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 29 moves

  • New positionBio-Rad Laboratories
    September 2026
    “Earlier in 2026 we established a position in Bio-Rad Labs (“Bio- Rad”).”
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  • AddedFoster Electric
    September 2026
    “Added to the portfolio in December 2025, Foster accounted for 7.2% of AJOT’s NAV at month-end.”
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  • AddedTufton Assets
    September 2026
    “We boosted Tufton Assets (SHIP)’s weight in the portfolio during the quarter and were pleased to see the shares grind higher.”
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  • ExitedTaylor Maritime Investments
    September 2026
    “The largest sale was a full exit from Taylor Maritime Investments (TMI).”
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  • AddedChrysalis Investments
    September 2026
    “It is difficult to reconcile the share price move with fundamentals, and we added to the position again on weakness.”
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  • AddedBroadmedia
    September 2026
    “Added to the portfolio in April 2024, the company accounted for 5.6% of AJOT’s NAV at month-end.”
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  • TrimmedChristian Dior SE
    September 2026
    “All the same we have sold approximately two thirds of our position and retain a toehold that will be monetised in due course.”
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  • AddedSharingtechnology
    August 2026
    “Added to the portfolio in July 2024, the company accounted for 6.9% of AJSS’s NAV at month-end.”
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  • New positionMitsui O.S.K Lines
    August 2026
    “Elsewhere in recent months we have established new positions in Mitsui O.S.K Lines (“MOL”) – the Japanese shipping company and Bio-Rad Labs,”
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  • AddedSharingtechnology
    August 2026
    “Added to the portfolio in July 2024, the company accounted for 11.4% of AJOT’s NAV at month-end.”
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  • AddedMitsui O.S.K Lines
    August 2026
    “Elsewhere in recent months we have established new positions in Mitsui O.S.K Lines (“MOL”) – the Japanese shipping company and Bio-Rad Labs, the US life sciences tools & diagnostics business that owns a listed stake in Sartorius AG.”
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  • AddedJardine Matheson
    August 2026
    “We have been adding to the position and believe one seller in particular has been weighing on the price.”
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  • New positionBio-Rad Labs
    August 2026
    “Elsewhere in recent months we have established new positions in Mitsui O.S.K Lines (“MOL”) – the Japanese shipping company and Bio-Rad Labs, the US life sciences tools & diagnostics business that owns a listed stake in Sartorius AG.”
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  • TrimmedNews Corp
    July 2026
    “The shares have now risen nearly 25% from the February 2026 AI-induced sell-off lows (where we added) and the stub has re-rated from 3x to 6x forward EBITDA - leading us to trim the position.”
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  • AddedYoungone Holdings
    July 2026
    “where the shares have now risen nearly 25% from the February 2026 AI-induced sell-off lows (where we added) and the stub has re-rated from 3x to 6x forward EBITDA - leading us to trim the position.”
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  • AddedEiken Chemical
    July 2026
    “Added to the portfolio in July 2023, Eiken now represents 5.9% of NAV.”
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  • AddedMitsubishi Logistics
    July 2026
    “Mitsubishi was added to the portfolio in January 2025 and accounted for 8.5% of NAV at month-end.”
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  • TrimmedGabia
    July 2026
    “While the share-price reaction narrowed the discount, we reduced the position by c. 1/3rd during the month.”
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  • AddedSanyo Shokai
    July 2026
    “Added to the portfolio in August 2025, the company accounted for 3.9% of AJSS’s NAV at month-end.”
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  • ExitedBluefield Solar Income Fund
    June 2026
    “We sold out of BSIF at a price close to the bid price, generating an IRR of 54% (ROI of 22%).”
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  • ExitedNational Investment Fund of the Republic of Uzbekistan
    June 2026
    “The shares came to market in mid-May and performed so strongly that we had exited the position by the end of the quarter for a 31% gain, taking the view that an opportunity is likely to arise at some point in the future to buy back in at a wider discount to NAV.”
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  • New positionOakley Capital Investments
    June 2026
    “We exited into the aggressive buyback programme that followed at a discount in the low-20%s, and re-introduced Oakley Capital Investments (OCI) to the portfolio at what we believed to be a highly anomalous discount in the high-30%s.”
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  • New positionHome REIT
    June 2026
    “HOME is an interesting special situation with a NAV effectively comprised entirely of cash.”
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  • ExitedPantheon International
    June 2026
    “We exited into the aggressive buyback programme that followed at a discount in the low-20%s, and re-introduced Oakley Capital Investments (OCI) to the portfolio at what we believed to be a highly anomalous discount in the high-30%s.”
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  • TrimmedAquila European Renewables
    June 2026
    “With several returns of capital, however, the position is now a much smaller part of the portfolio, and we watch with interest to see if newly installed directors, Robert Naylor and Christopher Mills, can repeat their prior success in resolving difficult corporate situations.”
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  • AddedSeraphim Space
    June 2026
    “We then rebuilt most of the holding substantially lower than where we sold.”
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  • ExitedGeorgia Capital
    June 2026
    “We sold the last of our position on the back of further discount tightening and NAV gains.”
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  • ExitedSherbourne Investors
    March 2026
    “Sherbourne (SIGC) was a detractor from returns, and we have sold out of the position.”
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  • AddedBluefield Solar
    March 2026
    “We built this position when the shares fell sharply after the proposed internalisation and added further following a further decline upon the UK Government’s consultation on ROC subsidy inflation linkage,”
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Companies held · 63

Every company AVI has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 30

Letter archive · 44

2026

2025

2024

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