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AVI

Dec 2024 → Aug 2026 · Publishes monthly · 8 funds

Our archive holds 38 letters from AVI, behind 15 investment theses and positions in 45 companies. Every quote below is copied verbatim from the letter it came from.

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AVI’s own letters page
38
Letters
45
Companies
20
Moves
15
Theses

8 strategies

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

What they bought and sold · 20 moves

  • 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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  • AddedMitsubishi Logistics
    July 2026
    “Mitsubishi was added to the portfolio in January 2025 and accounted for 9.5% of NAV at month-end.”
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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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  • 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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  • 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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  • 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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  • AddedEiken Chemical
    July 2026
    “Added to the portfolio in July 2023, Eiken now represents 5.9% of NAV.”
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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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Companies held · 45

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

Theses · 15

  • Mitsui O.S.K Lines
    August 2026

    Mitsui O.S.K Lines is a Japanese shipping group whose fleet and real estate assets appear materially undervalued versus book value, with catalysts from governance सुधारs, capital returns, and stronger freight markets.

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  • Mitsubishi Logistics Corporation
    July 2026

    Mitsubishi Logistics Corporation is a Japanese logistics and real estate company pursuing corporate value enhancement through higher ROE, better capital efficiency, and asset monetization.

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  • Pantheon International
    June 2026

    Pantheon International is a listed private equity fund where the thesis centered on NAV discount arbitrage and liquidity events through secondary sales and buybacks.

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  • Samsung C&T
    May 2026

    Samsung C&T is viewed as a discounted holding company leveraged to Samsung Electronics’ AI-driven memory upcycle, with room for re-rating and potential value-unlocking on capital allocation.

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  • Vivendi
    May 2026

    Vivendi is seen as a discounted holding company with upside from UMG undervaluation and a possible favorable legal outcome that could force a fair-value offer.

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  • Hyosung Corporation
    April 2026

    Hyosung Corporation is a Korean holding company with attractive underlying assets, a very wide discount to NAV, and potential upside from governance improvement and discount narrowing.

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  • Samsung C&T
    December 2025

    Samsung C&T is the Samsung Group holding company with an undervalued listed NAV and a wide discount expected to narrow due to Korean governance reforms and a forthcoming capital allocation policy.

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  • Vivendi SE
    December 2025

    Vivendi SE is a European holding company trading at a very wide discount with upside supported by improving UMG fundamentals and strong NAV growth prospects.

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  • Youngone Corporation
    December 2025

    Youngone Corporation is a leading OEM producer of premium technical outerwear with durable cost advantages and sticky customer relationships, trading at a low valuation with potential governance-driven re-rating.

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  • Saxa Holdings, Inc.
    October 2025

    Saxa Holdings, Inc. is a cash-generative phones and security systems provider with substantial non-core assets and planned real estate disposals, offering upside via improved capital allocation through AVI's engagement.

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  • Vivendi
    September 2025

    Vivendi is a promising investment due to its undervalued stake in Universal Music Group, potential buyout catalysts, and favorable long-term growth prospects despite current uncertainties in margins and cash flow.

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  • D'Ieteren
    September 2025

    D'Ieteren is experiencing short-term pressure due to Belron's missed EBIT expectations, but the company is poised for long-term growth with a strong market position and potential IPO, making it an attractive investment.

    Read the full thesis

Letter archive · 38

2026

2025

2024

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