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AVI

Dec 2024 → Jun 2026 · Publishes monthly · 8 funds

Our archive holds 30 letters from AVI, behind 13 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.

AVI’s own letters page
30
Letters
19
Companies
8
Moves
13
Theses

What they bought and sold · 8 moves

  • New positionHome REIT
    June 2026
    “HOME is an interesting special situation with a NAV effectively comprised entirely of cash.”
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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.”
    Read the letter
  • 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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  • 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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  • 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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  • 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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  • 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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Companies held · 19

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

Theses · 13

  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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
  • Jardine Matheson
    August 2025

    With sweeping leadership changes, asset realisations, and a strategic pivot to capital-light models across its portfolio companies, Jardine Matheson is transforming into a modern holding company—unlocking compelling NAV growth potential.

    Read the full thesis
  • LVMH
    June 2025

    LVMH is currently experiencing a cyclical normalization after unprecedented growth, facing challenges from changing customer dynamics, a slowing Chinese economy, and design fatigue, yet remains undervalued with strong long-term prospects.

    Read the full thesis

Letter archive · 30

2026

2025

2024

Funds · 8

  • AVI Global Trust10
  • AVI Global Special Situations Fund7
  • AVI Japan Opportunity Trust5
  • AVI Japanese Special Situations Fund4
  • AVI Global Trust (Asset Value Investors)1
  • AVI Japan Opportunity Trust (Asset Value Investors)1
  • AVI MIGO Opportunities Trust1
  • AVI Worldwide Opportunities Fund1

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