AVI
AVI Global Trust
Global
Jun 2025 → Sep 2026
Our archive holds 13 letters from this strategy, behind 9 investment theses and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.
13 letters in 2 years · follow all of AVI for every strategy.
Performance
as of Sep 30, 2026 · net of fees · GBP · Share Price
- YTD−0.5%index +18.3%
- 1Y−0.5%index +18.3%
Index: MSCI ACWI
| YTD | 1Y | |
|---|---|---|
| AVI Global Trust | −0.5% | −0.5% |
| MSCI ACWI | +18.3% | +18.3% |
Calendar years
- 2025+15.3%index +16.8%
- 2024+16.3%index +19.9%
- 2023+14.7%index +10.5%
- 2022−10.8%index −4.2%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
Earlier in 2026 we established a position in Bio-Rad Labs (“Bio- Rad”).
All the same we have sold approximately two thirds of our position and retain a toehold that will be monetised in due course.
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
We have been adding to the position and believe one seller in particular has been weighing on the price.
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 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.
Also held
- Tokyo Gas
- Symphony
- Wacom
- Chrysalis Investments
- Rohm
- Mitsui OSK Lines
- Vivendi
- Sartorius AG
- Symphony International
- Mitsubishi Logistics
- Samsung C&T
- News Corp
- Mitsui O.S.K. Lines
- Toho
Its investment theses
- Chrysalis Investments LtdSep 2026Chrysalis Investments is supported by a multi-year activist campaign aimed at unlocking value and closing a disconnect to fundamentals.
- Christian Dior SESep 2026Christian Dior SE is driven by the controlling family’s restructuring and a cash offer for the minority stake at a discount to NAV.
- Bio-Rad Laboratories, Inc.Sep 2026Bio-Rad Laboratories combines a discounted sum-of-the-parts, a valuable Sartorius stake, and catalysts from restructuring and activism.
- Sartorius AGSep 2026Sartorius AG is a scarce bioprocessing specialist with biologics-driven growth, high returns on capital, and recovery momentum.
- Mitsui O.S.K LinesAug 2026Mitsui 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.
- VivendiSep 2025Vivendi 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.
- D'IeterenSep 2025D'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.
- Jardine MathesonAug 2025With 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.
- LVMHJun 2025LVMH 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.