AVI
AVI Global Trust
Global
Jun 2025 → Aug 2026
Our archive holds 12 letters from this strategy, behind 5 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
12 letters in 2 years — follow all of AVI for every strategy.
What it bought and sold
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.
- New positionMitsui O.S.K LinesAug 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 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
- Symphony International
- Mitsubishi Logistics
- Samsung C&T
- News Corp
- Rohm
- Vivendi
- Mitsui O.S.K. Lines
- Toho
Its investment theses
- 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.