AVI
AVI Global Special Situations Fund
Global Mid-cap Opportunistic
Dec 2024 → Aug 2026
Our archive holds 9 letters from this strategy, behind 5 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
9 letters in 3 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 that owns a listed stake in Sartorius AG.
- AddedMitsui 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 US life sciences tools & diagnostics business that owns a listed stake in Sartorius AG.
We have been adding to the position and believe one seller in particular has been weighing on the price.
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.
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.
- TrimmedGabiaJul 2026
While the share-price reaction narrowed the discount, we reduced the position by c. 1/3rd during the month.
Also held
- Mitsubishi Logistics
- Christian Dior
- Hyosung Corp
- Rohm
- Samsung C&T
- Aker
- Vivendi
- D'Ieteren
- Jardine Matheson
- Universal Music Group
- Exor
- Toho
Its investment theses
- Hyosung CorporationApr 2026Hyosung 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.
- Samsung C&TDec 2025Samsung 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.
- Vivendi SEDec 2025Vivendi SE is a European holding company trading at a very wide discount with upside supported by improving UMG fundamentals and strong NAV growth prospects.
- Youngone CorporationDec 2025Youngone 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.
- ChrysalisDec 2024Starling Bank is a digital-first UK challenger bank with significant cost advantages and strong profitability prospects, while Klarna is a leading global payments provider expected to IPO in 2024, potentially realizing substantial value for the Chrysalis portfolio.