AVI
AVI Global Special Situations Fund
Global Mid-cap Opportunistic
Dec 2024 → Sep 2026
Our archive holds 10 letters from this strategy, behind 5 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.
10 letters in 3 years · follow all of AVI for every strategy.
Performance
as of Sep 30, 2026 · net of fees · GBP · A GBP
- YTD+7.2%index +14.4%
- Inception · total+7.1%index +47.1%
Index: MSCI ACWI
| YTD | Since inceptiontotal | |
|---|---|---|
| AVI Global Special Situations Fund | +7.2% | +7.1% |
| MSCI ACWI | +14.4% | +47.1% |
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
All the same we have sold approximately two thirds of our position and retain a toehold that will be monetised in due course.
Earlier in 2026 we established a position in Bio-Rad Labs (“Bio- Rad”).
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.
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.
While the share-price reaction narrowed the discount, we reduced the position by c. 1/3rd during the month.
Also held
- Wacom Co., Ltd.
- Vivendi SE
- Sartorius AG
- News Corporation
- Mitsui O.S.K. Lines, Ltd.
- Samsung C&T Corporation
- Rohm Co., Ltd.
- Exor N.V.
- D'Ieteren Group
- Tokyo Gas Co., Ltd.
- Jardine Matheson Holdings Limited
- 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.