AVI
AVI MIGO Opportunities Trust
Opportunistic
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 7 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of AVI for every strategy.
Performance
as of Sep 30, 2026 · net of fees · GBP · Share Price
- YTD+7.4%index +4.4%
- 1Y+13.1%index +6.0%
Index: SONIA +2%
| YTD | 1Y | |
|---|---|---|
| AVI MIGO Opportunities Trust | +7.4% | +13.1% |
| SONIA +2% | +4.4% | +6.0% |
Calendar years
- 2025+10.7%index +6.5%
- 2024+5.7%index +7.4%
- 2023+2.6%index +1.8%
- 2022−10.9%index +3.4%
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
The largest sale was a full exit from Taylor Maritime Investments (TMI).
We boosted Tufton Assets (SHIP)’s weight in the portfolio during the quarter and were pleased to see the shares grind higher.
HOME is an interesting special situation with a NAV effectively comprised entirely of cash.
We then rebuilt most of the holding substantially lower than where we sold.
We sold the last of our position on the back of further discount tightening and NAV gains.
We sold out of BSIF at a price close to the bid price, generating an IRR of 54% (ROI of 22%).
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.
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.
- ExitedNational Investment Fund of the Republic of UzbekistanJun 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.
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.
Also held
Its investment theses
- Gresham House Energy StorageSep 2026Gresham House Energy Storage is a UK battery storage vehicle with visible growth, additional optionality from alternative revenues and data centres, and a view that the market may not fully recognise its value.
- Baker Steel Resources TrustSep 2026Baker Steel Resources Trust invests in junior mining assets, with conviction driven by improved capital returns and the strategic value of Tungsten West’s Devon tungsten resources.
- Oakley Capital InvestmentsSep 2026Oakley Capital Investments is a private equity fund-of-funds whose wide discount and potential secondary sale could crystallize the value gap.
- Tufton AssetsSep 2026Tufton Assets owns product tankers and benefits from rising charter rates, with upside from higher dividends and geopolitical-hedge characteristics.
- VH Global Energy InfrastructureSep 2026VH Global Energy Infrastructure offers a margin-of-safety case with mid-teens bear-case IRR and potential near-term capital returns from asset sales.
- Chrysalis InvestmentsSep 2026Chrysalis Investments is valued largely through its Starling stake, supported by high ROE, Engine’s revenue growth and strategic upside.
- Pantheon InternationalJun 2026Pantheon International is a listed private equity fund where the thesis centered on NAV discount arbitrage and liquidity events through secondary sales and buybacks.