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History

AVI Japan Opportunity Trust plc (“AJOT”) was established to provide shareholders with capital growth through investing in a focussed portfolio of overcapitalised small-cap Japanese equities.  AVI will leverage its three decades of experience investing in asset-backed companies to engage with company management and help to unlock value for all stakeholders.  AJOT was established on 27th July 2018 and launched on the London Stock Exchange on 23rd October 2018.

British Empire Trust 125 Years Book

(hard copies available upon request to UK addresses only)
  1. British Empire Trust plc. established.

  2. Asset Value Investors Ltd. (Formerly Laurwood, clan and ISAM) became the investment manager.

  3. 4 for 1 rights issue increases size from £6 million to £30 million.

  4. Successful acquisition of Ashdown Investment Trust for a consideration of c. £66 million.

  5. Company exceeds the MSCI World Index by 20 percentage points

  6. The Company’s NAV (Net asset value) exceeds the MSCI World Index for a seventh consecutive year, by 26 percentage points on a total return basis.

  7. NAV per Share reaches 517.8p. The Company’s positive performance continues, 5.9 percentage points above the MSCI World Index on a total return basis.

  8. NAV per Share reaches 521.1p, a record level, before market turmoil causes it to fall.

  9. A volatile year in which NAV total return per share fell over 10% in the first half of the fiscal year, then gained over 31% in the second half, resulting in a 17.8% total NAV return over the year.

  10. A difficult year for the investment community in which NAV total return per share grew by 10.3% compared with an increase of 13.8% in the Morningstar Global Growth Index.

  11. A year of progress with total NAV return being 6.8% vs the MSCI All Country World Ex USA at 5.1% and in which the trust’s discount reduced from 11.8% to 10.3%.

  12. The second half of the Company’s financial year has been marked by intense volatility across equity markets around the world.  Having returned 7.2% during the first half of the year, the NAV total return in the second half of the year was -14.5%, making the total return for the full year -8.3%.
    The Company’s formal benchmark (MSCI All Country World ex-US) returned -5.6% over the full year.
    Joe Bauernfreund became British Empire’s named portfolio manager with effect from 01 October 2015.

  13. Debt funding of 20 year unsecured private placement notes issued in two tranches.  The first tranche is £30 million and the second tranche is EUR30 million (equivalent to approximately 22.6 million).  The blended annualised cost of the new debt is 3.78% and are due to be repaid in 2036.  The total fixed rate borrowing has increased from £15 million to £67.6 million following completion of this transaction.

  14. Debt funding of 20 year unsecured private placement notes issued for EUR 20 million (equivalent to approximately £17.5 million).  The annualised cost of the new debt is 2.93% and are due to be repaid in 2037.  The fixed rate borrowing has increased to £88.6 million following completion of this transaction.

AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’

AJOT currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © AVI Japan Opportunity Trust plc. 2018 Registered in England No: 11487703. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. AJOT may use gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.

Disclaimer

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of AVI Japan Opportunity Trust plc (“AJOT”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). AJOT is a public company listed and traded on the London Stock Exchange.

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The price of the Shares will be determined by supply and demand in the market as well as by changes in NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.