Meet the Managers
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Asset Value Investors (“AVI”) was established in 1985 to manage the assets of AVI Global Trust plc (AVI Global), then a £6 million London listed investment company.
AVI Japan Opportunity Trust (“AJOT”) is managed by AVI’s CIO, Joe Bauernfreund.
AVI established AJOT to provide shareholders with capital growth through investing in cash-rich and over-capitalised small-cap Japanese equities in October 2018.
CEO & CIO
Joe Bauernfreund is the portfolio manager of AJOT and as of October 2015 he is also the named portfolio manager of the AVI Global Trust. He is the CEO and CIO of Asset Value Investors. He joined Asset Value Investors in July 2002 as an Investment Analyst, following completion of a Masters in Finance from the London Business School. At first, Joe worked closely with John Walton in focusing on the European Holding Companies. He then covered the entire portfolio and became joint manager with John Pennink.
Prior to joining Asset Value Investors, Joe worked six years for a real estate investment organisation in London.
Head of Research
BA (Economics), CFA
Tom joined AVI in February 2011. He works closely with the analyst team providing support and guidance on prospective and current investments across the portfolio, in addition to taking responsibility for all investments in closed-end funds.
Tom spent nine years working for Fundamental Data/Morningstar in various roles involving closed-end fund analysis. He has a degree in Economics from the University of Leicester.
BSc (Physics), CFA, CAIA
Daniel joined AVI in February 2015. He focuses on researching Japanese companies.
Before joining AVI, Daniel completed internships at Pamplona Capital Management and Mercer. He has passed all three levels of the CFA exam. He graduated with a First Class Honours in Physics from the University of Bristol.
Jason joined AVI in March 2020. He works closely with the analyst team and leads on the engagement efforts in Japan. He brings more than 30 years’ experience in the financial services industry, working for and engaging with global companies, government bodies, regulators and international investors including Sumitomo Mitsui Trust Bank, First Trust Advisors and Aberdeen Standard Investments. Jason is based in Tokyo.
Jason has a degree from The London School of Economics & Political Science (University of London).
Makiko joined AVI in January 2021 from Goldman Sachs, where she was a member of the Advisory Group in Investment Banking Division in Tokyo for over three years. She holds a B.A. in Economics from the University of Tokyo.
Makiko will be based in Tokyo until April 2021 when she will move to London.
Junior Investment Analyst
Ross joined AVI in June 2020. He researches global holding companies and provides support to the investment team.
Before joining AVI, Ross completed a one year programme at Nomura on a UK M&A Investment Banking Industrial Placement. Ross has a BSc in Economics from the University of Bath.
Bsc (Geochemistry), MBA
Kaz has been working with AVI since May 2020 researching Japanese companies as he completed his MBA at Harvard Business School and now joins AVI’s investment team in June 2021. Prior to Harvard, Kaz was Engagement Manager at McKinsey & Company’s Strategy and Corporate Finance Practice in Tokyo. Kaz had previously been with McKinsey & Company from 2011-2016 as a general consultant in Tokyo and an RTS Practice Associate in Melbourne. Kaz also gained valuable private equity experience as a Senior Associate from 2016-2018. He holds a B.S. in Geochemistry from the University of Tokyo and an MBA from Harvard Business School.
Junior Investment Analyst
MEng (Civil Engineering)
Collin joined AVI in October 2021. He researches Japanese companies and provides support to the investment team.
Before joining AVI, Collin completed internships at Standard Chartered Bank and Goldman Sachs. Collin has a MEng in Civil Engineering from University College London (UCL).
Japan Team Assistant
Yuki joined AVI in February 2020 as a Japan Team assistant to provide translating support, desk research and other secretarial support to the members of Japan Team.
Yuki previously worked for BZW Tokyo as an assistant to the investment strategist and the economist.
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.