Following the very sharp declines in global equity markets and AJOT’s NAV in March, performance during April has been somewhat brighter with a positive return of +7.2% over the month – ahead of the Benchmark’s return of +4.3%.
We do not yet know what the full extent of COVID-19 will be on the operations of our portfolio companies. Some companies are in businesses that will be more resilient its effects, whilst others will be affected either by virtue of their connectivity to the global manufacturing supply chain, or because they operate in sectors of the economy that will have been impacted by lockdown regulations. Early indications from portfolio companies are that the impact will not be as bad as feared, but we will have to wait for further clarity and detail in order to get a fuller picture.
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’