November was a particularly strong month for AJOT’s performance. This was primarily driven by Toshiba Corp’s offer to acquire 100% of two of its listed subsidiaries that we held in our portfolio. Both NuFlare Technology and Toshiba Plant received bids from their parent, Toshiba Corp, at significant premia to prevailing share prices. The two Toshiba subsidiaries have been successful investments for AJOT, generating an IRR of 110% in the case of NuFlare, and 35% for Toshiba Plant.
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’