AVI GLOBAL TRUST: 追跡（する）ing for chronically undervalued 在庫／株s
投資 house 資産 Value 投資家s is on a bit of a roll. 投資s under 管理／経営 have topped £1.5 billion, the team is in 拡大 方式, and this month it will 開始する，打ち上げる a new 基金 投資するing globally.
Joe Bauernfreund, 長，指導者 (n)役員／(a)執行力のある and 長，指導者 投資 officer, is modest about the 商売／仕事's success. 'We just let the 業績／成果 numbers talk,' he says. 'We have an 投資 team of 14, compared to the three we had when I took over in 2015.
'We do all our own 研究 and we fish in an 投資 pond that is very much under-研究d. We like to know the companies we 投資する in like no other 株主.'
The group's 旗艦 is AVI 全世界の 信用, a £1billion 基金 名簿（に載せる）／表（にあげる）d on the UK 株式市場.?
Over the past year, it has 生成するd a return of 14 per cent for 株主s. Over five years, the 記録，記録的な／記録する is even more impressive, both 比較して and 絶対. A return of 75 per cent compares with an 普通の／平均（する） for its 全世界の peer group of 31 per cent.
The 投資 approach 可決する・採択するd by 資産 Value 投資家s is somewhat idiosyncratic.?
It 捜し出すs out 投資s which it believes are chronically undervalued ? and then, often through engaging with the 管理／経営 of the companies 関心d, waits for them to realise their 十分な 可能性のある. It does this in さまざまな ways.?
For example, it often buys 投資 信用s where the 株 prices do not 反映する the value of their underlying 資産s ? in 予期 of that valuation gap の近くにing, 生成するing a return as the 割引 between the 株 price and 資産 value 狭くするs.
It will also buy 持つ／拘留するing companies, often family controlled, where the 商売／仕事s they own are not fully 反映するd in their 株 prices.?
Finally, it will agitate for 商売／仕事s to make changes that will result in an uplift in their 株 price ? an 投資 method that has 証明するd successful in Japan, where 法人組織の／企業の governance has not always been a 優先 for 管理／経営.
'Last year, we were working against a volatile 背景,' says Bauernfreund. 'Volatile on many levels ? economically, financially and geopolitically. From an 投資 point of 見解（をとる）, it 供給するd us with plenty of 適切な時期s.'
の中で the 28 指名するd holdings is a 火刑／賭ける made 15 months ago in Japanese company Nihon Kohden, a 製造業者 of 病人の枕元 監視するs for hospital 患者s.
'It's a good 商売／仕事,' says Bauernfreund, 'which, when we bought it, was undervalued compared to peers. One of the 問題／発行するs we had was that 上級の 管理／経営 were 存在 paid too much, resulting in a lower 利益（をあげる） 利ざや than it should have had.'
Through engaging with Nihon's 管理／経営 and 示唆するing possible 改良s to the way the 商売／仕事 is run, the company has become far more 株主 焦点（を合わせる）d.?
Over the past year, the 会社／堅い's 株 price is up more than 30 per cent. 'The rerating of the company's 株 price has begun,' says Bauernfreund.
Other 重要な holdings 含む French 高級な fashion group Christian Dior, which in turn has a 重要な 持つ／拘留するing in LVMH.
The 信用 bought the 火刑／賭ける during lockdown in 2020 when Christian Dior's 株 were depressed. Strong fourth-４半期/4分の1 sales 人物／姿／数字s in 2023, which LVMH 報告（する）／憶測d late last month, cau sed Christian Dior's 株 price to 殺到する. 'There is more upside to come,' says Bauernfreund. The 信用 also has 火刑／賭けるs in several 名簿（に載せる）／表（にあげる）d 私的な 公正，普通株主権 投資 基金s.
The 信用's unusual modus operandi makes it an ideal 候補者 as a 大臣の地位 diversifier. 年次の 告発（する），告訴（する）／料金s total 1.22 per cent and although （株主への）配当s are not a 優先, it has paid 3.7 pence of income to 株主s over the past year. The 株 貿易（する） at about £2.26. The ID code is BLH3CY6 and the ticker AGT.
