AVI Japan Opportunity Trust Plc · LSE:AJOT
AVI Japan Opportunity Trust — Shareholder Meeting (May 2026)
16 slides from AVI Japan Opportunity Trust's shareholder meeting presentation, May 2026
Slide 1: 2026 AGM Presentation
2026 AGM Presentation Joe Bauernfreund, CEO & Portfolio Manager
Slide 2: AJOT Overview
AJOT Overview AJOT NAV Total Return (GBP) 3 AJOT Total Assets: £423m 21% 20% Benchmark: MSCI Japan Small Cap 16% 14% 15% % Active Share: 99% 12% 8% 7% Target Holdings: 15-25 6% 6% 3% Premium / (Discount): (5.0%) 1% Net Gearing (% of NAV) 6.0% -1% -1% -1% -4% Redemption Opportunity: Annual 2019 2020
Slide 3: AJOT + FJV: Shared Success Through Synergies
AJOT + FJV: Shared Success Through Synergies • Tiered Management Fee: Tier (lower of market capitalisation or NAV) Annual management fee < £300 million 1.00% £300 million - £350 million 0.95% £350 million + 0.90% 25% of the fee will continue to be reinvested by AVI into AJOT shares • Discount contro
Slide 4: AJOT + FJV: Increased AUM Has Supported Higher AVI Ownership
AJOT + FJV: Increased AUM Has Supported Higher AVI Ownership 1 - The completed combination with FJV will amplify the impact and potential returns from engagement with each portfolio company AVI Voting Rights in AJOT Portfolio Companies (%) as AUM Increased (£m) 16% 500 14% 450 AJOT AUM (RHS) 400 12%
Slide 5: Review of 2025
Review of 2025 2025 NAV Total Return (GBP) - IN THE FACE OF continued 25.5% macro headwinds, the portfolio rose +23% in absolute terms 19.8% (JPY) but trailed the index by - 5.5%. 14.7% - EXERTED PRESSURE on portfolio companies. Submitted 3 shareholder resolutions , launched 2 public campaigns TOPIX
Slide 6: 2026 Performance Year-to-Date
2026 Performance Year-to-Date 2026 YTD NAV AJOT Total Return MSCI Japan Small Cap (GBP)1 TOPIX 11.4% 11.0% 4.5% 31-Dec 20-Jan 09-Feb 01-Mar 21-Mar 10-Apr TOPIX MSCI Japan AJOT Small Cap Index 2026 YTD Top Contributors & 2.0% 1.5% Detractors 1.3% 1.1% 1.1% (GBP) -0.3% -0.5% -0.6% -1.3% -2.1% Eiken Ku
Slide 7: Weak Yen
Weak Yen Month 3 Month YTD 1Y 3Y SI1 AJOT NAV 3.8% 0.5% 4.5% 14.4% 55.3% 103.7% GBP MSCI Japan Small Cap 4.0% 4.6% 11.0% 33.4% 49.4% 64.2% AJOT NAV 4.8% 1.8% 6.2% 30.2% 100.0% 200.0% JPY MSCI Japan Small Cap 5.0% 5.9% 12.8% 51.9% 92.4% 141.9% Impact on Net Returns Since Inception1 200% AJOT The Yen
Slide 8: Index Focused on Different Sectors
Index Focused on Different Sectors MSCI Japan Small Cap Index (%)1 AJOT2 • The focus on large-caps has been furthered by PM Takaichi’s announcement of “17 Strategic Weight Share Price TR Weight Share Price TR3 Sectors”, including Semiconductors/AI, Materials, Industrials 25% 65% 29% 54% Shippers and
Slide 9: Regulatory Tailwinds Continue
Regulatory Tailwinds Continue Corporate Governance Code Update & TOPIX Index Reform in 2026 • FSA publishes “Action Program for Corporate Governance Reform” (Jun 2024 and 2025) • FSA publishes Asset Owner Principles promoting FSA stewardship (Aug 2024) Continuing to • FSA revision to Stewardship Cod
Slide 10: Recent Engagement Highlights
Recent Engagement Highlights AJOT’s portfolio saw several impactful announcements during H2 2025, including Kurabo’s buyback equivalent to 6% of shares outstanding announced on 11th November. Portfolio Company Announcements ▪ Mid-term plan announced on 24 ▪ Announcement of a new ▪ Announcement of th
Slide 11: Recent Engagement Highlights Cont.
Recent Engagement Highlights Cont. AJOT’s portfolio has seen several impactful announcements so far in H1 2026, including a price increase at Rohto Pharmaceutical, a company for which we launched a public campaign for in 2025 Portfolio Company Announcements Maruzen Showa Unyu ▪ The company announced
Slide 12: Top 10 Holdings
Top 10 Holdings High conviction in our best ideas Date of ROI % AVI % NFV % Name Business % NAV EV / EBIT entry (JPY) Ownership1 Mkt Cap Mitsubishi Logistics Logistics Jan 25' 9.1 +14.1 4.5 4.6 80% Sharingtechnology Service Matching Platform Jul 24' 8.9 +24.8 28.7 11.8 15% Eiken Chemical Diagnostics
Slide 13: Competitive Pipeline of Exciting Opportunities
Competitive Pipeline of Exciting Opportunities Market NFV %1 EV / EBIT Name Entered Business Cap (£m) Market Cap LTM1 Recent Taki Chemical Mar 26' Chemicals 169 80% 2x Additions Media & HR Asiro Dec 25' 69 10% 9x Platforms Foster Electric Dec 25' Audio Equipment 309 10% 9x Senshu Electric Dec 25' El
Slide 14: AVI Japan Team
AVI Japan Team Joe Bauernfreund Kaz Sakai, CFA CEO & CIO Head of Japan Research 30 years’ industry experience 15 years’ industry experience Co-Portfolio Manager of Discovery Fund Co-Portfolio Manager of AVI Japan Discovery Fund Portfolio Manager of AJOT & AJSS since inception McKinsey & Company, Lon
Slide 15: AVI: A Japan Specialist
AVI: A Japan Specialist Track Record of Valuations remain Ripe Environment for Outperformance compelling Engagement — Since AJOT launch in 2018, AVI — Durable, overcapitalised — Corporate Governance reform has has delivered annualised businesses are trading at reached critical mass. The returns1 of
Slide 16: Important Information
Important Information This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any shares referred to in this document except on the basis of information in the prospectus to be published by AVI Japan Opportunity Trust plc (the “Company”) in due cours
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