MIGO Opportunities Trust PLC GBP · LSE:MIGO
MIGO Opportunities Trust PLC GBP — MIGO Opportunities Trust — Shareholder Meeting (May 2024)
9 slides from MIGO Opportunities Trust PLC GBP's shareholder meeting presentation, May 1, 2024
Slide 1: 2024 AGM Presentation
2024 AGM Presentation Joe Bauernfreund & Daniel Lee
Slide 2: AJOT Overview
AJOT Overview AJOT NAV Total Return (GBP) 48% Market Cap: £183m AJOT Total Assets: £208m 23% 16% Benchmark: MSCI Japan Small Cap 14% 12% 8% 7% 5% 6% 3% Average Annual Turnover: 36%1 % Active Share: >97% -1% -1% -1% -4% 2019 2020 2021 2022 2023 2024 Since Target Holdings: 15-25 Inception AJOT MSCI Ja
Slide 3: Review of 2023
Review of 2023 2023 NAV TR 15.8% 6.9% 6.0% - INCREASED concentration of the portfolio towards higher - quality companies with more AJOT MSCI Japan Small Cap Peer Group* open shareholder registers - INITIATED new positions in Top Contributors & Detractors 2023 (%) Eiken Chemical and Takuma, 2024 init
Slide 4: 2024 Performance Year-to-Date
2024 Performance Year-to-Date 2024 YTD NAV TR Top Contributors & Detractors 2024 YTD (%)3 1.3% 0.3% Alps Logistics 2.1 Beenos 1.2 TSI Holdings 1.0 -4.6% Eiken Chemical 0.7 AJOT MSCI Japan Small Cap Peer Group 2 Daidoh 0.6 110 2024 NAV TR YTD (GBP)1 Wacom -0.6 105 +1.3% NC Holdings -0.8 100 Shin-Etsu
Slide 5: Yen Depreciation Continues to be a Headwind
Yen Depreciation Continues to be a Headwind Japanese Yen (JPY) weakening vs. NAV Total Return Since Inception 1 British Pound (GBP) 200 95% 190 +33% JPY - 47% lost relative 180 due to Yen + 1 SD weakness 170 62% 160 48% Average +25% GBP 150 relative 140 - 1 SD 23% 130 120 JPY GBP 2014 2016 2018 2020
Slide 6: High Conviction Portfolio
High Conviction Portfolio Date of % % ROI AVI % EV / NFV % Name Business entry1 NAV (JPY) Ownership2 EBIT Mkt Cap Top Ten % Concentration Eiken Chemical* Diagnostics Jul 23’ 9.9 +20 6.2 9.3 37 75% TSI Holdings Apparel Ecommerce Jul 22’ 9.0 +67 8.8 6.2 81 Konishi Adhesives and Civil Engineering Incep
Slide 7: AVI Japan Investment Team
AVI Japan Investment Team Joe Bauernfreund Daniel Lee CEO Co-Head of Japan Research Joined AVI in 2002 | 27 years' experience Joined AVI in 2015 | 9 years' experience Portfolio Manager of AJOT Previously Management and Investment Consultant at Became sole portfolio manager of AVI Global Trust in Mer
Slide 8: Outlook
Outlook AJOT Top Ten: 31-Mar-24 Name % NAV Eiken Chemical 9.9 - Japan large cap performance has gained investor attention TSI Holdings 9.0 Konishi 7.8 - Overlooked small-cap companies remain cheap Nihon Kohden 7.6 and undervalued Takuma 7.3 - Commitment to corporate governance reform DTS 6.5 now wel
Slide 9: 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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