AVI Japan Opportunity Trust Plc · LSE:AJOT
AVI Japan Opportunity Trust — Shareholder Meeting (2022)
8 slides from AVI Japan Opportunity Trust's shareholder meeting presentation, 2022
Slide 1: 2022 AGM Presentation
2022 AGM Presentation Joe Bauernfreund & Daniel Lee
Slide 2: AJOT in a Nutshell
AJOT in a Nutshell Excess Returns Unique Approach Engaged Shareholder 4.5% annual outperformance Value + Quality + Event We engage with our since inception1 companies, to hasten change Inefficient Market Concentrated Portfolio Cultural Knowledge 72% portfolio 0 sell-side High conviction, bottom-up J
Slide 3: Review of 2021
Review of 12.3% 2021 NAV TR 2021 -1.4% - INCREASED concentration of the portfolio towards higher - quality companies with more open shareholder registers -22.8% AJOT MSCI Japan Small Cap Peer Group* - INITIATED new positions in W acom, T Hasegawa, NC Holdings, LOCONDO, Teikoku Contribution to Return
Slide 4: 2022 Performance Year-to-Date
2022 Performance Year-to-Date 2022 YTD NAV TR Contribution to Returns 2022 YTD Fujitec 1.7% NC Holdings 0.6% DTS 0.4% -4.1% -4.5% Teikoku Electric 0.3% Wacom 0.2% Kato Sangyo -0.5% C Uyemura -0.6% LOCONDO -0.7% -15.9% Teikoku Sen-i -0.9% AJOT MSCI Japan Small Cap Peer Group* Pasona -1.8% Source: AVI
Slide 5: High Conviction Portfolio
High Conviction Portfolio Top 20 Holdings: 31-Mar-2022 AJOT Top Ten % Concentration Name % NAV 70% Fujitec 8.9% Wacom 8.5% 65.4% T Hasegawa 8.4% 65% DTS 7.9% Shin-Etsu Polymer 5.8% Ns Solutions 5.7% 5.5% 60% Digital Garage C Uyemura 5.5% Pasona 4.9% LOCONDO 4.3% 55% NC Holdings 4.1% SK Kaken 4.1% Ko
Slide 6: AVI Japan Investment Team
AVI Japan Investment Team Joe Bauernfreund Daniel Lee CEO Head of Japan Research Joined AVI in 2002 Joined AVI in 2015 Portfolio Manager of AJOT Previously ABS analyst at Pamplona Capital Became sole portfolio manager of AVI Global Trust in Management and Investment Consultant at Mercer 2015 Kaz Sak
Slide 7: Outlook for 2022
Outlook for 2022 Top Ten: 31-Mar-2022 - More supportive environment for activism, with management teams open to suggestions Name % NAV on how to improve performance Fujitec 8.9% - Building on relationships with management to Wacom 8.5% continue engaging for improvements and T Hasegawa 8.4% narrowing
Slide 8: 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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