AVI Japan Opportunity Trust Plc · LSE:AJOT

AVI Japan Opportunity Trust — AVI Global Trust — Shareholder Meeting (December 2023)

16 slides from AVI Japan Opportunity Trust's shareholder meeting presentation, December 2023

  1. Slide 1: Annual General Meeting

    Annual General Meeting December 2023

  2. Slide 2: A Year of Strong Global Performance

    A Year of Strong Global Performance Return of Indices since 30th September 2022 53% 41% 34% 34% 34% 32% 29% 24% 17% 17% 16% 16% 16% 15% 14% 1% BBG Global Agg. FTSE 250 MSCI All Country MSCI All Country S&P 500 MSCI Japan MSCI Europe NASDAQ Bond Index World World Index Index ex-USA GBP Local GBP Loca

  3. Slide 3: AGT FY23 Performance Review

    AGT FY23 Performance Review Annualised MSCI All Country World MSCI All Country Performance to 30th AGT Index (Comparator World Index ex-USA September 2023 (£) Benchmark) 1 Year 15.3% 10.5% 10.1% 3 Year 13.3% 9.0% 5.7% 5 Year 8.3% 7.9% 3.9% 7 Year 10.0% 9.6% 5.7% 10 Year 9.6% 10.6% 6.3% 30th Sep 2023

  4. Slide 4: Index Returns Driven by a Few Names

    Index Returns Driven by a Few Names Total Return of Magnificent-7 Index vs. S&P 500 & S&P Equal Weight 2023 YTD 210 +104% 200 190 180 170 160 150 140 130 +24% 120 +12% 110 100 90 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Magnificent 7 S&P 500 S&P 500 Equal W

  5. Slide 5: Discounts Remain Wide Across our Universe

    Discounts Remain Wide Across our Universe AGT Portfolio Weighted Average Discount Universe Discounts 0% -5% -10% -9% -15% While AGT suffered from initial discount widening in 2022, -15% this created a ripe environment for stock picking in 2023 -17% -20% -18% -19% -25% -30% -29% -30% -33% -35% -40% D

  6. Slide 6: FY23 Top Buys & Sells

    FY23 Top Buys & Sells Key Buys Key Sells 9.0% 8.6% 7.4% 6.2% 5.2% 5.1% 4.3% 3.5% 2.9% 2.6% 2.5% 2.1% 3.9% 3.3% 2.0% 1.6% Schibsted B Princess Pantheon Brookfield Japanese News Corp A Pershing EXOR Sony Group Eurazeo Third Point Fujitec Private International Corporation Regional Square Investors Equi

  7. Slide 7: Net Gearing Deployment

    Net Gearing Deployment 1 AGT Gearing Snapshot Maturity Rate Amount Series A Unsecured Note 2036 4.18% £30,000,000 Series B Unsecured Note 2036 3.25% € 30,000,000 Unsecured Note 2037 2.93% € 20,000,000 Senior Unsecured Note 2032 1.38% ¥8,000,000,000 Unsecured Note 2033 LIBOR + 0.75% ¥4,500,000,000 7.

  8. Slide 8: Top Contributors FY23

    Top Contributors FY23 Share Price Total Discount Discount FY23 Return1 Start End Contribution Third Point Investors 94% -45% -30% 2.8% 77% -39% -28% 2.6% 44% -45% -34% 2.3% 45% -44% -27% 1.8% KKR 21% -43% -43% 1.5% Source: AVI, Capital IQ (as at 30/09/2023). Note: Return figures calculated from 30/0

  9. Slide 9: Top Detractors FY23

    Top Detractors FY23 Share Price Total Discount Discount FY23 Return1 Start End Contribution 2 Third Point Investors NA -31%3 -48% -1.0% -14% -46% -38% -0.8% 4 1% -19% -21% -0.7% -2% -24% -24% -0.6% KKR -9% -41% -37% -0.6% Source: AVI, Capital IQ (as at 30/09/2023). Note: Return figures calculated fr

  10. Slide 10: Catalysts to Unlock & Grow Value: FEMSA's Structural Simplification

    Catalysts to Unlock & Grow Value: FEMSA’s Structural Simplification FEMSA Structure – 31 Dec ‘22 FEMSA Share Price FY23 130 Mexican-listed holding company 120 110 Mexican beverage company Chain of convenience stores, drug stores & gas stations 100 Other Unlisted 90 Assets Dutch brewing company Speci

  11. Slide 11: Japan – past a tipping point?

    Japan – past a Japan’s Contribution to Return Since First Investment1 (NAV/share, GBP) tipping point? - Japan has proved a profitable market for AGT as the corporate governance reform agenda continues - Companies with a book value below 1x generated significant Total Return of AGT’s Japan Stocks sin

  12. Slide 12: Discount on AGT Shares vs. Closed-end Fund Sector

    Discount on AGT Shares vs. Closed-end Fund Sector -4% -6% -8% -10% -12% -14% -16% -18% -20% -22% Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 AGT Closed-ended Fund Sector - During FY23, we bought back 6% of the shares in issue at a discount to NAV Source: AVI, Morningstar (as at 15

  13. Slide 13: Performance Since Year End

    Performance Since Year End Performance FYTD 6.5% - NAV up +6.5% FYTD - £47m sale of Schibsted 5.1% reduces gearing to 3.3% - Financial flexibility for new and existing ideas 3.2% - Portfolio weighted average discount at 33.5% AGT MSCI AC World MSCI ACWI exUS Source: AVI, Morningstar (as at 15/12/202

  14. Slide 14: Outlook

    Outlook - Investors were expecting 2023 to be a very challenging year (high interest rates; persistent inflation and recession) - Whilst broad equity index performance has been reasonable it has been driven primarily by a small group of stocks and special situations/catalysts - This is likely to con

  15. Slide 15: AVI Global Trust Portfolio Holdings

    AVI Global Trust Portfolio Holdings Name % NAV Discount Name % NAV Discount Oakley Capital Investments 7.6% -27% Godrej Industries 3.0% -61% KKR 6.1% -13% Bollore 2.9% -45% FEMSA 6.0% -26% Nihon Kohden 2.7% -39% Princess Private Equity 5.8% -28% Symphony International Holdings 2.6% -37% Aker ASA 5.5

  16. Slide 16: Thanks for listening, any questions?

    Thanks for listening, any questions? Please submit any further questions to AGM@aviglobal.co.uk 15

AVI Global Trust — Shareholder Meeting (December 2023) on 6ix