AVI Global Trust PLC GBP · LSE:AGT
AVI Global Trust PLC GBP — AVI Global Trust — Shareholder Meeting (December 2021)
12 slides from AVI Global Trust PLC GBP's shareholder meeting presentation, December 2021
Slide 1: Annual General Meeting
Annual General Meeting December 2021
Slide 2: Welcome
Welcome Please submit any questions to AGM@aviglobal.co.uk 1
Slide 3: Review Of FY21
Review Of FY21 NAV Total Return in FY21 36.2% - OUTPERFORMED the MSCI AC World ex-US by 17.4% 22.2% 18.8% - Discount narrowed to 6.7% AGT MSCI ACWI ex US MSCI AC World 36.2% 1 - - High conviction, concentrated portfolio Well-balanced with diverse sources of returns NAV Total Return for - Strong NAV
Slide 4: Review Of FY21
Top ten: 30-Sept-2020 Top ten: 30-Sept-2021 Review Of FY21 Name % NAV Name % NAV - INCREASED weights Pershing Square Holdings 9.7% Pershing Square Holdings 7.0% for Third Point, Oakley Capital Investments 8.1% Third Point Investors 6.6% EXOR, KKR, Aker and Christian Dior SoftBank Group 7.6% EXOR 6.3
Slide 5: Expansion Of Investment Team
Expansion Of Investment Team Scott Beveridge Kaz Sakai Senior Analyst Senior Analyst Daniel Lee Makiko Shimada Senior Analyst Analyst Joe Bauernfreund CEO Jason Bellamy Esme Morter Senior Japan Consultant Analyst Wilfrid Craigie Collin Batte Analyst Junior Analyst Ross McGarry William Hawkes Analyst
Slide 6: Top Contributors & Detractors FY21
Top Contributors & Detractors Fy21 Discount Discount FY21 Price TR NAV TR Change Return Contribution Third Point Investors 71.4% 54.8% 9.2% 12.0% 3.1% 43.9% 33.0% 9.6% 13.6% 2.9% 79.3% 72.5% 2.0% 2.8% 2.8% 80.6% 56.5% 10.6% 14.0% 2.2% KKR 57.9% 46.6% 5.1% 8.9% 2.1% 1 Associated British Foods -15.5%
Slide 7: Discounts have generally started to narrow
Discounts have generally started to narrow AGT Portfolio Weighted Average Discount 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Mar-06 Aug-07 Jan-09 Jun-10 Nov-11 Apr-13 Sep-14 Feb-16 Jul-17 Dec-18 May-20 Oct-21 6 Source: AVI (as at 30/11/2021).
Slide 8: Kinnevik case study: +58% IRR
In some cases this has been extreme Kinnevik Discount 40% 30% 20% K INNEVIK CA SE STUDY: 10% - Re-initiated a position in Swedish-listed holding company Kinnevik in January 0% 2019 -10% - Added to the position materially during COVID-19 sell-off -20% - Ex ited position in 2021 as -30% Kinnevik trade
Slide 9: EXOR case study: +210bps FY21 contribution
But some discounts remain EXOR Discount wide -10% -15% -20% EXOR c a se st udy: -25% - EXOR’s discount is yet to recover to pre-COVID levels -30% - Despite this headwind returns have been strong, driven by -35% NAV growth -40% - High prospective returns form potential discount narrowing and NAV grow
Slide 10: Since the end of the financial year
Since the end of the financial What’s been happening What we’ve been doing year - The threat of persistent inflation and monetary - We have increased portfolio concentration around our highest policy continue to dominate conviction names investor thinking - AGT has delivered +6.8% - We have reduced
Slide 11: Outlook for FY22 Remains Compelling
Outlook for FY22 Remains Compelling - Continue to find attractive Top Ten Current Holdings opportunities, across all parts of our Name % NAV % Discount universe Pershing Square Holdings 8.4% -29% - Pockets of our universe have seen EXOR 6.4% -39% extreme discount narrowing, but this has not been uni
Slide 12: Thank you
Thank you Please submit any further questions to AGM@aviglobal.co.uk 11
AVI Global Trust — Shareholder Meeting (December 2021) on 6ix