AVI Global Trust PLC (AGT), the London-listed investment trust focused on acquiring shares in companies trading at a discount to their underlying net asset value, has published its Annual Financial Report for the year ended 30 September 2026. The trust recorded a net asset value total return of +1.7%, significantly trailing its MSCI All Country World Index comparator benchmark, which returned +18.3% over the same period. The year-end discount to NAV widened to 8.9% from 6.7% in 2025, while the board has proposed a final ordinary dividend of 3.1 pence per share, bringing the total annual dividend to 4.60 pence, an increase of 2.2% year-on-year.

Key Points

  • AVI Global Trust PLC (AGT) — London-listed closed-ended investment trust managed by Asset Value Investors Limited
  • NAV total return of +1.7% for the year ended 30 September 2026, against a benchmark return of +18.3%
  • Final dividend of 3.1p proposed, payable 31 December 2026; AGM scheduled for 18 December 2026 at 11 Cavendish Square, London
  • Investors may be watching whether AVI's acquisition by Pacific Asset Management affects portfolio strategy or discount trajectory

AGT's NAV Return of +1.7% Falls Well Short of 18.3% Benchmark Amid AI-Driven Market Concentration

The trust's annual report acknowledges this as the third consecutive year of underperformance relative to its comparator benchmark. The chairman's statement attributes a significant portion of the shortfall to global equity market returns being dominated by a narrow group of large-cap companies benefiting from artificial intelligence investment, which fall outside AGT's asset-backed, discount-to-NAV investment philosophy. The portfolio held 47 investments at year-end, with the top ten representing 50.8% of net assets, down from 56.6% in 2025. NAV per share stood at 281.11p at 30 September 2026, compared with 280.87p a year earlier.

AVI Acquired by Pacific Asset Management in October 2026, With No Change to Investment Team or Strategy

A material corporate development disclosed in the annual report concerns Asset Value Investors Limited, AGT's alternative investment fund manager. AVI announced on 4 August 2026 that it was to be acquired by Pacific Asset Management, a London-based multi-boutique asset manager and part of the Pinnacle Investment Management group. The acquisition completed on 2 October 2026. The board confirmed that the transaction does not alter the investment team led by Joe Bauernfreund, AVI's investment philosophy, management fees, or brand name. AVI will continue operating as an independent boutique within Pacific, with access to broader distribution and operational resources.

21.9 Million Shares Bought Back During the Year, Adding an Estimated +0.5% to NAV Per Share

AGT repurchased and cancelled 21,900,000 ordinary shares during the year ended 30 September 2026, representing 5.3% of issued capital at the start of the period. The shares were bought back at a weighted average discount of 8.4%. The board estimates this added approximately +0.5% to NAV per share for continuing shareholders. No new shares were issued during the period. Investment income for the year was £25.66 million, compared with £35.44 million in 2025. The ongoing charges ratio rose modestly to 0.88% from 0.85%, with running costs totalling £9.8 million against £9.5 million the prior year.

3.1p Final Dividend Proposed Ahead of 18 December AGM, With Cheque Payments to Be Phased Out After 2027

The board has proposed a final ordinary dividend of 3.1 pence per share, payable on 31 December 2026 to shareholders on the register at close of business on 27 November 2026, with an ex-dividend date of 26 November 2026. Subject to shareholder approval at the AGM on 18 December 2026, total dividends for the year will amount to 4.60 pence per share. The board also confirmed that, following industry-wide changes to banking infrastructure, dividend payments by cheque will be discontinued after the 2027 interim dividend, and shareholders are encouraged to arrange direct bank transfers.