**Summary of AVI Global Trust PLC Annual Financial Report (Year Ended 30 September 2025)**
**Overview**
AVI Global Trust PLC (AGT) reported a **net asset value (NAV) total return of +12.4%** and a **share price total return of +15.4%** for the year ended 30 September 2025, compared to the benchmark MSCI All Country World Indexs return of +16.8%. Despite underperforming the benchmark, AGT achieved strong long-term returns, with a **+225.3% NAV total return over 10 years**. The company focuses on undervalued, out-of-favor companies, particularly those trading at a discount to their underlying net asset value, with active engagement to unlock shareholder value.
**Financial Highlights**
**NAV per share**Increased to **280.87p** (from 253.81p in 2024).
**Ongoing Charges Ratio**Slightly decreased to **0.85%** (from 0.87% in 2024).
**Discount to NAV**Narrowed to **6.7%** (from 9.0% in 2024).
**Dividend**Proposed **final ordinary dividend of 3.00p per share**, bringing the total dividend for the year to **4.50p**, a **20.0% increase** from the previous year.
**Portfolio Performance**
**Top Performers**
**DIeteren Group**Contributed **+240bps** to NAV, driven by a special dividend and re-rating.
**Aker ASA**Contributed **+232bps**, benefiting from NAV growth and discount narrowing.
**Chrysalis Investments**Added **+208bps**, supported by exits, NAV appreciation, and buybacks.
**Underperformers**
**Gerresheimer AG**Detracted **405bps** due to profit warnings, regulatory investigations, and management issues.
**Rohto Pharmaceutical**Detracted **167bps** amid declining sales and investor concerns.
**IAC**Detracted **70bps** due to poor NAV performance and discount widening.
**Investment Strategy**
AGT focuses on companies with misunderstood assets or undervalued by the market. The portfolio is managed by Asset Value Investors Limited (AVI), which emphasizes active engagement with management to enhance shareholder value. The strategy is global, with no fixed geographic or sector constraints, and includes a growing focus on South Korea.
**Shareholder Actions**
**Share Buybacks**Purchased and cancelled **28.7 million shares** (5.9% of issued capital), adding **+0.6%** to NAV per share.
**AGM**Scheduled for **19 December 2025**, with virtual attendance options.
**Outlook**
AGT remains cautiously optimistic, citing compelling valuations and numerous catalysts across the portfolio. The company emphasizes its long-term focus, with a **+86.0% NAV total return over five years**, outperforming the benchmark. Despite geopolitical and economic uncertainties, AGT believes its strategy of unlocking value in undervalued companies will continue to deliver attractive returns.
**Key Metrics**
**Top 10 Investments**Represent **56.6%** of net assets, with significant holdings in closed-ended funds and holding companies.
**Portfolio Discount**Weighted average discount of **-37.4%**, indicating significant undervaluation opportunities.
**Conclusion**
AGT delivered solid returns in a challenging market environment, underpinned by its disciplined investment approach and active engagement strategy. The company remains focused on long-term value creation, with a portfolio positioned to benefit from future catalysts and discount narrowing.