Asset Value Investors (AVI) has launched an open-ended version of its £1.3bn AVI Global Trust, named the AVI Global Special Situations fund.
The new fund will have 35 to 45 holdings and be managed by AVI CEO Joe Bauernfreund (pictured). It will charge a management fee of 0.75% and measure against the MSCI AC World Index.
See also: AVI introduces two UCITS funds to mirror global and Japan trusts
The AVI Global Trust currently trades at a 9.5% discount, according to the AIC. However, the fund has returned 66.9% over the past five years compared to a sector average of 28.7%, ranking in the first quartile for performance, according to data from FE Fundinfo.
“We are seeing attractive opportunities in all parts of the equity market. This is an idea-rich environment that is conducive to our style of investing,” Bauernfeund said. “We believe that stockpicking, active engagement, and a focus on investments with explicit catalysts stand us in good stead to drive healthy absolute and relative returns.”
Bauernfeund joined AVI in 2002 and manages the AVI Japan Opportunity trust in addition to the AVI Global Trust. AVI announced that a Japan UCITs fund would be launched “shortly”.
