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Annual Report 2019 Introduction

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Annual Report 2019 Introduction Finding compelling opportunities around the world ANNUAL REPORT 2019 INTRODUCTION Established in 1889, TOTAL ASSETS† the Company’s investment £1,049 million* objective is to achieve LAUNCH DATE capital growth through 1 July 1889 a focused portfolio of ANNUALISED NAV TOTAL RETURN† investments, particularly 11.7%** in companies whose ONGOING CHARGES RATIO† shares stand at a discount 0.85%*** to estimated underlying net asset value. OUR CASE STUDIES JAPAN SPECIAL SITUATIONS A portfolio of 18 cash- and securities-rich Japanese operating companies. Pressure is mounting on Japanese companies to change corporate governance practices and enhance balance sheet efficiency. We believe it is increasingly probable that these companies will begin to return excess capital to shareholders or put it to more productive use. See page 24 We maintain a corporate website containing a wide range of information of interest to investors and stakeholders www.aviglobal.co.uk * As at 30 September 2019. ** Source: Morningstar, performance period 30 June 1985 to 30 September 2019, total return net of fees, GBP. The current @AVIGlobalTrust approach to investment was adopted in 1985. *** As at 30 September 2019, includes: management fee 0.70%, marketing and administration costs. AVIGlobalTrust † For definitions, see Glossary on pages 89-92. Strategic Report Investment Review Governance Financial Statements Shareholder Information CONTENTS Strategic Report Financial Statements 02 Company Overview 51 Statement of Comprehensive Income 04 Company Performance 52 Statement of Changes in Equity 06 Chairman’s Statement 53 Balance Sheet 08 KPIs and Principal Risks 54 Statement of Cash Flows 12 Ten Largest Equity Investments 55 Notes to the Financial Statements 14 Investment Portfolio 72 AIFMD Disclosures 73 Report of the Audit Committee Investment Review 76 Directors’ Remuneration Policy 78 Report on Remuneration Implementation 16 About Asset Value Investors 80 Independent Auditor’s Report 17 Overview of AVI's Investment Philosophy 18 Performance Review Shareholder Information 20 Portfolio Review 35 Outlook 84 Notice of Annual General Meeting 88 Shareholder Information Governance 89 Glossary 93 Company Information 36 Directors 38 Report of the Directors 50 Capital Structure COSAN LTD PERSHING SQUARE HOLDINGS A US-listed holding company whose A Euronext-listed closed-end main assets are two Brazilian holding fund managed by a high-profile companies, Cosan SA and Cosan activist manager. The fund owns a Logística. The businesses underlying concentrated portfolio of quality US these holding companies are high quality. companies. Pershing trades on a 27% However, the complex structure has led discount to NAV, which we regard as to discounts on discounts which unsustainably wide for a portfolio of we think should narrow over time. large-cap, liquid securities, particularly given the manager’s activist strategy. © 2019 Starbucks Corporation. All rights reserved. See page 20 See page 23 Retail Investors Advised by IFAs The Company currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (‘IFAs’) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. The Company is an Alternative Investment Fund (‘AIF’) under the European Union’s Alternative Investment Fund Managers’ Directive (‘AIFMD’). Its Alternative Investment Fund Manager (‘AIFM’ is Asset Value Investors Limited. Further disclosures required under the AIFMD can be found on the Company’s website: www.aviglobal.co.uk. ISA Status The Company’s shares are eligible for Stocks & Shares ISAs. AVI Global Trust plc | Annual Report 2019 AVI Global Trust plc | Annual Report 2019 01 Strategic Report / Company Overview COMPANY PURPOSE The Company is an investment trust. Its investment objective is to achieve capital growth through a focused portfolio of mainly listed investments, particularly in companies whose shares stand at a discount to estimated underlying net asset value. BUSINESS MODEL INVESTMENT KEY PERFORMANCE STRATEGY APPROACH INDICATORS (‘KPIs’) Our strategy is to seek out-of-favour As an investment trust, the Company’s The Company uses KPIs as an effective companies whose assets are misunderstood most important relationship is with the measurement of the development, by the market or under-researched, and which Investment Manager. performance or position of the Company’s trade significantly below their intrinsic value. business, in order to set and measure The Company’s assets are managed Often, we engage actively with management in performance reliably. These are net asset by Asset Value Investors Limited (‘AVI’). order to provide suggestions for improvements value total return, discount to net asset AVI aims to deliver superior returns and that we believe could help narrow the discount value and ongoing charges. specialises in finding companies that or improve operations, thus releasing value for a number of reasons may be selling on for shareholders. anomalous valuations. The Investment Manager has the flexibility to invest around the world and is not constrained by any fixed geographic or sector weightings. No more than 10% of the Company’s investments may be in unlisted securities. AVI’s investment philosophy is described in more detail on page 17 of the Annual Report and the Company’s Investment Policy is set out on page 38. 02 AVI Global Trust plc | Annual Report 2019 Strategic Report Investment Review Governance Financial Statements Shareholder Information KEY PERFORMANCE INDICATORS OTHER KEY STATISTICS DISCOUNT* NET ASSET VALUE PER SHARE* 30 September 2019 30 September 2018 30 September 2019 30 September 2018 10.9% 8.5% 852.61p 841.95p NAV TOTAL RETURNS TO 30 SEPTEMBER 2019* NUMBER OF INVESTMENTS 1 Year 10 Years (Annualised) 43 2.1% 8.4% (of which 18 are held in Japanese Special Situations – see pages 14 and 15) ONGOING CHARGES RATIO* TOP TEN INVESTMENTS REPRESENT 2019 2018 49.0% 0.85% 0.87% of portfolio* ESTIMATED PERCENTAGE ADDED TO NET ASSET VALUE PER SHARE FROM BUYBACKS* 2019 2018 0.1% 0.4% FONDUL PROPRIETATEA Hidroelectrica, a Romanian hydroelectricity company, is one of your Company’s largest underlying holdings. Nature of business Closed-end fund 4.0% % of portfolio* S.P.E.E.H. Hidroelectrica S.A * For definitions, see Glossary on pages 89 to 92. AVI Global Trust plc | Annual Report 2019 03 Strategic Report / Company Performance FINANCIAL HIGHLIGHTS – Net asset value (‘NAV’) per share on a total return basis increased by 2.1% – Final dividend increased to 14.50p and total dividend increased by 26.9% to 16.50p – Share price total return of -0.4% PERFORMANCE SUMMARY 30 September 2019 30 September 2018 Net asset value per share (total return) for the year1* 2.1% 10.0% Share price total return for the year* -0.4% 12.0% Discount* Share Price Discount (difference between share price and net asset value)2 -10.9% -8.5% Year to Year to 30 September 30 September 2019 2018 Earnings and Dividends Investment income £26.21m £22.64m Revenue earnings per share 19.08p 14.83p Capital earnings per share 2.82p 58.72p Total earnings per share 21.90p 73.55p Ordinary dividends per share 16.50p 13.00p Ongoing Charges Ratio* Management, marketing and other expenses (as a percentage of average shareholders’ funds) 0.85% 0.87% Comparator Benchmark* MSCI All Country World ex-US Index (£ adjusted total return*) 4.5% 4.7% 2019 Year’s Highs/Lows High Low Net asset value per share 878.26p 738.71p Net asset value per share (debt at fair value) 867.39p 731.27p Share price (mid market) 781.00p 660.00p 1 As per guidelines issued by the AIC, performance is calculated using net asset values per share inclusive of accrued income and debt marked to fair value. 2 As per guidelines issued by the AIC, the discount is calculated using the net asset value per share inclusive of accrued income and debt marked to fair value. Buybacks During the year, the Company purchased 1,718,823 Ordinary Shares, all of which were placed into treasury, at a cost of £12.6m. On 11 September 2019, the Company cancelled 13,523,032 of the shares held in treasury. *Alternative Performance Measures For all Alternative Performance Measures included in this Strategic Report, please see definitions in the Glossary on pages 89 to 92. † During the year, your Company switched to the net version of the MSCI All Country World ex-US Index, which accounts for withholding taxes incurred. If the gross version of the Index had been used, the comparative figures for the years ending 30 September 2019 and 30 September 2018 would have been 0.9% and 0.5% higher, respectively. Further detail can be found in the Chairman’s Statement on page 6. 04 AVI Global Trust plc | Annual Report 2019 Strategic Report Investment Review Governance Financial Statements Shareholder Information Historical record Year ended 30 September 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Revenue profit for the year £’000* 21,169 16,933 12,603 18,747 16,268 13,827 21,775 24,050 18,405 12,712 12,774 Revenue earnings per share (p)* 19.08 14.83 10.44 14.32 11.75 9.29 13.90 15.06 11.50 7.94 7.98 Ordinary dividends per share (p) 16.50 13.00 12.00 11.70 11.70 10.50 10.50 9.50 8.50 7.50 6.00 Special dividend per share (p) – – – 2.80 – – 2.50 3.50 2.00 – 1.25 Net assets £’000 938,941 941,680 903,229 843,973 697,542 826,984 844,455 791,225 740,385 829,670 735,188 Basic net asset value per share (p) 852.61 841.95 777.62 670.52 519.53 575.92 551.97 500.47 462.51 518.28 459.26 * The profit for the year figures for 2008 to 2014 are Group returns and earnings, those for 2015 to 2019 are the Company return and earnings.
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