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AVI Global Trust NAV total return affected by difficult period

1st Jun 2023 09:21

(Alliance News) - AVI Global Trust PLC on Thursday said its net asset value grew by double digits, but noted difficulties in relation to the Silicon Valley Bank collapse affected its NAV total return.

AVI Global is an Exeter, England-based investor in family-controlled holding companies, closed-end funds and asset-backed opportunities.

NAV at March 31 was 225.53 pence per share, up 16% from 195.03p per share the year before. NAV total return was 5.3%, underperforming its benchmark of 10%, noting a "difficult period" in March 2023 amid the collapse of Silicon Valley Bank, with AVI's portfolio weighted average discount widening to 37% from 34% over the month.

Investment income was GBP9.4 million at March 31, up slightly from GBP9.3 million a year prior.

AVI proposed an interim dividend per share of 1.20 pence, unchanged from the year before.

Looking ahead, AVI noted that its gearing level has increased, and is optimistic about its portfolio value. It expects to deliver "attractive returns" to investors.

Shares in AVI were up 0.7% at 189.62p each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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