AVI Global Trust

Pacific Asset Management, part of the Pinnacle Investment Management group, has acquired Asset Value Investors, the investment manager of the AVI Global Trust. The transaction is subject to regulatory approvals and other conditions. The trust’s investment team led by Joe Bauernfreund, investment philosophy, objectives, policies and management fees will remain unchanged; AVI will continue as an independent boutique within Pacific and will gain access to Pacific’s distribution, operations and technology platforms. » More on de.investing.com

AVI Global Trust will place greater emphasis on diversity criteria when filling a board vacancy, after significant opposition arose at the December 2025 annual general meeting to the re-election of nomination committee chair June Jessop. A substantial portion of the dissent came from a shareholder who criticized the targets for ethnic diversity; the goal of appointing at least one board member with a migration background has not yet been met. Calum Thomson will retire in 2026; the recruitment process will follow the procedures described in the annual report. With effect from 19 December 2025, Balfour will assume the role of senior independent director, thereby meeting the requirement for a female leadership presence on the board. » More on de.investing.com

AVI Global Trust, managed by Joe Bauernfreund at Asset Value Investors, builds stakes in investment trusts and family-controlled holding companies trading at significant discounts to their liquidating value. AVI has targeted entities tied to families such as Agnelli, Bolloré, Arnault and the Murdochs and has pushed for outcomes that narrow discounts or unlock value, including winning higher cash payouts in a contested Third Point merger. The strategy has delivered strong long-term returns, while AVI itself manages its own discount through periodic share buybacks. » More on forbes.com