AGT June 2024 - Reckitt Benckiser (1/2)

AVI’s Newsletter Podcast

Tune in to the June 2024 newsletter commentary by investment manager Joe Bauernfreund.

AVI Global Trust (AGT)’s NAV declined -1.2% in June. Cordiant Digital Infrastructure was the most significant contributor, adding +38bps to NAV, followed by Oakley and Dai Nippon Printing which contributed +22bps and +21%, respectively. There was a relatively long list of detractors. Bollore was the most significant with a -10% return detracting -56bps as French equity markets fell following President Macron’s decision to call a snap election. We do not believe the fundamental outlook for Bollore has changed and took advantage of this to add to the position.

View the June 2024 Factsheet here

//About us:
Asset Value Investors (“AVI”) have been investing in Japan for three decades. AVI focuses on undervalued companies with resilient and growing earnings that investors overlook due to non-fundamental factors.

AVI Global Trust p.l.c is referred to as ‘AGT’ throughout the channel. AGT's investment managers, Asset Value Investors are referred to as ‘AVI’

//IMPORTANT INFORMATION
AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This podcast does not constitute an offer to buy or sell shares in AGT (the "Trust"). The contents of this podcast are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.