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AVI Global Trust PLC on Wednesday reported double-digit growth despite ‘not focusing on the fashionable parts of the market’ such as artificial intelligence. The Exeter, England-based trust, which invests in global equities using a value-focused strategy, said in the half ended March 31, net asset value total return increased 14% compared to 5.3% the year prior. AVI Global fell short of its benchmark, the MSCI AC World Index, which in comparison returned 16%. Total earnings per share was unchanged year-on-year at 10.70 pence. A 1.20p per share dividend was maintained for the interim period. Chair Graham Kitchen said: ‘Over the six months under review, stock markets reacted positively to macroeconomic news, which was better than had previously been expected, with fears of recession and inflation abating. ‘Market returns were driven both by this news and by continued excitement around the prospects for artificial intelligence, which drove up the share prices of a small number of very large companies which form a high proportion of our benchmark index.’ Looking forward, the investment manager remains focused on building stakes in companies with a track record of resilience while offering growth opportunities and attractive valuations amid the current economic climate. AVI Global shares were flat at 243.50 pence each in London on Wednesday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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