The AVI Global Investment Company is a core holding within our growth strategies and is unique as a global manager in not holding any of the Magnificent 7 US companies which make up around a fifth of the MSCI All Companies World Index (ACWI), yet has outperformed over 1, 5 and 10 years.* Indeed, of the 40 or so companies that it invests into, only around 16% are in US listed companies making  it the  perfect candidate for any investor looking to diversify risk. Over 10 years its annualised return is 13.24%.**

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AVI Global is unlike any other global fund with three core investment themes - investing in asset backed special situations unlikely to be found in other funds; into other listed investment companies and finally into family-owned businesses. This latter element allows investors to co-invest alongside Family Controlled Holding Companies. The benefit to investors is that families are generally committed to the long-term survival of their businesses, prioritising resilience over short-term results.

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This latter theme is particularly attractive to the managers of AVI Global as many family businesses trade at attractive discounts yet continue to compound shareholder value.

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One such example is Vivendi (Paris), the French owned media company controlled by Vincent Bollore which trades at a 39% discount to its underlying net asset value  (NAV). Its subsidiaries include Lagardere and Universal Music, further enhancing diversification.

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Another is D’Ieteren (Brussels) , a seventh generation holding company trading at a 43% discount to NAV and whose key asset is a 50% stake in Belron, the global leader in vehicle glass repair, better known as Autoglass in the UK.

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And finally Christian Dior (Paris), the holding company that is majority owned by the Arnault family and includes brands such as LVMH, Moet, Hennessy and Louis Vuitton.

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The trust itself trades at a 7% discount to NAV. It is valued at over £1 billon and has gearing of 9%.

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At a time when investors are rethinking over exposure to US equities, AVI Global provides a compelling alternative.

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*FE Analytics to 11/09/2025

**AIC

Comments from James Scott-Hopkins, Founder, EXE Capital Management.

The views are those of the author only. The above does not constitute a recommendation to buy the fund and advice should be sought from your financial advisor as to the appropriateness of this fund in your portfolio. The value of investments can fall as well as rise. Past performance is no guarantee of future returns.‍