Overview
Asset Value Investors Limited (“AVI” or the "Firm") is a majority employee-owned asset
management company. Our primary goal is to achieve the long-term growth of our Clients’
capital through the management of a global stock portfolio. We strive to be a premier
investment firm providing consistently strong performance relative to applicable benchmark
indices by identifying valuation anomalies and focusing on investing where the market price
does not reflect the estimated intrinsic value.
Our value oriented and low risk investment approach, which has been in place for over 30
years, is to find undiscovered value among high quality assets.
AVI - investment philosophy
• Buy companies on substantial discounts to net asset value
• Investment holding companies on wide discounts
• Companies with a strong balance sheet and good quality of underlying assets
• Seek anomalies
• Under-researched situations
• Situations where the underlying assets are not recognized or are misunderstood by
the market
AVI currently manages on a discretionary basis approximately $1,570,958,000 of regulatory
assets as of 30 September 2023. The Firm was established in 1985 under UK law and is
principally owned by its staff (75.36%) and Goodhart Partners LLP (24.64%).
The
Firm provides discretionary investment management services for various pooled
investment vehicles (the “Funds”), both foreign and domestic, and segregated accounts
(Funds and other entities or persons advised by AVI hereinafter the "Client" or collectively the
"Clients"). AVI generally does not tailor its advice to the needs of individual investors in the
Funds, although the Firm is flexible with Clients in segregated accounts.
Items 5 and 6 – Fees and Compensation
AVI receives a management fee based on assets under management. AVI’s fees are generally
not negotiable. However, the Firm may charge lesser fees to a particular Fund investor based
upon AVI’s relationship with the investor, assets invested by the investor, the timing of the
investment, and other factors deemed relevant by the Firm. Fees are included in the NAV
calculation and are generally deducted from the Funds on a monthly basis.
AVI also receives a specified management fee from each segregated account and advisory
Client pursuant to the investment management agreement.
AVI does not currently enter into performance-based fee arrangements.
Clients may also expect to pay custodian fees in connection with the Funds as well as incur
brokerage and other transaction costs, discussed in Item 12 below.