AJOT May 2024 - NC Holdings & Takuma (2/2)

AVI’s Newsletter Podcast

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AJOT’s NAV increased by +1.1% during an active month for corporate activity. The two largest contributors to performance were Alps Logistics, (+76.6% share price) which was subject to a takeover bid from the KKR-owned Logisteed, and Nihon Kohden, (+11.5%) which released a transformative mid-term plan. Takuma (-12.8%), which released a disappointing mid-term plan, and NC Holdings, (- 22.6%) which shortly after month end was subject to a takeover bid from a US fund that is set to more than reverse the share price decline, were two significant detractors.

//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 Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the channel. AJOT’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 AVI Japan Opportunity Trust (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.