Avi Global Trust PLC

Interim / Quarterly Report • Jun 13, 2025

Resilience. Longevity. Growth.

Half Year Report 2025

Established in 1889, the Company's investment objective is to achieve capital growth through a focused portfolio of investments, particularly in companies whose shares stand at a discount to estimated underlying net asset value.

Total assets† : £1.1 billion*

Annualised NAV total return† :

Ongoing Charges Ratio† : 0.85% * As at 31 March 2025.

** Source: Morningstar, performance period 30 June 1985 to 31 March 2025, total return net of fees, GBP. The current approach to investment was adopted in 1985.

† For definitions, see Glossary on pages 23 and 24.

Retail Investors Advised by IFAs

AVI Global Trust Plc ('AVI Global Trust' or 'the Company') currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers ('IFAs') in the UK to ordinary retail investors in accordance with the Financial Conduct Authority rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the Financial Conduct Authority's restrictions which apply to nonmainstream investment products because they are shares in an authorised investment trust.

The Company is an Alternative Investment Fund ('AIF') under the European Union's Alternative Investment Fund Managers' Directive ('AIFMD'). Its Alternative Investment Fund Manager ('AIFM') is Asset Value Investors Limited ('the Investment Manager'). Further disclosures required under the AIFMD can be found on the Company's website: www.aviglobal.co.uk.

ISA Status

The Company's shares are eligible for Stocks & Shares ISAs.

CONTENTS

Financial Highlights	01
Performance Summary	01
Chairman's Statement	02
Investment Manager's Report	03
Investment Portfolio	10
Statement of Comprehensive Income (unaudited)	12
Statement of Changes in Equity (unaudited)	13
Balance Sheet (unaudited)	14
Statement of Cash Flows (unaudited)	15
Notes to the Financial Statements (unaudited)	16
Principal Risks and Uncertainties	22
Directors' Responsibility Statement	22
Glossary	23
Shareholder Information	25
Company Information	25

We maintain a corporate website containing a wide range of information of interest to investors and stakeholders: www.aviglobal.co.uk

@AVIGlobalTrust AVIGlobalTrust

Financial Highlights

PERFORMANCE SUMMARY

• Net asset value ('NAV') total return per share increased +1.0%
• Share price total return +0.8%
• Benchmark index† increased on a total return basis +1.5%
• Interim dividend increased to 1.50p

Performance Summary	Six months to 31 March 2025	Six months to 31 March 2024
Net asset value per share (total return)1 *	+1.0%	+13.9%
Share price total return*	+0.8%	+16.0%
	31 March 2025	31 March 2024
Discount* (difference between share prices and net asset value)2	9.2%	9.4%
Earnings and Dividends Investment income Revenue earnings per share Capital earnings per share* Total earnings per share Ordinary dividends per share	£15.98m 2.75p (1.78)p 0.97p 1.50p	£9.99m 1.38p 30.28p 31.66p 1.20p
Ongoing Charges Ratio (annualised)* Management, marketing and other expenses as a percentage of average shareholders' funds	0.85%	0.88%
	High	Low
Period Highs/Lows Net asset value per share Net asset value per share	267.26p	250.04p
(debt at fair value) Share price (mid market)	270.37p 249.00p	252.40p 227.00p

1 As per guidelines issued by the Association of Investment Companies ('AIC'), performance is calculated using net asset values per share inclusive of accrued income and debt marked to fair value.

2 As per guidelines issued by the AIC, the discount is calculated using the net asset value per share inclusive of accrued income and with the debt marked to fair value.

Buybacks

During the six months ended 31 March 2025 the Company purchased 12,700,000 Ordinary Shares for cancellation for an aggregate consideration of £30,390,000 adding +0.3% to AGT's NAV.

*Alternative Performance Measures

For all Alternative Performance Measures included in this Report, please see definitions in the Glossary on pages 23 and 24.

† MSCI All Country World Index, please refer to the Glossary on page 23 for further information.

The NAV return for the first half of our accounting year was +1.0%, whilst the share price total return was 0.8%, both compared with +1.5% for our comparator benchmark. As ever, these statistics, based on snapshots of data as at the end of September and March, do not tell the whole story. From the end of September to mid-February the share price and NAV followed a generally upward trend with relatively low volatility, as markets were unusually calm. This was then undone by growing concerns over moves by the United States to become more protectionist and isolationist in its dealings with the rest of the world. It all came to a head just after the end of our reporting period when President Trump announced a sweeping range of tariffs on imports to the United States. There has since followed a period of continuing uncertainty and high volatility in share prices.

While markets have been heavily affected by geopolitics and the potential effect on economic growth, our investment managers adhere resolutely to their focus on investing in companies whose assets and future potential are undervalued by their share price. There has been no shortage of interesting situations in the portfolio over the last few months, as set out in their report.

Revenue and dividend

Revenue earnings for the period were 2.75 pence per share. The Board has elected to pay an interim dividend of 1.50 pence per share, which is an increase of 0.30 pence per share compared with last year. While it is too early to predict revenue earnings for the full accounting year, the Board intends to at least maintain the final dividend, absent any unforeseen events, so that the total dividend with respect to the current accounting year will be at least 4.05 pence per share.

The Board recognises that a dividend which is steady and able to rise over time is attractive to many shareholders and, while we do aim to grow the dividend over the long term, I will repeat my previous statement that the portfolio is managed primarily for capital growth.

Share price rating and marketing

AGT has a substantial marketing budget and the Board works closely with AVI as it seeks to generate demand for AGT shares. Each month AVI produces an informative factsheet which is available on our website and I encourage you to register to receive these when they are published. AVI is also active in the media – both traditional and increasingly social media – as we seek to promote our investment proposition to a growing investor base.

The investment trust industry came under a lot of pressure during the period under review, as many trusts experienced wide share price discounts to their underlying NAV, leaving them vulnerable to corporate action. We continue to use share buybacks when AGT's share price discount is unnaturally wide and when the Board believes that buying back shares is in the best interests of shareholders. This is also an approach that our Investment Manager encourages for many of our investee companies. There are periods when, working closely with our brokers, we buy back shares on most working days. During the six months under review, 12.7 million shares were bought back, representing 2.9% of the shares in issue as at the start of the period. Share buybacks benefit shareholders by limiting the discount at which they could sell shares if they so wish. Buying back shares at a discount also produced an uplift in value to the benefit of continuing shareholders, of approximately 0.3%.

Annual General Meeting

All resolutions at the Company's AGM on 19 December 2024 were passed by a large majority. I would like to thank shareholders for their continuing support. As usual, it was good to meet a number of shareholders in person at the meeting. We welcome the opportunity to engage with shareholders and if you have any questions or points that you would like to raise with the Board, please send an email to aviglobal\_cosec@cm.mpms.mufg.com or write to: The Company Secretary, AVI Global Trust PLC, 19th Floor, 51 Lime Street, London, EC3M 7DQ.

Outlook

While predictions are often difficult to make, and equally often prove not to be very accurate, I wrote last November in our 2024 Annual Report "The level of geopolitical uncertainty could be exacerbated by the result of the US election". That certainly proved to be accurate but, looking forward, market movements are anything but easy to predict. We experienced an extreme negative reaction to the initial announcement of widespread tariffs imposed by President Trump, followed by a recovery which may in large part have been due to the President stepping back from more extreme measures due to the market reaction. The President has modified or put most of the proposed tariffs on hold but much uncertainty remains.

Against this unusually high level of background noise, our investment managers continue to focus their resources on what they do best, seeking undervalued assets with the potential to unlock that value.

Graham Kitchen

Chairman

12 June 2025

Investment Manager's Report

Performance Review

Over the interim period, AGT's NAV returned +1.0%, which compares to a return of +1.5% for our comparator benchmark, the MSCI AC World Index (£).

The lag between the end of the interim period and the publication of the report often sails by with no major change of note. The same cannot be said for this year, as investors have grappled with an erratic, uncertain and quickly changing global trade environment, as instigated by President Trump. This has led to considerable volatility in equity, bond and currency markets, since the end of the interim period.

Moreover, recent events have served to undermine the supposedly impervious nature of "American exceptionalism", which had become accepted as a (supposed) unequivocal truth. Whether the end of 2024 marked the crescendo of US equity dominance remains to be seen. Certainly, the economic, geopolitical and financial market events of the last few months, have served to remind investors of the powers of diversification and the wider opportunities in equity markets.

In this context, we note that since the end of January 2025 relative performance has swung +420bps in AGT's favour. Of course, we do not optimise for such short time frames, and we do not believe "less bad" relative performance is anything to write home about. Over the five years to 31 March 2025, AGT has achieved a total NAV return of +122%, or some +28% ahead of the benchmark.

As we have explained in recent years the niche, overlooked and misunderstood areas of the market upon which we focus continue to be largely ignored by investors, resulting in wide discounts.

This has created a fertile and opportunity rich environment for us, and one where a focus on activism, catalysts and events to unlock value has become more important than ever. These traits are evident in your Company's largest holdings, D'Ieteren, News Corp and Chrysalis Investments.

One interesting feature of the current environment is that we are finding an abundance of ideas across all areas on which we focus – Holding Companies, Closed-end Funds and Japan. The latter – Japan – is worth elaborating on, with our exposure (excluding the hedged investment in Softbank Group) now accounting for 23% of NAV, compared to 16% a year ago.

Indeed, eight years into our Japan journey, we are as optimistic as we ever have been. There is a developing market for corporate control, management teams are increasingly proactive, and the governance reform agenda is permeating both small and large cap stocks. Combined with low valuations, we believe that Japan stacks up very attractively, and is a market where our constructive approach to active engagement can yield real results.

As well as new and existing names in Japan, we have also added new positions elsewhere. We have invested in Vivendi, the French holding company controlled by Vincent Bollore, which is now, in essence a mono-holding company for its stake in Universal Music Group, and Gerresheimer AG, a German conglomerate currently undergoing a strategic review. To fund these purchases, we have actively rotated capital and note that we exited two of the top five contributors (Apollo +178bps and Reckitt Benckiser +56bps) during the period, following significant re-ratings in their discounts.

CONTRIBUTORS AND DETRACTORS FOR THE SIX MONTHS ENDING 31 MARCH 2025

	Contribution†
Contributors
Apollo Global Management Inc	178bps
D'Ieteren Group	164bps
Aker ASA	88bps
News Corp	65bps
Reckitt Benckiser Group	56bps

Detractors

Rohto Pharmaceutical	-185bps
Entain	-93bps
Gerresheimer AG	-59bps
Dai Nippon Printing	-54bps
Christian Dior	-51bps

Reflective of the broad opportunity set, our gearing currently stands at 9.5%. The macro path ahead remains uncertain (as it always is!), but it is fair to say that risks appear more elevated than when we last wrote to you.

Our experience shows that timing the market is largely a futile exercise, and as such we remain focused on the bottom-up opportunity set, the underlying fundamentals, and potential catalysts and events, which includes our own activism.

Discounts remain historically wide, as indicated by the 39% portfolio weighted average discount. Aside from a handful of days during the COVID-2020 sell-off, this is the widest level on record.

Whilst we do not expect this to provide protection in the event of near-term market weakness, it makes us optimistic for prospective returns over the medium term. We continue to believe that hard work, activism and events will be crucial to unlocking value. We are also cautiously optimistic that the weight of capital retreating from the US generally, and the so-called Magnificent 7 specifically, has the potential to be a tailwind for narrowing discounts in our universe. As such, whilst the near-term view is hazy, we are confident that we have the right ingredients to deliver strong returns into the future.

Contributors

01	% of net assets Nil	Total return on position HY25 (GBP)
	Discount N/A	49% Contribution (GBP)
	% of investee	+178bps
Apollo Global Management Holding	company N/A	ROI since date of initial purchase
	Total return on position HY25 (local)	165.4%
Company	42%	C

Apollo was our largest contributor over the interim period (+178bps), with a local currency total return of +42%. We exited the position in the first half of December 2024 for a +165% return and an IRR of +41% over our three-anda-half year holding period vs. +28%/+9% for the S&P 500 and +42%/+13% for the MSCI ACWI.

We bought Apollo in 2021, at a time when we believed that the alternative asset manager ("AAM") sector was misunderstood and undervalued; when valuations for balance sheet heavy companies like Apollo and KKR (note AGT also had a very successful investment in KKR which we sold in mid-2024) within the sector were overly penalised; and when Apollo's share price was suffering from the scandal surrounding former CEO Leon Black's links to Jeffrey Epstein. Our thesis was that the market viewed the companies as levered plays on financial markets when, in fact, the bulk of their value resides in their high-quality, visible, recurring and predictable streams of fee-related earnings derived from management fees charged on long duration capital.

In the specific case of Apollo, there were also concerns ahead of its merger with its sister life insurance company, Athene. Life insurance businesses are, understandably, often lowly rated by the market. However, the reasons why they are so – unpredictable liabilities with tail risks (e.g., long-term care) and hard-to-hedge liabilities such as variable annuities – simply do not apply to Athene which has a highly focused business model, predominantly centred on fixed annuities.

As such, Athene can be looked at as effectively a spread-lending business, earning a spread between the rates paid on annuities and the yields earned on its investments. Its fixed income portfolio (95% of total assets) is 96% investment-grade, with Athene seeking to earn a return premium from complexity and illiquidity rather than from taking duration or additional credit risk and targeting a mid-to-high teens return on equity. Life insurance businesses are also correctly perceived as being capital intensive, and this was a source of some disquiet when the Apollo/Athene merger was announced. But capital intensity is not a bad thing if one is earning high returns on that capital; and, as we understood at the time, a material proportion of Athene's growth was likely to be funded by third-party "sidecar" vehicles.

Over November 2024, Apollo's shares soared by +22%, buoyed first by stellar Q3 results and then – just a day later – by a US election result that poured rocket fuel on the US financials sector as a whole – and the AAMs in particular – on optimism around a revival of deal activity and the prospect of a more benign regulatory environment. We believe that Apollo's share price led the post-election charge amongst its peers for two specific reasons.

Firstly, there had been growing concerns that Athene (more accurately described as Retirement Services), may become subject to increased regulatory oversight given an increasing media focus on "private equity owned insurers". While even this label is highly misleading, suggesting as it does that insurers like Athene either sit within limited life funds – they do not – and/or that their balance sheets are loaded with private equity investments managed by their owner – in most cases, certainly in Athene's, they are not – the fact is that the election result reduces the probability of tightened regulation to close to zero.

Secondly, there is a heightened prospect of alternative investments being allowed into the \$12trn US 401(k) pension market. While there are no legal restrictions on such pension plans investing in private assets, fears of litigation have prevented any such moves to date. Such fears are likely to be diminished under a more permissive regulatory regime.

We note Apollo CEO Marc Rowan's comment some time ago that "we are likely one administration away" from changes here. It is very possible that the US election result may mean that administration has arrived. With its experience in retirement services, via its ownership of Athene and having been first to identify what Rowan terms the Fixed Income Replacement Opportunity (replacing a portion of the ~\$40trn public investment grade market with private investment grade credit), Apollo is the best placed of all its peers to capitalise on an opening up of the 401(k) market.

While consensus estimates of forward earnings increased over our holding period, the bulk of our returns came from multiple expansion, as the market favourably reassessed the company's earnings quality and the duration of its growth opportunity. That said, the shares have de-rated materially since we exited, and we continue to monitor for an opportunity to re-establish a position in what we believe is still a misunderstood high-quality business.

D'Ieteren added +164bps to NAV over the interim period, with the position returning +19% inclusive of £35m of dividends received.

In last year's annual report, we highlighted that in September 2024 the company announced an extraordinary €74 per share special dividend, equivalent to 39% of the company's market cap at the time. Selling pressure from tax-sensitive investors – who faced Belgian Withholding Tax rates of up to 30% vs. AGT's 10% net rate – pushed the shares down from €226 to a low of €188. During this period, we increased our position by more than 70% at an average price just shy of €200 per share.

This made D'Ieteren the largest position in the portfolio at a 9.3% weight on 9 December 2024, when the shares closed at €200 per share. On 10 December 2024, the company traded ex-dividend of the €74 per share special dividend, yet closed the day at €160 i.e. some +27% above the implied ex-dividend price of €126. Net of 10% tax, AGT received proceeds of £35m, equivalent to 3.1% of its NAV.

As we look ahead, we expect investors to retune their focus on D'Ieteren's fundamentals, and Belron specifically. 2024 was characterised by a more difficult operating environment, particularly in the US, where volumes in the insured market (on which Belron focuses) suffered from so-called "claims avoidance", whereby, following large increases in insurance premiums, consumers are eschewing making insurance claims and instead use the cash market (to which Belron is underexposed). Despite this headwind, operating profit grew by +11% in 2024, with strong margin expansion to 21%. As we look ahead, the big-picture dynamics of the last few years remain in place, with trends toward windshield complexity and advanced driver-assistance systems penetration driving significant value growth. Margins are expected to eclipse 23% in 2025, with a mid-teens level of growth in operating profit.

D'Ieteren shares currently trade at €159, which represents a 51% discount to our estimated NAV. In October 2024, we saw a transaction between Belron minority shareholders which valued the company at a €32.2bn enterprise value ("EV"). This pegs D'Ieteren's 50% equity stake at €221 per D'Ieteren share. This valuation was higher than we had modelled – having previously estimated Belron to be worth €24.5bn EV, or 17x our estimate for 2024 EBIT. It does, however, put a line in the sand for future, more meaningfully sized transactions in Belron's equity, such as an IPO or further private equity sales. As and when these occur, we expect this to be a positive catalyst for D'Ieteren's very wide discount to narrow.

To date, D'Ieteren has been a successful investment, generating an ROI/IRR of +33%/+25% (local), however, we are optimistic that there is much more still to come.

Aker was the third largest contributor (+88bps), with a total return of +23%. This was the result of strong NAV growth, with the discount largely unchanged at 26%. The +380bps appreciation of the Norwegian Krone ("NOK") versus Sterling, was an additional tailwind.

NAV growth was led by Aker BP (54% of NAV), which returned +17%. Earlier in 2024, investors had grown cautious on the plateauing of production at the Johan Sverdrup oilfield, and the company's longer-term production profile. The performance of Johan Sverdrup has exceeded expectations, and in February 2025 the company issued encouraging new long-term guidance. Management expects production to increase from 439k barrels per day in 2024 to 525k in 2028 and then remain above 500k into the 2030s. Aker BP's assets remain some of the highest quality globally, as evidenced by production costs of \$6 per barrel (down from \$10 in 2017). This supports a targeted +5% annual growth in the company's dividend which, combined with the current starting yield of 11%, bodes well for further NAV growth.

Elsewhere in Aker's portfolio, it has also been a busy period, as the company has made a concerted effort to unlock value, realise capital and push dividends to the holding company level. In 2024, this saw Aker Biomarine sell its Feed Ingredients Business, as well as corporate transactions at Aker Carbon Capture, Aker Solutions and a number of other smaller assets. In total, this saw NOK 9.3bn/16% of NAV paid up to Aker as dividends in 2024 – more than twice that of the prior year. As well as this, Aker announced a revised capital allocation framework, which now targets an annual dividend of 4-6% of NAV. At current prices, this equates to a yield for shareholders of over 8%. We believe this to be good value.

Contributors continued

04	% of net assets 7.1% Discount -41.0%	Total return on position HY25 (GBP) 8% Contribution (GBP)	05
News Corporation Holding Company	% of investee company 1.0% Total return on position HY25 (local) 3%	+65bps ROI since date of initial purchase 17.8%

News Corp was a meaningful contributor over the period adding +65bps to NAV. This was largely a function of the position's large weight (8% average weight), and US dollar strength, which turned a +3% local return to a +8% return in GBP.

During the period, News Corp sold its unlisted, 65% stake in Foxtel, the Australian pay-tv business, to DAZN. The transaction occurred at an enterprise value of \$2.1bn, or approximately 7x EBITDA, with News Corp debt and equity holding coming in at \$1.1bn, or 4%/8% of then NAV/market cap.

We view this as a highly attractive valuation, for one of News Corp's less desirable assets and highlights the lunacy of the implied valuation of News Corp's other (more attractive) unlisted stub assets – trading at an implied 5.1x EBITDA. With that said, our enthusiasm is somewhat tempered, as the payment (for the equity) has been made in unlisted DAZN stock (with News Corp also seeing its inter-company loan repaid).

More importantly however, we believe that the Foxtel sale clears management's plate for more meaningful strategic and structural changes, with management commenting on a recent earnings call "our consideration of the appropriate structure does not end with that (Foxtel) significant decision". The elephant (or perhaps golden goose?) is REA Group, the 61% stake in which accounts for 72% of News Corp's market cap.

We believe that the market continues to overlook the possibility of structural simplification and value being unlocked. As and when this occurs, the prospects of a re-rating are considerable. In the meantime, we benefit from attractive NAV growth prospects, most notably from Dow Jones (34% of NAV). Indeed, this reinforces the importance and attraction of owning durable growing businesses in an event-focused strategy. Time is our friend, with intrinsic value/NAV compounding whilst we wait for the main event, which – as is invariably the case, takes longer to come to fruition than one would have originally hoped.

News Corp remains one your Company's largest positions at 7% of NAV.

Reckitt Benckiser ("Reckitt") was a meaningful contributor over the period, as the discount narrowed significantly and we exited the position. Overall, it was a relatively short and successful investment, generating an ROI/IRR of +17% and +26%, which compares to an ROI of +14% and +7% for the MSCI AC World Index and FTSE 100 over the holding period.

By way of background, we built the position in the spring/summer of 2024, at a time of deep investor pessimism, when the shares traded at a c.40% discount to our estimated NAV, at a decade-low 11x price/earnings ratio and at a record wide discount to peers. Already trading at a discounted valuation, in March 2024 the company was hit by a litigation shock. The company's US infant nutrition business, Mead Johnson, was ordered to pay \$60m compensation to the mother of a baby who died of Necrotising Enterocolitis ("NEC") – a bowel disease that mainly affects premature babies – who had been fed Enfamil pre-term baby formula. This led to a -15% one-day decline in Reckitt's share price as investors struggled to price the potential liability and capitulated. Whilst we were humble in our inability to assess potential legal liabilities with greater accuracy than the market, we felt that the market's implied c.\$10bn gave a large margin of safety versus expert estimates.

It was our contention that the noise around the litigation allowed long-term orientated investors to buy a collection of trusted brands which exhibit meaningful barriers to entry, high margins, and attractive growth prospects at a much-reduced price. Moreover, we felt that management were under increased pressure to unlock value, with the business having explored splitting itself up some years earlier.

Indeed, shortly after we initiated our position, management launched a sweeping overhaul, with plans to exit the Essential Home business and Mead Johnson and to boost margins. Combined with positive news flow on the NEC litigation, this helped the shares to re-rate from a c.40% discount to one in the low 20s.

From the current discount level, we view the risks as more balanced, particularly regarding operational complexity and dyssynergies of asset sales, and a growing concern over the valuation at which Essential Home can be monetised.

As such, we took the opportunity to exit the position. We believe the investment demonstrates AVI's contrarian approach to investing in companies undergoing structural and strategic change to unlock discounted valuations.

Detractors

06	% of net assets 4.1%	Total return on position HY25 (GBP)
	Discount -56.1%	-32% Contribution (GBP)
Rohto Pharma ceutical Asset-backed Special Situation	% of investee company 1.6% Total return on position HY25 (local) -31%	-185bps ROI since date of initial purchase -25.4% D

Rohto Pharmaceutical ("Rohto") was the most significant detractor over the period, reducing performance by -185bps, as its shares returned -31% in local terms. Rohto is the number one player in Japan's domestic self-selection skincare and eye-drop markets. We first invested in Rohto in June 2024, and at the reporting period-end, the position represented 4.1% of the AGT portfolio.

Despite the underlying quality of the core businesses, skincare and eye drops, the company has seen its share price fall significantly due to management's persistent investment in the non-core, unprofitable regenerative medicine business, which exhibits no clear path to success, but which management views as one of several 'growth investment businesses'.

It has been a turbulent six months for Rohto.

At the start of the fiscal year, Rohto signalled a reluctance to increase product prices, which left the market with a negative impression. Alongside this, the company maintained high R&D expenditure in its unprofitable healthcare segment, despite investor pushback. The market had also expected an increase in shareholder returns, to which the company announced a large acquisition at a high valuation instead. And, on top of this, the company announced a likely dilutive convertible bond issue out of the blue, with management likely naive regarding the message that this issuance would send to the market.

Elsewhere, Rohto's share price was caught up in the broader cosmetic market sell-off, with investors concerned over the outlook for the Chinese market, despite Rohto's low exposure to this market.

We believe that a combination of clearer investor communication, combined with Rohto's superior operational performance to peers, can drive a re-rating and help to rectify the undervaluation.

Shortly after the period end, AVI launched a public campaign highlighting 17 constructive suggestions in a detailed 100-page presentation, which can be found here. AVI firmly believes that the keys to achieving sustainable business growth lie in refocusing management on the core business and conducting a strategic review of 'growth investment businesses,' while enhancing IR communications, capital efficiency and board independence. By taking these steps, Rohto can demonstrate 'that management is conscious of the cost of capital and share price,' in line with the Tokyo Stock Exchange's request. Specifically, AVI's engagement is focusing on reallocating R&D spending from unprofitable business areas such as the prescription drug business and regenerative medicine business, towards high-value, high market share product lines, such as Rohto's skin care products. AVI also highlights the need to improve IR communications, which contributes to Rohto's significant relative undervaluation.

Despite the company's 14% operating margin outperforming the peer average of 5%, Rohto trades at an EV/EBITA multiple of 11.6x vs the peer average 16.2x. EV/EBITA is used for comparability as it focuses on operational performance, excluding pharmaceutical companies' amortisation of intangible assets such as patents, licences and IP.

Rohto's fundamental performance remains strong, and combined with AVI's public campaign, our conviction remains steadfast in the opportunity to streamline the equity story. Whilst we have taken our engagement agenda public, AVI's private engagement with the company continues in earnest. We look forward to further discussing our suggestions with management as we seek to unlock sustainable value for all stakeholders.

07	% of net assets 3.5% Discount -52.2%	Total return on position HY25 (GBP) -20% Contribution (GBP)
	% of investee company 1.0%	-93bps ROI since date of initial purchase
Entain Holding Company	Total return on position HY25 (local) -20%	-27.1% D

Over the interim period, Entain detracted -93bps from your Company's returns, as the shares fell by -20% on a total return basis. This decline can be attributed to discount widening, moving from -31% to -52%, with returns being cushioned marginally by NAV growth of +10%.

We believe that there are two main factors which have contributed to discount widening over the reporting period.

Firstly, in December 2024, it was announced that the Australian anti-money laundering regulator (AUSTRAC) had commenced civil proceedings against Entain's Australian subsidiary. The investigation began in 2022 and relates to 17 accounts (out of more than 1 million) alleging that Entain had inadequate systems in place. As our industry is fond of saying, "past performance is not indicative of future results", however, we note that AUSTRAC's largest ever fine equates to c.£225m, equivalent to c.4% of Entain's pre-announcement market cap. We don't claim any great insight beyond this, but that is the ballpark which we are in.

Secondly, in February 2025 it was announced that Entain's CEO, Gavin Isaacs, would step down with immediate effect. Here we have more sympathy with the market's despondence. A CEO departing after only five months in the job announced via a vague press release is hardly confidence inspiring. That being said, with a competent and experienced (temporary) replacement waiting in the wings, in the form of Stella David (who had previously been interim CEO before Mr. Isaacs' appointment) there is no great disruption. Moreover, our investment case is (largely) centred on the potential to unlock value from the BetMGM JV, and we believe that a strong board and capital allocation committee is of central importance from a governance perspective.

On the NAV side of the equation, it has been a difficult couple of years, predominantly due to subpar navigation of a changing regulatory landscape in Entain's largest market, the UK. The Online Operations (76% of portfolio) returned to double-digit organic revenue growth in Q4, driven by a strong, and earlier than expected, reacceleration of growth in the UK. This helped contribute to an overall organic top-line growth of +6% over 2024, having previously guided to a decline at the start of the year.

Detractors continued

The turnaround in financial results is very pleasing to see. However, what we believe to be more encouraging are the internal input drivers into these financials. The most important of these inputs is that player retention is back above the ~85% level which sits at the heart of the Entain's organic growth algorithm, having been below this level for a considerable period of time.

Looking ahead, Entain believe that they can sustain and build upon this player base, with early positive evidence within the UK as, for the first time since Q1 2021, spend-per-head increased. We expect that from here, growth should at least match that of the underlying markets (c.5% on a weighted average basis) with potential upside to this, as market share shifts back away from third-tier operators.

The other engine of growth for Entain is BetMGM (12% of its portfolio). It was around this time last year, that management outlined that 2024 was to be a "year of investment", after a difficult 2023. It was pleasing to see that these investments were not in vain, as BetMGM ended 2024 as a fundamentally stronger business. Almost every key performance indicator saw significant improvement, gaining momentum over the year and which has continued into 2025.

In 2025, management expects EBITDA to be positive, materially ahead of analyst consensus which was expecting another negative year. We believe that this earlier-than-expected inflection adds credence to management's medium-term aspiration of \$500m in annual EBITDA.

However, in the current structure we believe that this value is being entirely discounted, with BetMGM trading at a negative implied valuation on our numbers. Alternatively, stripping out our (conservative) carrying value for BetMGM, the stub of Entain trades at 5x forward EBITDA, versus peers closer to 10x and historic M&A transactions above this level.

We believe this to be an unduly low valuation, for a company operating in a structurally growing industry and with significant barriers to entry.

08	% of net assets 6.1%	Total return on position HY25 (GBP)
	Discount -47.4%	-9% Contribution (GBP)
	% of investee company 3.2%	-59bps ROI since date of initial purchase
Gerresheimer Holding Company	Total return on position HY25 (local) -9%	-9.0% D

During the period we built a new position in Gerresheimer AG ("Gerresheimer"), which detracted -59bps over the period.

Gerresheimer is a £2bn German conglomerate, that offers exposure to a leading player in the oligopolistic pharmaceutical primary packaging market with high barriers to entry and attractive growth prospects.

These merits are not currently reflected in the group's valuation, with the company trading at a 47% discount to our estimated NAV. We see multiple potential paths to improve the depressed valuation and unlock value, with the company currently undertaking a strategic review of its Moulded Glass division (22% of its NAV). In recent months, the company has been in discussions with a number of private equity houses regarding a potential take private transaction, with reported non-binding offers in the region of €90 per share. In March it was announced that KKR are no longer part of the consortium looking at a deal, and the shares have reacted negatively to this, now trading at ~€55, or just over 10x this coming year's earnings.

Whether or not a bid emerges from other parties remains to be seen, but we are encouraged by the numerous levers that the company has and with which it could enact change and create value for its shareholders, most notably the ongoing Moulded Glass strategic review. We own a little more than a 3% stake in the company and believe that there is significant value to be unlocked.

Subsequent to the interim period end, in early June, Gerresheimer issued a profit warning leading to a -23% one day decline in the share price.

Following this we published an open letter to the Supervisory Board setting out the steps required to secure and unlock value.

The full letter can be found here: Gerresheimer - a shot of new medicine is required

We continue to actively engage with management and the board in the pursuit of realising Gerresheimer's considerable value.

09	% of net assets 2.7%	Total return on position HY25 (GBP)
	Discount -48.3% % of investee	-14% Contribution (GBP) -54bps
Dai Nippon Printing Asset-backed Special Situation	company 0.5%	ROI since date of initial purchase
	Total return on position HY25 (local) -14%	6.8% D

Dai Nippon Printing ("DNP") – the Japanese conglomerate which owns a collection of competitively advantaged component businesses – was one of your Company's largest detractors in the interim period, with AGT's position returning -14% in GBP. This was driven by a -550bps widening in the discount and a -10% decline in the NAV.

DNP faced multiple headwinds in the period. First, on 11 November 2024 the company filed its shareholder register alongside its quarterly results. This showed that a large activist investor, with over a 3% position, had exited the company. This investor had been a key driving force behind DNP's large step forwards in governance and capital allocation. Investors were clearly pessimistic that the company's management would maintain their stance on shareholder returns and capital allocation in the absence of a large activist, and the shares fell by some -17% in the subsequent two weeks. Compounding matters, the company then announced a buyback and secondary offering on 29 November 2024, with the JPY20bn buyback significantly smaller than the one announced in previous periods. This saw DNP's stub multiple decline from 8.0x forward EBIT to a lowly 5.6x.

AVI has had subsequent conversations with DNP, who explained that their capital allocation policy is unchanged and that the timeline for the secondary transaction had been planned since August 2024, with the timing of the press release due to regulatory reasons.

Despite the market's pessimism, our underlying thesis remains unchanged.

As a reminder, DNP is a 150-year-old Japanese printing company whose conglomerate structure, and overexposure to the declining traditional printing industry, obscures the quality of its Electronics segment, which has compounded operating profits at +16% year-over-year ("YoY") for ten years, generates a 25%+ margin, and accounts for over 70% of consolidated operating profit.

AVI's attraction is to the "crown jewel" fine metal mask business, which we estimate accounts for c. 75% of the Electronics segment's profits. A fine metal mask ("FMM") is a critical component used to manufacture the smaller OLED panels in smartphones, tablets and laptops. While critical to the production process, each FMM only represents about 10% of the total manufacturing cost. DNP's patented technology and operational expertise means that the company boasts effectively 100% market share in FMMs and generates operating margins of around 35-40% on each metal mask. The market for FMMs is predominantly smart phone OLED panels, which are estimated to have around 50% market penetration.

The opportunity for DNP over the next five years, however, is in larger FMMs for tablets and laptops, which have under 5% market penetration, and the demand of which is expected to grow +32% YoY to 2030. Given the higher level of technical expertise required to produce a larger FMM, DNP charges a higher price per square inch, generating an estimated operating margin of between 40-50% on each larger FMM. As such, we are anticipating a combination of significant earnings growth and margin expansion at DNP over the next five years, with DNP one of the key beneficiaries of the switch to OLED from LCD.

Elsewhere, DNP has a further JPY130bn (15% of current market cap) of its shares to buy back over the next two years, a portfolio of listed securities worth a further 33% of market cap after tax, and trades at an undemanding multiple of less than 6x EBIT (versus electronic component manufacturing peers at c.14x).

We continue to engage with DNP's management in private and remain excited by prospective future returns.

10	% of net assets 2.1%	Total return on position HY25 (GBP)
	Discount -20.5%	-17% Contribution (GBP)
	% of investee company 0.0%	-51bps ROI since date of initial purchase
Christian Dior Holding Company	Total return on position HY25 (local) -18%	71.6% D

Christian Dior ("CDI") – the mono-holding company through which the Arnault family controls LVMH – endured a difficult six months, with the shares declining by -18%. This was a function of a -17% decline in NAV and -170bps widening of the discount, to 20%.

This was a volatile period for LVMH and the wider luxury goods industry, as investors have digested an evolving economic and demand backdrop. From mid-November 2024 to late January 2025, shares in LVMH rose by some +30%, as there were signs of an improvement in the performance of the US and stabilisation in China. Since then, the shares have given this all back and more and are down -24% from the peak. The threat of tariffs by the US, slowing consumer demand and the negative effect on wealth from stock market declines have all contributed to reduced expectations for growth and margins. For example, analysts' consensus now projects LVMH's 2025 operating profits some -7% lower than had been expected at the start of the year.

Whilst we remain cautious on the near-term demand outlook, we are enthusiastic about long-term prospects for LVMH. The company benefits from significant scale advantage as the owner of multiple mega-brands with irreplaceable brand equity in an industry with healthy long-term growth prospects. Past crises have often given rise to new opportunities and LVMH's modestly levered balance sheet and strong management team add credence to the idea that this will be the same again. The shares have de-rated and now trade at c.15x 2025 estimated EV/EBIT – although we concede that there are some risks to these estimates. Alternatively, we estimate that LVMH trades at a ~30% conglomerate discount.

Over time it remains our expectation that the Arnault family will look to collapse the CDI structure at NAV, providing an additional boost to returns.

Joe Bauernfreund

Asset Value Investors Limited

12 June 2025

Investment Portfolio

At 31 March 2025

		% of investee	IRR	ROI	Cost	Equity Exposure	% of
Company	Portfolio classification	company	(%, £)1	(%, £)2	£'0003	£'0004	net assets
News Corp	Holding Company	1.0%	12.7%	17.8%	65,652	75,902	7.1%
D'Ieteren Group	Holding Company	1.1%	22.9%	30.3%	48,0655	74,952	7.0%
Chrysalis Investments	Closed-ended Fund	14.6%	14.9%	12.7%	64,460	72,635	6.8%
Gerresheimer AG	Holding Company	3.2%	nm	-9.0%	71,604	65,503	6.1%
Oakley Capital Investments	Closed-ended Fund	7.0%	20.4%	121.1%	25,360	57,761	5.4%
Harbourvest Global Private Equity	Closed-ended Fund	3.1%	14.5%	9.1%	52,499	57,042	5.3%
Partners Group Private Equity	Closed-ended Fund	9.2%	8.3%	15.7%	53,282	54,820	5.1%
Vivendi	Holding Company	2.2%	12.6%	2.3%	50,777	52,852	4.9%
Aker ASA	Holding Company	1.4%	15.7%	73.6%	49,864	48,667	4.5%
Cordiant Digital Infrastructure	Closed-ended Fund	7.0%	41.8%	35.6%	36,385	46,444	4.3%
Top ten investments			73.3%		517,948	606,578	56.5%
Rohto Pharmaceutical	Asset-backed Special Situation	1.6%	nm	-25.4%	59,930	44,450	4.1%
Entain	Holding Company	1.0%	-32.0%	-27.1%	53,633	37,899	3.5%
IAC/InterActive Corp	Holding Company	1.2%	-19.1%	-44.6%	70,201	35,045	3.3%
Tokyo Gas	Asset-backed Special Situation	0.3%	nm	6.4%	31,397	33,373	3.1%
Kyocera	Asset-backed Special Situation	0.2%	-19.8%	-12.0%	37,521	32,590	3.0%
Toyota Industries	Asset-backed Special Situation	0.1%	-1.0%	-1.0%	32,263	31,641	2.9%
Dai Nippon Printing	Asset-backed Special Situation	0.5%	3.8%	6.8%	29,949	29,459	2.7%
GCP Infrastructure Investments	Closed-ended Fund	4.5%	14.5%	16.6%	26,088	27,094	2.5%
Irish Residential Properties	Asset-backed Special Situation	6.3%	-3.0%	-2.8%	28,020	26,350	2.5%
EXOR	Holding Company	0.2%	10.0%	38.2%	19,419	24,887	2.3%
Top twenty investments			99.2%		906,369	929,366	86.4%
Third Point Investors	Closed-ended Fund	4.3%	5.1%	28.9%	17,263	24,697	2.3%
Symphony International Holdings	Closed-ended Fund	15.7%	4.7%	30.0%	26,636	22,821	2.1%
Kokuyo	Asset-backed Special Situation	1.3%	nm	0.8%	22,308	22,467	2.1%
Christian Dior	Holding Company	0.0%	16.0%	71.6%	24,272	22,328	2.1%
Mitsubishi Logistics	Asset-backed Special Situation	1.1%	nm	-10.8%	17,084	21,629	2.0%
Bollore	Holding Company	0.2%	nm	-5.6%	22,503	20,251	1.9%
Net Lease Office Properties	Holding Company	5.0%	nm	3.0%	17,402	17,897	1.7%
Tokyo Tatemono	Asset-backed Special Situation	0.6%	nm	-1.1%	17,706	17,320	1.6%
Frasers Group	Holding Company	0.6%	-21.8%	-23.2%	21,920	16,857	1.6%
abrdn European Logistics Income	Closed-ended Fund	7.0%	10.2%	10.6%	15,635	16,402	1.5%
Top thirty investments			103.0%		1,109,098	1,132,035	105.3%

		% of				Equity
Company	Portfolio classification	investee company	IRR (%, £)1	ROI (%, £)2	Cost £'0003	Exposure £'0004	% of net assets
Wacom	Asset-backed Special Situation	2.7%	-11.8%	-29.4%	19,356	11,523	1.1%
Mitsubishi Estate	Asset-backed Special Situation	0.1%	nm	-5.6%	11,672	11,016	1.0%
TSI Holdings	Asset-backed Special Situation	2.4%	36.0%	64.8%	6,796	10,654	1.0%
SK Kaken	Asset-backed Special Situation	1.3%	-5.9%	-30.4%	14,638	9,578	0.9%
Konishi	Asset-backed Special Situation	1.9%	4.6%	24.8%	7,626	8,169	0.8%
Seraphim Space Investment	Closed-ended Fund	2.6%	8.3%	19.3%	2,950	3,464	0.3%
VEF	Holding Company	2.3%	-10.9%	-20.3%	4,525	3,104	0.3%
JPEL Private Equity	Closed-ended Fund	18.4%	20.5%	82.6%	1,219	2,650	0.2%
Sumitomo Realty & Development	Asset-backed Special Situation	0.0%	nm	-6.6%	2,775	2,593	0.2%
Better Capital (2009)	Closed-ended Fund	17.4%	–	–	1,962	903	0.1%
Top forty investments		73.3%		111,264	1,182,617	1,195,689	111.2%
Third Point Investors Private Investments	Closed-ended Fund	0.0%	–	–	563	499	0.0%
Ashmore Global Opportunities – GBP	Closed-ended Fund	0.0%	3.8%	6.8%	10	82	0.0%
Equity investments at fair value					1,183,190	1,196,270	111.2%

Fair value and gross market exposure of investments4	Portfolio classification	Equity exposure £'000	Fair value £'000	% of net assets
Total Return Swaps long positions
Softbank Group	Asset-backed Special Situation	25,601	(6,415)	-0.6%
Sum of Total Return Swap long positions		25,601	(6,415)	-0.6%
Total Return Swap short positions
Arm Holdings	Operating Company	(14,337)	6,143	0.6%

Coupang	Operating Company	(634)	(19)	0.0%
Deutsche Telekom	Operating Company	(1,187)	(397)	0.0%
Softbank	Operating Company	(3,794)	(403)	0.0%
T-Mobile	Operating Company	(3,247)	(1,082)	-0.1%
Sum of Total Return Swap short positions		(23,199)	4,242	0.5%
Sum of Total Return Swap long and short positions		2,402	(2,173)	-0.1%

Investments and Total Return Swaps	1,185,592	1,194,097	111.1%
Other net current assets less current liabilities		43,372	4.0%
Non-current liabilities		(162,079)	-15.1%
Net assets		1,075,390	100.0%

1 Internal Rate of Return. Calculated from inception of AVI Global Trust's investment. Refer to Glossary on page 24.

2 Return on Investment. Calculated from inception of AVI Global Trust's investment. Refer to Glossary on page 24.

3 Cost. Refer to Glossary on page 23.

5 Following a return of capital in December 2024 the cost of D'Ieteren Group has been reduced by £34,582,000.

⁴ Notional current equity value of investments and swaps. For a full description of the exposure to Softbank, please see page 33 of the Annual Report for the year to 30 September 2024.

Statement of Comprehensive Income (unaudited)

For the six months ended 31 March 2025

		For the six months to 31 March 2025			For the six months to 31 March 2024			For the year to 30 September 2024
	Notes	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000
Income Investment income (Losses)/gains on financial assets and financial	2	15,866	4,125	19,991	9,992	–	9,992	26,603	3,153	29,756
liabilities held at fair value Exchange losses on cash and cash equivalents		– –	(3,366) (582)	(3,366) (582)	– –	141,762 (1,003)	141,762 (1,003)	– –	130,745 (4,367)	130,745 (4,367)
		15,866	177	16,043	9,992	140,759	150,751	26,603	129,531	156,134
Expenses Investment management fee Other expenses		(1,165) (891)	(2,719) –	(3,884) (891)	(1,105) (1,041)	(2,579) –	(3,684) (1,041)	(2,283) (2,035)	(5,328) –	(7,611) (2,035)
Profit/(loss) before finance costs and tax Finance costs Exchange gains on revaluation of loan notes		13,810 (751) –	(2,542) (1,774) 316	11,268 (2,525) 316	7,846 (885) –	138,180 (2,086) 3,887	146,026 (2,971) 3,887	22,285 (1,602) –	124,203 (3,781) 6,008	146,488 (5,383) 6,008
Profit/(loss) before taxation Taxation		13,059 (1,060)	(4,000) (3,754)	9,059 (4,814)	6,961 (684)	139,981 (2,236)	146,942 (2,920)	20,683 (1,741)	126,430 (2,715)	147,113 (4,456)
Profit/(loss) for the period		11,999	(7,754)	4,245	6,277	137,745	144,022	18,942	123,715	142,657
Earnings per Ordinary Share (pence)	3	2.75	(1.78)	0.97	1.38	30.28	31.66	4.20	27.45	31.65

The total column of this statement is the Income Statement of the Company prepared in accordance with UK-adopted international accounting standards. The supplementary revenue and capital columns are presented in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies ("AIC SORP").

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

There is no other comprehensive income, and therefore the profit/loss for the year after tax is also the total comprehensive income.

The accompanying notes are an integral part of these financial statements.

Statement of Changes in Equity (unaudited)

For the six months ended 31 March 2025

		Capital
	Ordinary	redemption	Share	Capital	Merger	Revenue
	share capital	reserve	premium	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
For the six months to 31 March 2025
Balance as at 30 September 2024	9,753	9,182	28,078	989,795	41,406	34,511	1,112,725
Treasury Shares cancelled	(475)	475	–	–	–	–	–
Ordinary Shares bought back for cancellation	(254)	254	–	(30,390)	–	–	(30,390)
Total comprehensive income for the period	–	–	–	(7,754)	–	11,999	4,245
Ordinary dividends paid (see note 6)	–	–	–	–	–	(11,190)	(11,190)
Balance as at 31 March 2025	9,024	9,911	28,078	951,651	41,406	35,320	1,075,390
For the six months to 31 March 2024
Balance as at 30 September 2023	10,155	8,780	28,078	910,267	41,406	32,332	1,031,018
Ordinary Shares bought back for cancellation	(232)	232	–	(24,245)	–	–	(24,245)
Total comprehensive income for the period	–	–	–	137,745	–	6,277	144,022
Ordinary dividends paid (see note 6)	–	–	–	–	–	(11,396)	(11,396)
Balance as at 31 March 2024	9,923	9,012	28,078	1,023,767	41,406	27,213	1,139,399
For the year ended 30 September 2024
Balance as at 30 September 2023	10,155	8,780	28,078	910,267	41,406	32,332	1,031,018
Ordinary Shares bought back for cancellation	(402)	402	–	(44,187)	–	–	(44,187)
Total comprehensive income for the year	–	–	–	123,715	–	18,942	142,657
Ordinary dividends paid (see note 6)	–	–	–	–	–	(16,763)	(16,763)
Balance as at 30 September 2024	9,753	9,182	28,078	989,795	41,406	34,511	1,112,725

The accompanying notes are an integral part of these financial statements.

Balance Sheet (unaudited)

As at 31 March 2025

Notes	At 31 March 2025 £'000	At 31 March 2024 £'000	At 31 September 2024 £'000
Non-current assets
Investments held at fair value through profit or loss 8	1,196,270	1,259,089	1,205,675
	1,196,270	1,259,089	1,205,675
Current assets
Total Return Swap assets 8, 9	6,143	5,340	606
Trade receivables, prepayments and other debtors	45,620	16,026	26,027
Cash and cash equivalents	10,067	39,688	48,597
	61,830	61,054	75,230
Total assets	1,258,100	1,320,143	1,280,905
Current liabilities
Total Return Swap liabilities 8, 9	(8,316)	(3,725)	(4,414)
Revolving credit facility 7	–	(23,547)	–
Trade payables, accruals and short term borrowings	(12,315)	(15,790)	(1,395)
	(20,631)	(43,062)	(5,809)
Total assets less current liabilities	1,237,469	1,277,081	1,275,096
Non-current liabilities
4.184% Series A Sterling Senior Unsecured Loan 2036 8	(29,930)	(29,923)	(29,927)
3.249% Series B Euro Senior Unsecured Loan 2036 8	(25,050)	(25,562)	(24,902)
2.93% Euro Senior Unsecured Loan 2037 8	(16,650)	(16,986)	(16,549)
1.38% JPY Senior Unsecured Loan Notes 2032 8	(41,312)	(41,710)	(41,558)
1.44% JPY Senior Unsecured Loan Notes 2033 8	(23,272)	(23,501)	(23,413)
2.28% JPY Senior Unsecured Loan Notes 2039 8	(25,865)	–	(26,022)
	(162,079)	(137,682)	(162,371)
Net assets	1,075,390	1,139,399	1,112,725
Equity attributable to equity shareholders
Ordinary Share capital 5	9,024	9,923	9,753
Capital redemption reserve	9,911	9,012	9,182
Share premium	28,078	28,078	28,078
Capital reserve	951,651	1,023,767	989,795
Merger reserve	41,406	41,406	41,406
Revenue reserve	35,320	27,213	34,511
Total equity	1,075,390	1,139,399	1,112,725
Net Asset Value per Ordinary Share – basic and diluted (pence) 4	250.46	252.88	251.71
Number of shares in issue excluding Treasury 5	429,361,671	450,576,787	442,061,671

The accompanying notes are an integral part of these financial statements. Registered in England and Wales No. 28203

Statement of Cash Flows (unaudited)

For the six months ended 31 March 2025

	Six months to 31 March 2025 £'000	Six months to 31 March 2024 £'000	Year to 30 September 2024 £'000
Reconciliation of profit before taxation to net cash inflow from operating activities
Profit before taxation	9,059	146,942	147,113
Losses/(gains) on investments held at fair value through profit or loss	3,366	(141,762)	(130,745)
Decrease in other receivables (Decrease)/increase in other payables	3,653 (211)	29,140 125	16,547 (710)
Taxation paid	(12,758)	(2,884)	(4,627)
Exchange gains on Loan Notes and revolving credit facility	(316)	(5,118)	(7,542)
Amortisation of loan issue expenses	23	22	43
Net cash inflow from operating activities	2,816	26,465	20,079
Investing activities
Purchases of investments	(341,701)	(371,272)	(752,490)
Sales of investments	340,541	390,663	809,394
Net cash (outflow)/inflow from investing activities	(1,160)	19,391	56,904
Financing activities
Dividends paid	(11,190)	(11,396)	(16,763)
Payments for Ordinary Shares bought back	(28,995)	(23,800)	(44,177)
Drawdown of revolving credit facility	–	24,777	82,957
Repayment of revolving credit facility	–	–	(81,423)
Issue of loans net of costs	–	–	26,788
Cash outflow from financing activities	(40,185)	(10,419)	(32,618)
(Decrease)/increase in cash and cash equivalents	(38,529)	35,437	44,365
Reconciliation of net cash flow movements in funds:
Cash and cash equivalents at beginning of year	48,597	4,231	4,231
Exchange rate movements	(1)	20	1
(Decrease)/increase in cash and cash equivalents	(38,529)	35,437	44,365
(Decrease)/increase in net cash	(38,530)	35,457	44,366
Cash and cash equivalents at end of year	10,067	39,688	48,597
Dividends received*	16,395	8,758	27,372
Interest paid	2,467	1,335	5,531
Interest received	1,331	1,769	2,711

The accompanying notes are an integral part of these financial statements.

* Dividends received comprise revenue dividends of £12,270,000 and capital dividends of £4,125,000.

Notes to the Financial Statements (unaudited)

For the six months ended 31 March 2025

1

1. Significant accounting policies

The condensed financial statements of the Company have been prepared in accordance with UK-adopted international accounting standards and the AIC SORP.

In the current period, the Company has applied amendments to IFRS issued by the IASB adopted in conformity with UK IFRS. These include annual improvements to IFRS, changes in standards, legislative and regulatory amendments, changes in disclosure and presentation requirements. The adoption of these has not had any material impact on these financial statements and the accounting policies used by the Company and followed in these half-year financial statements are consistent with the most recent Annual Report for the year ended 30 September 2024.

Going concern

The financial statements have been prepared on a going concern basis and on the basis that approval as an investment trust company will continue to be met.

The Directors have made an assessment of the Company's ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date when these financial statements were approved.

In making the assessment, the Directors of the Company have considered the likely impacts of international and economic uncertainties on the Company, operations and the investment portfolio. The Directors also regularly assess the resilience of key third-party service providers, most notably the Investment Manager and Company Administrator. In making their assessment, the Directors have considered the likely impacts of international and economic uncertainties on the Company, operations and the investment portfolio, including various geopolitical events.

The Directors noted that the Company, with the current cash balance and holding a portfolio of liquid listed investments, is able to meet the obligations of the Company as they fall due. The current cash balance enables the Company to meet any funding requirements and finance future additional investments. The Company is a closed-end fund, where assets are not required to be liquidated to meet day-to-day redemptions.

The Directors have completed stress tests assessing the impact of changes in market value and income with associated cash flows. In making this assessment, they have considered severe but plausible downside scenarios and simulated a 50% reduction in NAV during July 2025, the impact on future cash flows as a result of this through to September 2028. The conclusion was that in a severe but plausible downside scenario the Company could continue to meet its liabilities. Whilst the economic future is uncertain, and the Directors believe that it is possible that the Company could experience further reductions in income and/or market value, and changes in expenses, the opinion of the Directors is that this should not be to a level which would threaten the Company's ability to continue as a going concern.

The Directors are not aware of any material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern, having taken into account the liquidity of the Company's investment portfolio and the Company's financial position in respect of its cash flows, borrowing facilities and investment commitments (of which there are none of significance). Therefore, the financial statements have been prepared on the going concern basis.

Comparative information

The financial information contained in this Half Year Report does not constitute statutory accounts as defined in the Companies Act 2006. The financial information for the half-year period ended 31 March 2025 has not been audited or reviewed by the Company's Auditor.

The comparative figures for the financial year ended 30 September 2024 are not the Company's statutory accounts for that financial year. The statutory accounts for the year to 30 September 2024 were reported on by the Company's Auditor and delivered to the Registrar of Companies. The report of the Auditor was (i) unqualified, (ii) did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

2 3

2. Income

	Six months to 31 March 2025 £'000	Six months to 31 March 2024 £'000	Year to 30 September 2024 £'000
Income from investments
UK dividends	482	175	1,852
Overseas dividends	14,170	8,574	22,657
	14,652	8,749	24,509
Other income
Deposit interest	1,186	1,744	2,784
Total Return Swap dividends*	(45)	(437)	(480)
Exchange gains/(losses) on receipt of income**	73	(64)	(210)
Total income	15,866	9,992	26,603
Capital dividend***	4,100	–	3,153
Exchange gains on receipt of capital dividend income	25	–	–
	19,991	9,992	29,756

* Net income (paid)/received on underlying holdings in Total Return Swaps.

** Exchange movements arise from ex-dividend date to payment date.

*** Dividend received is attributed to a distribution of capital.

3. Earnings per Ordinary Share

		Six months to 31 March 2025
Basic and diluted	Revenue	Capital	Total
Net profit (£'000)	11,999	(7,754)	4,245
Weighted average number of Ordinary Shares1			436,560,300
Earnings per Ordinary Share (pence)	2.75	(1.78)	0.97
			Six months to 31 March 2024
Basic and diluted	Revenue	Capital	Total
Net profit (£'000)	6,277	137,745	144,022
Weighted average number of Ordinary Shares1			454,904,327
Earnings per Ordinary Share (pence)	1.38	30.28	31.66
			Year to 30 September 2024
Basic and diluted	Revenue	Capital	Total
Net profit (£'000)	18,942	123,715	142,657
Weighted average number of Ordinary Shares1			450,758,728
Earnings per Ordinary Share (pence)	4.20	27.45	31.65

1 Weighted average number of ordinary shares refers to the average number of a company's common shares outstanding during a reporting period. This is adjusted for any changes such as new share issues or buybacks. The weighting reflects the portion of the period each share count was in effect – shares held longer have more influence on the average than those issued or repurchased later in the period.

There are no dilutive instruments issued by the Company. Both the basic and diluted earnings per share for the Company are represented above.

Notes to the Financial Statements (unaudited) continued

For the six months ended 31 March 2025

4 5 6 7

4. Net asset value

	31 March 2025		31 March 2024		30 September 2024
	NAV per Ordinary Share Pence	Net asset value attributable £'000	NAV per Ordinary Share Pence	Net asset value attributable £'000	NAV per Ordinary Share Pence	Net asset value attributable £'000
Basic and diluted	250.46	1,075,390	252.88	1,139,399	251.71	1,112,725

Net asset value per Ordinary Share is based on net assets and on 429,361,671 Ordinary Shares (31 March 2024: 450,576,787, 30 September 2024: 442,061,671), being the number of Ordinary Shares in issue excluding treasury shares.

5. Share capital

	Number of shares	Nominal value £'000
Allotted, called up and fully paid
Ordinary Shares of 2p each (2024: 2p)
Balance at beginning of the year	487,662,627	9,753
Cancellation of Treasury shares	(23,727,872)	(475)
Ordinary Shares bought back and cancelled	(12,700,000)	(254)
Balance at end of the year	451,234,755	9,024

Treasury shares	Number of shares
Balance at beginning of the year	45,600,956
Cancellation of Treasury shares	(23,727,872)
Balance at end of the year	21,873,084
Total Ordinary Share capital excluding treasury shares	429,361,671

Ordinary Shares of 2p each

During the six months ended 31 March 2025, 12,700,000 Ordinary Shares of 2 pence were bought back and cancelled for an aggregate consideration of £30,390,000. No shares were bought back and placed in treasury.

The allotted, called up and fully paid shares at 31 March 2025 consisted of 451,234,755 Ordinary Shares of 2 pence each in issue, and 21,873,084 Ordinary Shares held in treasury. The total voting rights attaching to Ordinary Shares in issue and ranking for dividends were 429,361,671.

6. Dividends

During the period, the Company paid a final dividend of 2.55p per Ordinary Share for the year ended 30 September 2024 on 3 January 2025 to Ordinary shareholders on the register at 29 November 2024 (ex-dividend 28 November 2024).

An interim dividend of 1.50 pence per Ordinary Share for the period ended 31 March 2025 has been declared and will be paid on 25 July 2025 to Ordinary shareholders on the register at the close of business on 27 June 2025 (ex-dividend 26 June 2025).

7. Revolving credit facility

	31 March 2025		31 March 2024		30 September 2024
	¥'000	£'000	¥'000	£'000	¥'000	£'000
Opening balance	–	–	–	–	–	–
Proceeds from amounts drawn	–	–	4,500,000	24,777	16,000,000	82,957
Repayment	–	–	–	–	(16,000,000)	(81,423)
Exchange rate movement	–	–	–	(1,230)	–	(1,534)
Total	–	–	4,500,000	23,547	–	–

The Company previously had a JPY 12bn multi-currency revolving credit facility which was repaid on 12 September 2024 and not renewed. Please see the Annual Report for the year to 30 September 2024 for further information.

8

8. Values of financial assets and financial liabilities

Valuation of financial instruments

The Company measures fair values using the following hierarchy that reflects the significance of the inputs used in making the measurements.

The fair value is the amount for which the asset could be sold or the liability transferred in an orderly transaction between market participants, at the measurement date, other than a forced or liquidation sale.

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant assets as follows:

• Level 1 valued using quoted prices, unadjusted in active markets for identical assets or liabilities.
• Level 2 valued by reference to valuation techniques using observable inputs for the asset or liability other than quoted prices included in Level 1.
• Level 3 valued by reference to valuation techniques using inputs that are not based on observable market data for the asset or liability.

Financial assets

The table below sets out fair value measurements of financial instruments as at the period end, by the level in the fair value hierarchy into which the fair value measurement is categorised.

Financial assets at fair value through profit or loss at 31 March 2025	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Equity investments	1,194,786	–	1,484	1,196,270
Total Return Swap assets	–	6,143	–	6,143
	1,194,786	6,143	1,484	1,202,413
Financial assets at fair value through profit or loss at 31 March 2024	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Equity investments	1,257,457	–	1,632	1,259,089
Total Return Swap assets	–	5,340	–	5,340
	1,257,457	5,340	1,632	1,264,429
Financial assets at fair value through profit or loss at 30 September 2024	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Equity investments	1,204,157	–	1,518	1,205,675
Total Return Swap assets	–	606	–	606
	1,204,157	606	1,518	1,206,281

Fair value of Level 3 investments

The following table summarises the Company's Level 3 investments that were accounted for at fair value:

	31 March 2025 £'000	31 March 2024 £'000	30 September 2024 £'000
Opening fair value	1,518	1,823	1,823
Sales – proceeds	(107)	–	(61)
Realised gains on equity sales	95	–	33
Movement in investment holding losses	(22)	(191)	(277)
Closing fair value	1,484	1,632	1,518

The fair values of the Level 3 investments are valued with reference to the net asset value.

Notes to the Financial Statements (unaudited) continued

For the six months ended 31 March 2025

8

8. Values of financial assets and financial liabilities continued

Financial liabilities

Valuation of Loan Notes

The Company's Loan Notes are measured at amortised cost, with the fair values set out below. Other financial assets and liabilities of the Company are carried in the Balance Sheet at an approximation to their fair value.

	31 March 2025		31 March 2024		30 September 2024
	Book value £'000	Fair value £'000	Book value £'000	Fair value £'000	Book value £'000	Fair value £'000
4.184% Series A Sterling Unsecured Loan Notes 2036	(29,930)	(24,830)	(29,923)	(26,477)	(29,927)	(26,103)
3.249% Series B Euro Unsecured Loan Notes 2036	(25,050)	(22,710)	(25,562)	(23,678)	(24,902)	(23,119)
2.93% Euro Senior Unsecured Loan Notes 2037	(16,650)	(14,357)	(16,986)	(15,063)	(16,549)	(14,671)
1.38% JPY Senior Unsecured Loan Note 2032	(41,312)	(38,864)	(41,710)	(39,147)	(41,558)	(40,203)
1.44% JPY Senior Unsecured Loan Notes 2033	(23,272)	(21,775)	(23,501)	(21,963)	(23,413)	(22,623)
2.28% JPY Senior Unsecured Loan Notes 2039	(25,865)	(24,717)	–	–	(26,022)	(26,377)
Total	(162,079)	(147,253)	(137,682)	(126,328)	(162,371)	(153,096)

There is no publicly available price for the Company's Loan Notes; their fair market value has been derived by calculating the relative premium (or discount) of the loan versus the publicly available market price of the reference market instrument and exchange rates. As this price is derived by a model using observable inputs, it would be categorised as Level 2 under the fair value hierarchy.

The financial liabilities in the table below are shown at their fair value, being the amount at which the liability may be transferred in an orderly transaction between market participants. The costs of early redemption of the Loan Notes are set out in the Glossary on page 24.

Financial liabilities at 31 March 2025	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Loan Notes	–	(147,253)	–	(147,253)
Total Return Swap liabilities	–	(8,316)	–	(8,316)
	–	(155,569)	–	(155,569)
	Level 1	Level 2	Level 3	Total
Financial liabilities at 31 March 2024	£'000	£'000	£'000	£'000
Loan Notes	–	(126,328)	–	(126,328)
Total Return Swap liabilities	–	(3,725)	–	(3,725)
	–	(130,053)	–	(130,053)
	Level 1	Level 2	Level 3	Total
Financial liabilities at 30 September 2024	£'000	£'000	£'000	£'000
Loan Notes	–	(153,096)	–	(153,096)
Total Return Swap liabilities	–	(4,414)	–	(4,414)
	–	(157,510)	–	(157,510)

The fair value of the Total Return Swaps is derived using the market price of the underlying instruments and exchange rates and therefore would be categorised as Level 2.

The Company's interests in investee companies are set out in the Investment Portfolio on pages 10 and 11.

9. Derivatives

The Company may use a variety of derivative contracts including Total Return Swaps to enable the Company to gain long and short exposure to individual securities. Derivatives are valued by reference to the underlying market value of the corresponding security.

	At 31 March 2025 £'000	At 31 March 2024 £'000	At 30 September 2024 £'000
Total Return Swaps Current assets	6,143	5,340	606
Current liabilities	(8,316)	(3,725)	(4,414)
Net value of derivatives	(2,173)	1,615	(3,808)

The gross positive exposure on Total Return Swaps as at 31 March 2025 was £25,601,000 (31 March 2024: £39,903,000, 30 September 2024: £58,296,000) and the total negative exposure of Total Return Swaps was £23,199,000 (31 March 2024: £23,213,000, 30 September 2024: £53,100,000). The liabilities are secured against assets held with Jefferies International Limited. The collateral held as at 31 March 2025 was £17,042,000 (31 March 2024: £9,496,000, 30 September 2024: £23,113,000) which is included in cash and cash equivalents in the Balance Sheet.

10. Related parties and transactions with the Investment Manager

The Company paid management fees to Asset Value Investors Limited during the period amounting to £3,883,000 (six months to 31 March 2024: £3,056,000; year ended 30 September 2024: £nil). At the half-year end, the following amounts were outstanding in respect of management fees: £nil (31 March 2024: £629,000; 30 September 2024: £7,611,000).

Fees paid to the Company's Directors for the six months ended 31 March 2025 amounted to £102,000 (six months to 31 March 2024: £98,000; year ended 30 September 2024: £201,000).

11. Post Balance Sheet events

Since the period end and up to 10 June 2025, the Company has bought back 5,295,000 shares for an aggregate consideration of £12,217,000.

Principal Risks and Uncertainties Directors' Responsibility Statement

The principal long-term risks facing the Company are mostly unchanged since the date of the Annual Report 2024, as set out on pages 17 to 19 of that report. In addition, the Board is currently monitoring emerging risks attached to the actions of the government of the United States and their possible effect on world trade.

Risks faced by the Company include, but are not limited to: loss of value in the portfolio, gearing, foreign exchange, liquidity, key staff, discount, outsourcing, ESG, geopolitical and macroeconomic. Details of the Company's management of these risks and exposure to them are set out in the Annual Report 2024.

• The Directors confirm that to the best of their knowledge:
• the condensed set of financial statements has been prepared in accordance with the applicable set of accounting standards; and gives a true and fair view of the assets, liabilities and financial position and return of the Company; and
• this Half Year Report includes a fair review of the information required by:

a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so.

This Half Year Report was approved by the Board of Directors on 12 June 2025 and the above responsibility statement was signed on its behalf by Graham Kitchen, Chairman.

Graham Kitchen Chairman

12 June 2025

Glossary

Alternative Performance Measure ('APM')

An APM is a numerical measure of the Company's current, historical or future financial performance, financial position or cash flows, other than a financial measure defined or specified in the applicable financial framework.

bp

Basis point. One basis point is 0.01%

Comparator Benchmark

The Company's Comparator Benchmark is the MSCI All Country World Index, expressed in Sterling terms. The benchmark is an index which measures the performance of global equity markets, both developed and emerging. The weighting of index constituents is based on their market capitalisation. Dividends paid by index constituents are assumed to be reinvested in the relevant securities at the prevailing market price. The Investment Manager's investment decisions are not influenced by whether a particular company's shares are, or are not, included in the benchmark. The benchmark is used only as a yard stick to compare investment performance.

Cost

The book cost of each investment is the total acquisition value, including transaction costs, less the value of any disposals or capitalised distributions allocated on a weighted average cost basis.

In the case of Total Return Swaps, cost is defined as the notional cost of the position.

Derivatives

The Company may use a variety of derivative contracts to gain long and short exposure. This enables the Company to gain exposure to specific securities and markets with reduced capital requirements enhancing returns where the underlying asset grows in value (or losses if falls in value). Total Return Equity Swaps (which are synthetic equities) are valued by reference to the market values of the investments' underlying securities. The sources of the return under the Equity Swap contracts (e.g. notional dividends, financing costs, interest returns and realised and unrealised gains and losses) are allocated to the revenue and capital accounts in alignment with the nature of the underlying source of income.

Discount/Premium (APM)

If the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price of 230.50p from the NAV per share with debt at fair value of 253.92p and is usually expressed as a percentage of the NAV per share with debt at fair value. If the share price is higher than the NAV per share, this situation is called a premium. At 31 March 2025 the discount was 9.2%.

The discount and performance are calculated in accordance with guidelines issued by the AIC. The discount is calculated using the net asset values per share inclusive of accrued income with debt at fair value.

Earnings before Interest, Tax, Depreciation and Amortisation ('EBITDA')

A proxy for the cash flow generated by a business – it is most commonly used for businesses that do not (yet) generate operating or shareholder profits.

Enterprise value ('EV')

A measure of a company's total value, including any debt on its balance sheet.

Enterprise value/forward EBITDA ('EV/fwd EBITDA')

A tool used to compare the value of the whole company, debt included, to the company's next year forecasted earnings before interest, taxes, depreciation and amortisation.

EV/EBIT

A tool used to compare the value of the whole company, debt included, to the company's earnings before interest and taxes.

EV/EBITDA

A tool used to compare the value of the whole company, debt included, to the company's earnings before interest, taxes, depreciation and amortisation.

Gearing (APM)

Gearing refers to the ratio of the Company's debt to its equity capital. The Company may borrow money to invest in additional investments for its portfolio. If the Company's assets grow, the shareholders' assets grow proportionately more because the debt remains the same. But if the value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets.

The gross and net gearing reconciliation calculations are provided below:

	31 March 30 September
Gross gearing (Debt at Par)	2025	2024
Debt (£'000)	(162,079)	(162,371)	a
NAV (£'000)	1,075,390	1,112,725	b
Gross Gearing	15.1%	14.6%	=a/b

	31 March	30 September
Net gearing (Debt at Par)	2025	2024
Current Assets (inc. Cash)
(£'000)	55,687	74,624	a
Current Liabilities (£'000)	(12,315)	(1,395)	b
Debt (£'000)	(162,079)	(162,371)	c
Net Debt (£'000)	(118,707)	(89,142)	d=a+b+c
NAV (£'000)	1,075,390	1,112,725	e
Net Gearing	11.0%	8.0%	d/e
Gross gearing	31 March	30 September
(Debt at Fair)	2025	2024
Debt (£'000)	(147,253)	(153,096)	a
NAV (£'000)	1,090,216	1,122,000	b
Gross Gearing	13.5%	13.6%	=a/b

Net gearing (Debt at Fair Value)	31 March 2025	30 September 2024
Current Assets (inc. Cash)
(£'000)	55,687	74,624	a
Current Liabilities (£'000)	(12,315)	(1,395)	b
Debt (£'000)	(147,253)	(153,096)	c
Net Debt (£'000)	(103,881)	(79,867)	d=a+b+c
NAV (£'000)	1,090,216	1,122,000	e
Net Gearing	9.5%	7.1%	d/e

The current values of the Loan Notes consist of the following:
	2036 GBP loan £'000	2036 EUR loan £'000	2037 EUR loan £'000	2032 JPY 8bn loan £'000	2033 JPY 4.5bn loan £'000	2039 JPY 5bn loan £'000	Total £'000
Value of issue Unamortised							30,000 22,962 17,526 49,516 24,802 26,828 171,634
issue costs Exchange	(70)	(53)	(86)	(134)	(41)	(39)	(423)
movement	–	2,141	(790)	(8,070)	(1,489)	(924)	(9,132)
Amortised book cost							29,930 25,050 16,650 41,312 23,272 25,865 162,079
Fair value							24,830 22,710 14,357 38,864 21,775 24,717 147,253
Redemption value							28,599 26,159 20,107 37,579 23,476 27,009 162,929

The fair value and redemption value of the Loan Notes are calculated using net present values of future cash flows, calculated utilising the prevailing yields, taking account of the market spread and exchange rates. The redemption value of the Loan Notes includes penalties payable on early redemption. The interest rates and the term of the non-current liabilities (Loan Notes) are fixed.

The Loan Notes are included in the Financial Statements at amortised book cost of £162,079,000. The impact of holding the Loan Notes at fair value (debt at fair value) would reduce the liability to £147,253,000, increasing the Company's net assets by £14,826,000. The redemption value of the Loan Notes includes penalties payable on early redemption.

Internal Rate of Return ('IRR')

The IRR is the annualised rate of return earned by an investment, adjusted for dividends, purchases and sales, since the holding was first purchased.

In some instances, we display 'nm' instead of IRR figures in the Investment Portfolio table. In most instances, this is done if the holding period is less than three months, as annualising returns over short-term periods can produce misleading numbers.

IPO

Initial Public Offering: the mechanism by which a company can list its shares on a stock exchange.

JV

A joint venture in which two or more companies combine resources in a business venture, typically each contributing finance and specialist expertise to the venture and sharing profits.

LTM EBITDA

Last 12 months' earnings before interest, tax, depreciation, and amortisation.

M&A

Mergers and acquisitions.

Net Asset Value ('NAV') per share

The NAV is shareholders' funds expressed as an amount per individual share. Shareholders' funds are the total value of all the Company's assets, at current market value, having deducted all liabilities including debt at amortised cost revalued for exchange rate movements. The total NAV per share is calculated by dividing shareholders' funds of £1,075,390,000 (30 September 2024: £1,112,725,000) by the number of Ordinary Shares in issue excluding treasury shares of 429,361,671 (30 September 2024: 442,061,0671) at 31 March 2025.

The adjusted NAV per share (debt at fair value) incorporates the debt at fair value instead of at amortised cost, increasing the NAV by £14,826,000 (30 September 2024: £9,275,000), due to the Fair Value of the Loan Notes being lower than amortised cost. This is calculated by the original NAV of £1,075,390,000 (30 September 2024: £1,112,725,000) less the Loan Notes at amortised cost £162,079,000 (30 September 2024: £162,371,000), adding back the fair value of the Loan Notes £147,253,000 (30 September 2024: £153,096,000). The adjusted NAV (debt at fair value) £1,090,216,000 (30 September 2024: £1,122,000,000) divided by the number of Ordinary Shares in issue excluding treasury shares of 429,361,671 at 31 March 2025 (30 September 2024: 442,061) provides the adjusted NAV per share (debt at fair value) of 253.92p.

Ongoing Charges Ratio (APM)

The Company's Ongoing Charges Ratio represents the annualised expenses (excluding finance costs and certain non-recurring items) of £9,522,000 (2024: £9,583,000) (being investment management fees of £7,767,000 (2024: £7,611,000) and other expenses of £1,769,000 (2024: £2,034,000) less nonrecurring expenses of £14,000 (2024: £62,000)) expressed as a percentage of the average daily net assets of £1,125,078,000 (2024: £1,100,968,000) during the six-month period as disclosed to the London Stock Exchange. Not all listed investment companies are now disclosing their gross costs and so it is not possible to produce a comprehensive summary of the running costs of closed end funds in AGT's portfolio of investments.

Portfolio weighted-average discount

The portfolio weighted-average discount is calculated as being the sum of the products of each holding's weight in AGT's portfolio times its discount. AVI calculates an estimated sum-of-the-parts NAV per share for each holding in AGT's portfolio. This NAV is compared with the share price of the holding in order to calculate a discount.

Return on Investment ('ROI')

The ROI is the total profits earned to date on an investment divided by the total cost of the investment.

Shares bought back and held in treasury

The Company may repurchase its own shares and shares repurchased may either be cancelled immediately or held in treasury. Shares repurchased, whether cancelled or held in treasury, do not qualify to vote at shareholder meetings or receive dividends. Share repurchases may increase earnings per share. Further, to the extent that shares are repurchased at a price below the prevailing net asset value per share, this will enhance the net asset value per share for remaining shareholders.

Total Return – NAV and Share Price Returns

The combined effect of any dividends paid, together with the rise or fall in the share price or NAV. Total return statistics enable the investor to make performance comparisons between investment trusts with different dividend policies. Any dividends received by a shareholder are assumed to have been reinvested in either additional shares in the Company or in the assets of the Company at the prevailing NAV, in either case at the time that the shares begin to trade ex-dividend. An annualised return is the average compound annual return, for return data over a period of time longer than a year.

Weight

Weight is defined as being each position's value as a percentage of total assets less current liabilities.

YoY

Year-on-year: the amount by which a statistic changes from one year to the next.

Shareholder Information

Company Information

Dividends

Shareholders who wish to have dividends paid directly into a bank account rather than by cheque to their registered address can complete a mandate form for the purpose. Mandate forms may be obtained from Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA on request or downloaded from Equiniti's website www.shareview.co.uk. The Company operates the BACS system for the payment of dividends. Where dividends are paid directly into shareholders' bank accounts, dividend tax vouchers are sent to shareholders' registered addresses.

Share Prices

The Company's Ordinary Shares are listed on the London Stock Exchange under 'Investment Trusts'. Prices are published daily in The Financial Times, The Times, The Daily Telegraph, The Scotsman and The Evening Standard.

Change of Address

Communications with shareholders are mailed to the last address held on the share register. Any change or amendment should be notified to Equiniti Limited at the address given above, under the signature of the registered holder.

Daily Net Asset Value

The net asset value of the Company's shares can be obtained by contacting Customer Services on 020 7659 4800 or via the website: www.aviglobal.co.uk.

Directors

Graham Kitchen (Chairman) Anja Balfour Neil Galloway June Jessop Calum Thomson

Secretary

MUFG Corporate Governance Limited Central Square 29 Wellington Street Leeds LS1 4DL United Kingdom Tel: 0333 300 1932

Registered Office

19th Floor 51 Lime Street London EC3M 7DQ Registered in England and Wales No. 28203

Investment Manager and AIFM

Asset Value Investors Limited 2 Cavendish Square London W1G 0PU

Registrar and Transfer Office

Equiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA

Registrar's website www.shareview.co.uk Company Administrator

Waystone Administration Solutions (UK) Limited Broadwalk House Southernhay West Exeter EX1 1TS

Corporate Broker

Panmure Gordon (UK) Limited 40 Gracechurch Street London EC3V 0BT

Auditor

BDO LLP 55 Baker Street London W1U 7EU

Depositary

J.P. Morgan Europe Limited 25 Bank Street London E14 5JP

Banker and Custodian

JPMorgan Chase Bank NA 125 London Wall London EC2Y 5AJ

London Stock Exchange
LISTED
PREMIUM

HOW TO INVEST

AGT is a closed-ended investment trust with shares listed on the London Stock Exchange and part of the FTSE 250 Index. Shares in AGT can be bought directly on the London Stock Exchange or through investment platforms.

For more information visit: www.aviglobal.co.uk