UK Asset Value Investors AVI Japan Opportunity Trust Proposes Merger with Fidelity Japan Trust, City of London Investment Management is Largest Shareholder (23%) of Fidelity Japan Trust & Supports the Merger, AVI Japan Opportunity Trust Net Asset Value +20.9% in Last 12 Months, +47.3% in Last 3 Years & +93.3% in Last 5 Years, Fidelity Japan Trust Net Asset Value -9.3% in Last 12 Months, -3.4% in Last 3 Years & +28.1% in Last 5 Years
12th April 2025 | Hong Kong
UK Asset Value Investors AVI Japan Opportunity Trust (AJOT) has proposed a merger with Fidelity Japan Trust. City of London Investment Management is the largest shareholder (23%) of Fidelity Japan Trust, and is supporting the merger. AVI Japan Opportunity Trust Net Asset Value (NAV) is +20.9% in last 12 months, +47.3% in last 3 years & +93.3% in last 5 years. Fidelity Japan Trust Net Asset Value (NAV) is -9.3% in last 12 months, -3.4% in last 3 years & +28.1% in last 5 years. AVI Japan Opportunity Trust (AJOT) – AJOT launched on the premium segment of the main market of the London Stock Exchange in October 2018, with an investment objective to achieve capital growth through investing in a focused portfolio of over-capitalised, small-cap, Japanese equities. The Company invests across equities listed or quoted in Japan which are considered by its investment manager, Asset Value Investors Limited (“AVI” or “Asset Value Investors”), to be under-valued and where cash, listed securities and/or realisable assets make up a significant proportion of the market capitalisation. Since IPO, AJOT has developed a track record for successful active management of its portfolio, and thus performs significantly better than its peers and against both the MSCI Japan Small Cap Index and the TOPIX. AJOT’s one year, three and five year NAV total return was 20.9%, 47.3% and 93.3% respectively, (FJV one year: -9.3%, three year: -3.4%, five year: 28.1%). AJOT has successful discount control policies whereby if, under normal market conditions, the four month average share price discount to NAV is greater than 5% the Company will buy back shares with the intention of reducing the discount to a level no greater than 5%. In addition, AJOT also offers its shareholders an uncapped annual exit opportunity due to the Board’s strong focus on corporate governance and discount management. In the 2024 exit opportunity, only 2.58% of the Company’s issued share capital was tendered at a 2% discount to the prevailing NAV (less direct transaction costs). The Board was pleased to see this strong signal of support from its shareholders and considers that the annual exit opportunity provides a strong platform for the future growth of the Company. Also, as part of the Investment Management Agreement, AVI must invest 25% of its management fee in AJOT shares. This is achieved through the regular purchase of AJOT shares in the secondary market, a strategy designed to align the interests of AVI with AJOT shareholders as well as creating an additional marginal buyer of AJOT shares.
“ UK Asset Value Investors AVI Japan Opportunity Trust Proposes Merger with Fidelity Japan Trust, City of London Investment Management is Largest Shareholder (23%) of Fidelity Japan Trust & Supports the Merger, AVI Japan Opportunity Trust Net Asset Value +20.9% in Last 12 Months, +47.3% in Last 3 Years & +93.3% in Last 5 Years, Fidelity Japan Trust Net Asset Value -9.3% in Last 12 Months, -3.4% in Last 3 Years & +28.1% in Last 5 Years “
UK Asset Value Investors AVI Japan Opportunity Trust Proposes Merger with Fidelity Japan Trust, City of London Investment Management is Largest Shareholder (23%) of Fidelity Japan Trust & Supports the Merger, AVI Japan Opportunity Trust Net Asset Value +20.9% in Last 12 Months, +47.3% in Last 3 Years & +93.3% in Last 5 Years, Fidelity Japan Trust Net Asset Value -9.3% in Last 12 Months, -3.4% in Last 3 Years & +28.1% in Last 5 Years
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