Joe Baunerfreund is the investment manager of AVI Global Trust and AVI Japan Opportunity Trust and has responsibility for all AVI’s investment decisions as the CEO and CIO. The £1bn vehicle has a global remit and focus on investments in listed companies whose shares stand at a discount to the value of their underlying assets.

In this episode, funds editor Dave Baxter and Bauernfreund unpack the investment process the fund takes, the changes in Japanese valuations in recent years, avoiding value traps and more.

This episode was recorded on 27 March.

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Timestamps
1:02 The investment process of the fund
2:34 Activist investing
4:27 Hipgnosis (HSF)
5:23 Baunerfreund’s take on investment trusts
7:07 Recovery in the trust space
11:00 The resilience of certain sectors
12:38 Private Equity
16:58 The era of higher rates
18:32 The Japanese market
21:04 Competition in the space
22:32 Interesting sectors or themes in Japan
23:33 Other nations the fund is gravitated towards
25:28 Emerging markets
27:26 The reasons to exit a position and selling Pershing Square