Agreement to sell AVI to Pacific Asset Management

AVI Japan Opportunity Trust PLC

04 August 2026

 

4 August 2026

AVI Japan Opportunity Trust plc

("AJOT" or the "Company")

Agreement to sell AVI to Pacific Asset Management

The Board of AVI Japan Opportunity Trust plc notes the announcement, link, today from Asset Value Investors Limited ("AVI"), the Company's AIFM and investment manager, that AVI is to be acquired by Pacific Asset Management ("Pacific"), the London-based multi-boutique asset manager and part of the Pinnacle Investment Management group, subject to applicable conditions. As part of the transaction, Pacific will acquire the circa 25% stake owned by Goodhart Partners.

AVI has confirmed to the Board that following the transaction, the investment team led by Joe Bauernfreund will remain in place, and the investment philosophy and process applied to the Company's portfolio will be unchanged. There is no change as a result of the transaction to the Company's investment objective and policy, or to its fee arrangements. AVI will retain its brand and continue to operate as an independent boutique within Pacific, with access to a broader distribution network and to Pacific's operational and technology platform.

Norman Crighton, Chairman of AVI Japan Opportunity Trust plc, commented:

"Since AJOT's launch in 2018, AVI's decades-long expertise in Japanese markets, disciplined investment approach and constructive style of engagement have produced outstanding long-term performance for shareholders. AVI believes that Pacific's additional distribution, technology and operational capabilities will support AJOT's continued growth and enable AVI's proven investment team, led by Joe Bauernfreund, to take even greater advantage of the evolving opportunity set in Japan's overlooked, undervalued small-cap companies and deliver strong returns to shareholders."

Joe Bauernfreund, Chief Executive Officer and Chief Investment Officer of Asset Value Investors, commented:

"Our team, philosophy and process are entirely unchanged: Pacific's decision to acquire AVI represents an investment in AVI's future, and in the future of AVI Japan Opportunity Trust. It allows us to draw on Pacific's broader distribution, technology and operational depth to support the growth of the trusts we manage. "

Matthew Lamb, Chief Executive Officer of Pacific, commented:

"I have long been an admirer of what Joe and his team have achieved at AVI. They have fostered an outstanding reputation for disciplined value investing and active engagement on behalf of clients. They embody the specialist, craft investment management approach which is fundamental to Pacific's values, and we are hugely looking forward to working with them.

By combining AVI's investment capabilities with Pacific's robust operating platform, we can free up Joe and his team's time to focus on investment and generating alpha for clients. Together we can create an even stronger business that is well positioned for future growth while maintaining the investment philosophy and culture that have underpinned AVI's success".

ENDS

For further information, please contact:

KL Communications - Financial PR

[e-mail]  /  Charles Gorman  /  Henry Taylor

Notes to editors

AVI Japan Opportunity Trust plc - www.ajot.co.uk

AVI Japan Opportunity Trust plc ("AJOT") was established in 2018 and currently has £420 million* of assets. AJOT invests in a focussed portfolio of over-capitalised small-cap Japanese equities. The investment manager then engages with company management to be the catalyst that drives share price improvement through consultant led, active engagement processes.

AVI - www.assetvalueinvestors.com

AVI is an investment management company established in London in 1985. AVI manages AVI Global Trust plc, AVI Japan Opportunity Trust plc and MIGO Opportunities Trust plc, all investment companies whose shares are listed and traded on the main market of the London Stock Exchange. AVI manages £2.1 billion* across all its products. AVI's investment philosophy is grounded in the belief that capital markets frequently misprice complexity, particularly in markets where corporate governance is opaque, asset transparency is low, or conglomerate structures obscure underlying value. We identify these inefficiencies through a research-intensive process that specialises in discovering companies trading at material discounts to intrinsic value, with a focus on active engagement to unlock and grow that value.

Pacific Asset Management - www.pacificam.co.uk
Pacific Asset Management is an asset manager founded in 2016 responsible for over £18.4billion* of assets. Pacific is headquartered in London. Pacific is a fresh and progressive asset manager, rethinking the conventions of how asset management works for advisers, institutions, investors, asset owners and the industry.

*As at 30 June 2026

 

END