AVI Global Trust
A London-based listed investment trust investing globally with a value-oriented approach.
Last updated August 24, 2026
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Overview
AVI Global Trust is a London-based British investment trust whose shares are listed on the London Stock Exchange and whose portfolio is invested principally in global equities. Its stated investment approach is associated with long-term capital growth and value investing, including identifying companies and investment vehicles whose market prices may stand below the value of their underlying assets. The trust is a constituent of the FTSE 250 Index. The organization traces its origins to 1889, when it was established as the Transvaal Mortgage Loan and Finance Company under the chairmanship of W. J. Thompson. Its early activities were connected with investment in what is now South Africa. The business changed its name several times as its geographic and investment identity evolved: it became the British Empire Land Mortgage and Loan Company in 1906 and British Empire Securities and General Trust in 1964. A significant change occurred in 1985, when Asset Value Investors was established as an employee-owned investment-management company to manage the trust. At that point, the firm was valued at approximately £6 million. The relationship between the trust and its manager helped shape a strategy centered on asset value, discounts to net asset value, and opportunities created by the difference between a listed investment trust’s share price and the value of its investments. The trust subsequently pursued acquisitions and corporate actions involving other investment trusts trading at discounts. It acquired Ashdown Investment Trust in 1986 and later acquired Selective Assets Trust, formerly known as Edinburgh Assets Trust, in 1995. In 1989, it made a hostile takeover bid for Schroder Global Trust after building a stake in the company over a two-year period. These transactions reflected a broader effort to consolidate or influence investment trusts whose market valuations appeared unattractive relative to their assets. The company simplified its name to British Empire Trust in 2015. In 2016, Elliott Management Corporation, an activist United States hedge fund, built a substantial stake in the trust. The investment attracted attention because it was regarded as one of Elliott’s successful positions in the United Kingdom. The trust adopted its present name, AVI Global Trust, in May 2019, aligning its public identity more closely with its investment manager, Asset Value Investors. During 2019 and 2020, AVI Global Trust made substantial investments in SoftBank Group and other Japanese equities. Its investment thesis included the potential benefit of SoftBank’s share-buyback activity. The trust also developed a significant holding in Pershing Square Holdings, a listed investment vehicle managed by the hedge fund founded by Bill Ackman. In July 2020, the trust’s market capitalization was reported at approximately £751 million; this historical figure should not be treated as a current valuation. AVI became a signatory to the United Nations-supported Principles for Responsible Investment in April 2021, marking a formal commitment to incorporating responsible-investment considerations into its investment processes. The trust remains an actively managed, publicly listed investment vehicle rather than a consumer-facing product brand. Its identity is primarily defined by its listed investment-trust structure, its long corporate history, its relationship with Asset Value Investors, and its emphasis on global value opportunities.
History
AVI Global Trust is the present-day name of a British investment trust with origins extending back to the late nineteenth century. It was established in 1889 as the Transvaal Mortgage Loan and Finance Company, chaired by W. J. Thompson, and initially invested in the territory that is now South Africa. The company changed its name in 1906 to the British Empire Land Mortgage and Loan Company, reflecting a broader imperial investment identity, and became British Empire Securities and General Trust in 1964. The modern investment-management structure began to take shape in 1985, when Asset Value Investors was established as an employee-owned management company to manage the trust. At that time, the firm was valued at approximately £6 million. Its investment philosophy emphasized the search for businesses and investment trusts trading below net asset value, making the relationship between market price and underlying assets central to its activities. This approach also influenced the trust’s corporate transactions. In 1986, it acquired Ashdown Investment Trust for £66 million. In 1989, after building a stake over a two-year period, it mounted a hostile takeover bid for Schroder Global Trust. In 1995, it acquired Selective Assets Trust, which had previously been known as Edinburgh Assets Trust, for £42 million. These actions placed the trust among the more active participants in the consolidation and restructuring of the investment-trust sector. The company simplified its name to British Empire Trust in 2015. The following year, Elliott Management Corporation built a large stake in the trust. The position was widely viewed as a successful United Kingdom investment by the activist hedge fund and brought additional attention to the trust’s valuation and governance profile. In May 2019, the company adopted the name AVI Global Trust. The change connected the trust more explicitly with Asset Value Investors while presenting a name consistent with its global investment remit. Between 2019 and 2020, the trust invested heavily in SoftBank Group and other Japanese stocks. The SoftBank position was linked in part to the expected effect of the company’s share-buyback program. AVI also built a significant position in Pershing Square Holdings, another listed investment vehicle. The trust’s market capitalization was reported as approximately £751 million in July 2020. AVI formally broadened its responsible-investment framework by becoming a signatory to the Principles for Responsible Investment in April 2021. Today, the entity remains a public investment trust listed in London and a constituent of the FTSE 250 Index. Its long history combines a nineteenth-century mortgage and finance origin, successive changes in corporate identity, active participation in investment-trust transactions, and a contemporary focus on global equity opportunities.
- 2021
Signatory to the Principles for Responsible Investment
[1]AVI became a signatory to the Principles for Responsible Investment in April.
- 2019
Adoption of the AVI Global Trust name
[1]The company changed its name from British Empire Trust to AVI Global Trust in May.
- 2016
Elliott Management builds a substantial stake
[1]Activist hedge fund Elliott Management Corporation acquired a large stake in the company.
- 2015
Name simplified to British Empire Trust
[1]The company shortened its name from British Empire Securities and General Trust to British Empire Trust.
- 1995
Acquisition of Selective Assets Trust
[1]The company acquired Selective Assets Trust, formerly known as Edinburgh Assets Trust, for £42 million.
- 1989
Hostile bid for Schroder Global Trust
[1]After building a stake over two years, the company mounted a hostile takeover bid for Schroder Global Trust.
- 1986
Acquisition of Ashdown Investment Trust
[1]The trust acquired Ashdown Investment Trust for £66 million.
- 1985
Asset Value Investors established as manager
[1]An employee-owned management company was established to manage the trust, then valued at approximately £6 million.
- 1964
Renamed British Empire Securities and General Trust
[1]The company changed its name as it developed into a securities and general investment trust.
- 1906
Renamed British Empire Land Mortgage and Loan Company
[1]The business adopted a new name reflecting its wider imperial investment identity.
Products and positioning
A listed, globally diversified investment trust using long-term, value-oriented research to seek capital growth and identify discounts to underlying asset value.
Listed investment trust · 1889
AVI Global Trust
The trust is a publicly listed investment vehicle focused on global equities and long-term capital growth. Its value-oriented approach seeks opportunities where securities, companies, or other investment vehicles appear to trade at a discount to the value of their underlying assets. The portfolio has included investments in Japanese equities, SoftBank Group, and Pershing Square Holdings.
Brand decisions
2021
Commitment to responsible-investment principlesStrategyBackground
The trust formalized an external responsible-investment commitment.
Action taken
AVI became a signatory to the Principles for Responsible Investment in April 2021.
2019
Rebranding as AVI Global TrustStrategyBackground
The company sought a name more closely associated with Asset Value Investors and its global investment mandate.
Action taken
It changed its name from British Empire Trust to AVI Global Trust in May 2019.
Aftermath
The present brand identity linked the listed trust more directly to its investment manager.
2015
Simplification of corporate nameStrategyBackground
The company had operated under the longer British Empire Securities and General Trust name since 1964.
Action taken
It adopted the shorter name British Empire Trust.
Aftermath
The change preceded the later adoption of the AVI Global Trust identity.
1995
Acquisition of Selective Assets TrustM&ABackground
Selective Assets Trust, formerly Edinburgh Assets Trust, was another investment trust targeted in the company’s value-focused acquisition activity.
Action taken
The company acquired Selective Assets Trust for £42 million.
Aftermath
The acquisition expanded the trust’s investment-trust interests.
Acquisition value. £42 million (1995)
1989
Hostile takeover bid for Schroder Global TrustM&ABackground
The company had accumulated a stake in Schroder Global Trust over a two-year period.
Action taken
It mounted a hostile takeover bid for the target investment trust.
1986
Acquisition of Ashdown Investment TrustM&ABackground
The trust pursued acquisitions of investment trusts trading at discounts to net asset value.
Action taken
It acquired Ashdown Investment Trust for £66 million.
Aftermath
The transaction formed part of the company’s value-oriented consolidation strategy.
Acquisition value. £66 million (1986)
Sources2 sources
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