Joe Bauernfreund and value investing are nearly synonymous. The veteran manager runs the AVI Global Trust and AVI Japan Opportunity Trust, and has responsibility for all AVI’s investment decisions as the CEO and CIO. His £1bn global stocks fund scours the world for the best companies but whose shares stand at a discount to the value of their underlying assets.
In this podcast, funds editor Dave Baxter and Bauernfreund unpack his extreme value investment process, how Japanese valuations have changed, how to avoid value traps and more.
This episode was recorded on 27 March.
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
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