AVI Global outperforms benchmark as appoints Graham Kitchen as chair

(Alliance News) - AVI Global Trust PLC on Tuesday reported it outperformed its benchmark, despite a negative net asset value return and NAV decline over a year.

AVI Global is an Exeter, England-based investor in family-controlled holding companies, closed-end funds and asset-backed opportunities.

NAV in the year that ended September 30 fell 11% to 197.27 pence each from 221.95p a year ago. NAV total return was negative 7.3%, outperforming its benchmark MSCI All Country World ex-US Index, which returned negative 9.6%.

AVI maintained its total dividend at 3.30p per share.

Looking ahead, outgoing Chair Susan Noble said: "This is a time of great economic uncertainty. In reaction to high and apparently persistent levels of inflation, central banks have been raising interest rates while signaling that further increases are likely. It remains to be seen whether government and central bank policies will be able to tread the fine line between controlling inflation and avoiding a recession."

On Tuesday, the company announced Noble's retirement as chair and from the board on December 20. She will be succeeded by Graham Kitchen, a non-executive director since January 2019, following the annual general meeting on December 20.

AVI Global shares were 0.3% lower at 188.43 pence each in London on Tuesday morning.

By Tom Budszus; [e-mail]

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