When markets are focused on the same handful of AI and mega-cap stocks, where can investors still find genuine value? In this QuotedData webinar, held in partnership with AVI Global Trust (AGT), Gavin Lumsden speaks with Joe Bauernfreund, CEO and CIO of Asset Value Investors, and senior investment analyst Ross McGarry about how AGT searches for overlooked, misunderstood and undervalued companies around the world. The discussion explores why heavy investor concentration in AI and passive strategies can create opportunities elsewhere in the market, particularly in holding companies trading at wide discounts to the value of their underlying assets. Joe and Ross explain how AVI looks for companies where there is a clear gap between share price and intrinsic value, strong underlying businesses and a realistic catalyst that could help close that discount. They also explore three real portfolio examples: Exor, Amorepacific and Youngone Corporation. Exor provides exposure to companies including Ferrari, Stellantis and CNH Industrial, while trading at a substantial discount to the value of its underlying assets. The discussion looks at family ownership, share buybacks, active capital allocation and why diversified holding companies can be overlooked by investors. In South Korea, the focus turns to Amorepacific and Youngone Corporation, where corporate governance reform, family ownership and changing shareholder rights could create catalysts for value to be unlocked. The webinar also covers Japan, Korea, activism, the risk of value traps, double discounts and why AVI believes active ownership can make a difference. CHAPTERS 00:00 Introduction 00:24 Finding hidden value when markets are focused on AI 01:38 Why AI concentration creates opportunities 03:37 Does value investing require patience? 04:45 How AVI screens for investments 06:15 Why catalysts matter 07:22 Exor: a hidden value case study 11:12 Why Exor is in the AGT portfolio 13:07 Exor’s underlying businesses 15:10 Why the market may be overlooking Exor 16:49 Exor’s share buyback and long-term strategy 18:41 Lingotto and diversification beyond Fiat 19:42 Governance reform in Asia 22:04 Korea versus Japan 22:54 Amorepacific case study 26:06 The Korea discount explained 27:08 Why Amorepacific could re-rate 28:12 Youngone Corporation 29:30 Activism and shareholder catalysts 30:46 Where is AVI finding value today? 32:22 Audience Q&A begins 32:48 Bio-Rad and hidden value 33:46 Understanding the “double discount” 34:50 When does AVI sell? 37:36 How do you avoid a value trap? 39:17 How cheap is the portfolio? 40:43 Engaging with family-controlled companies 42:09 Korean inheritance tax and reform 43:29 How much influence can AVI have? 44:56 AVI’s research presence in Japan and Korea 45:37 Family ownership and shareholder alignment 48:16 D’Ieteren and the potential Belron IPO 50:03 Exor and Lingotto transparency 50:52 Do share buybacks help close discounts? 52:35 Is there still value in Japan? 54:12 Chrysalis Investments and realisations 55:42 Vivendi and its discount 58:50 Does AI feature in AVI’s investment process? 1:00:15 Why choose AGT over a global tracker? 1:01:09 Closing remarks AVI Global Trust focuses on companies trading at substantial discounts to the value of their underlying assets, while also looking for strong balance sheets, quality businesses and identifiable catalysts that could unlock value. The portfolio currently includes significant exposure to Japan and South Korea, where AVI believes corporate governance reforms and changing attitudes towards shareholder returns are creating new opportunities. Subscribe to QuotedData for more investment trust webinars, fund manager interviews, market analysis and insights into global equities, value investing and alternative strategies. #AVIGlobalTrust #AGT #ValueInvesting #InvestmentTrusts #HiddenValue #StockMarket #AIInvesting #GlobalEquities #ActiveInvesting #Exor #Ferrari #Amorepacific #KBeauty #SouthKoreaInvesting #JapanInvesting #QuotedData
