In this Big Picture Interview, David Stevenson is joined by Joe Bauernfreund, CEO and CIO at AVI. David and Joe discuss value investing, and how the team define value. Joe explains that, while obtaining £1 of assets for 70p presents an interesting opportunity, at AVI the team focus on finding companies where they expect that £1 of assets to grow over time. Narrowing of discounts is just one factor driving returns within the portfolio.

The pair also discuss: -

• Activism
• Opportunities in Japan
• The merits of investment companies as part of a portfolio

Recorded - January 2024.

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