AVI Global’s Bauernfreund: Hope is not an investment strategy
Investors have forgotten that as shareholders, they are owners of companies, and they need to start acting like it, the manager said.
Being a contrarian investor can be a lonely road, as Joe Bauernfreund, manager of the £1bn AVI Global Trust knows all too well.
In a year when global equity markets have been dominated by the Magnificent Seven, going against the crowd caused a decline in relative performance for his flagship strategy, which fell into the third quartile of the IT Global sector.
Nevertheless, performance has been better over the longer term, with the trust returning 74% over the past half a decade – more than double its benchmark. Moreover, the strategy has generated annualised NAV returns of around 15% in the past two…
