In the AVI Global Trust 2023 Q1 fund letter, Schibsted ASA 'B' (OSL:SCHA, Financial) was highlighted as a significant detractor, with its shares declining by 15% over the month. This decline was primarily driven by a widening discount from 35% to 45%, compounded by a 3% weakening of the NOK against GBP. The fund manager attended an investor day in Oslo, which focused on Schibsted's unlisted Nordic Marketplace assets and strategic vision, but poor communication and unclear guidance led to a negative market reaction.
"Schibsted was the most material detractor over the month, reducing returns by -130bps. The shares declined -15%, driven exclusively by a widening of the discount from 35% to 45%." — AVI Global Trust, Q1 2023 Fund Letter
Read full letter at gurufocus AVI Global Trust 2023 Q1 page.
