AVI Japan Opportunity Trust (AJOT) has made good use of the extra resources gained from its merger with Fidelity Japan. The trust holds large positions in undervalued and overcapitalised companies, aiming to unlock their hidden value. More companies are now open to working with AJOT, so much of this progress happens privately. As AGM season continues, AJOT’s manager has submitted several proposals that could help drive further NAV growth for the trust.