Asset Value Investors Ltd

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (6 quarters reported)

$223M $99.6M

Q4 24 Q2 25 Q4 25 Q1 26

$223M in Q4 2024 → $99.6M now. Hover for any quarter.

Holdings

As reported for the quarter ended March 31, 2026. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
NN News Corp New	99.2%	Added 7.1%	3,962,305	$98.8M
Nelnet Inc	0.8%	Unchanged	6,370	$821K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 5 quarters.

quarter ended March 31, 2026 · filed April 09, 2026

Company	Action	Shares changed	Value of change	% of portfolio
Net Lease Office Properties	Exited	−762,328	−$19.7M	—
NN News Corp New	Added	+263,500	+$6.57M	99.2%

quarter ended December 31, 2025 · filed January 06, 2026

Company	Action	Shares changed	Value of change	% of portfolio
Nelnet Inc	Trimmed	−1,910	−$254K	0.7%
NN News Corp New	Trimmed	−6,330	−$165K	82.5%
Net Lease Office Properties	Trimmed	−5,800	−$150K	16.8%

quarter ended September 30, 2025 · filed October 20, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Net Lease Office Properties	Trimmed	−3,300	−$97.9K	16.6%
NN News Corp New	Added	+2,300	+$70.6K	82.7%

quarter ended June 30, 2025 · filed July 10, 2025

Company	Action	Shares changed	Value of change	% of portfolio
I Iac Inc	Exited	−1,011,350	−$46.5M	—
NN News Corp New	Added	+5,900	+$175K	80.8%

quarter ended March 31, 2025 · filed April 16, 2025

Company	Action	Shares changed	Value of change	% of portfolio
FE Fomento Economico Mexicano S	Exited	−500,565	−$42.8M	—
NN News Corp New	Trimmed	−747,165	−$20.3M	58.4%
Net Lease Office Properties	Added	+220,332	+$6.91M	14.1%
I Iac Inc	Added	+87,100	+$4M	27.0%
Nelnet Inc	Trimmed	−800	−$88.5K	0.5%

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