John Pennink, LLB, CFA
John Pennink joined Asset Value Investors in 1999. He has worked closely with John Walton on British Empire Trust and the endowment portfolios over the last 6 years. He has been joint manager of British Empire Trust since 2001 and is now the sole manager.

John spent 3 years as a fund manager in Hong Kong with Regent Fund Management from 1994 to 1997. He then spent two years investing in emerging European markets while based in Moscow with Regent EPIC Russia.

John has a law degree from the University of British Columbia and qualified as a Chartered Financial Analyst in 1999.

Mark Townsend, MSc, FRICS
Mark Townsend is the fund manager of The European Asset Value Fund (TEAVF), which he has managed since inception in 1994, and has specific responsibility for TEAVF as well as supporting the managers of British Empire Securities and General Trust plc and certain endowment funds.

Previously, Mark worked for Pearl and Norwich Union as a fund manager gaining special expertise in the European Property sector.

Mark is a graduate of both Portsmouth and Reading Universities and has an MSc and FRICS qualification.

Joe Bauernfreund, BSc, MSc
Joe joined Asset Value Investors in July 2002 as Investment Analyst, following completion of a Masters in Finance from the London Business School. Joe is joint manager with John Pennink on some of the client portfolios as well as supporting the manager of British Empire Securities and General Trust plc.

Prior to joining Asset Value Investors, Joe worked 6 years for a real estate investment organisation in London.

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