Concise insights on global finance. ----------------------------------------------- IMITATION GAME. Activists are trying to turn the tables on corporate agitator Dan Loeb at his London investment vehicle. Asset Value Investors, which owns 10% of Loebâs $858 million Third Point Offshore Investors (TPOGu.L), has criticised a lacklustre plan to raise the fundâs uninspiring valuation. They have a point: shares trade at a 14% markdown to net asset value, a discount which has broadly persisted over the past five years. By contrast, AVI claims the median NAV discount for comparable London-listed closed-end funds is just 4%. Loeb at least recognises the problem. In April Third Point put forward a plan to reduce the discount to 7.5%. But measures including adding extra leverage and increasing the proportion of assets in unlisted private equity are unconvincing. And two proposed offers to buy back shares at a mere 2% discount to NAV would only take place in 2024 and 2027. Such weak suggestions would probably attract the ire of Loeb himself given recent campaigns at Prudential (PRU.L) and Intel (INTC.O). That gives AVI reason enough to keep agitating. (By Christopher Thompson)