Japan Equity Universe (exclude long/short only)

Strategy map
January 14, 2020
by Japan Equity Universe (exclude long/short only)


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Core Value Engagement Other Opportunistic



Stable Free Cash Flow Growth (1) Invest in companies which can improve their value by
themselves  backed by high governance quality.
(1) Invest in companies which need impact from outsider to lift
 - Stable FCF (2) Frequent communication with corporate managers. At least
more than once in every quarter.
 - Longevity of FCF growth (2) Can confirm value by numbers, such as PBR, PER and/or a
reasonable multiple.
 - Well-established Brand (3) Holding # of stocks around/under 30.
(3) Holding # of stocks around/under 50. (4) Improve company, mainly focusing on IR and/or financial
capital structure.
(4) Benchmark agnostic.
 >> First State (First State Japan Equity Fund)  >> Simplex (Simplex Japan Value Up Fund)  Taiyo (Taiyo Fund)  >> USONIAN (USONIAN JAPAN VALUE FUND)
 >> Comgest (Comgest Japanese Equity)  >> Lazard (Lazard Japanese Equity Fund)  >> VARECS (VARECS Japan Equity Small Cap)  >> J Flag (Simplex J Flag Strategy)
 Burgundy (Burgundy Focus Japan Equity)  Marathon (Marathon UCITS Funds – Japan Equity Fund)  >> Asuka (Asuka Value Up)  >> Fivestar (Japan long/Short Strategy Fund)
 Lindsell Train (Lindsell Train Japanese Equity)  >> KU and Associates (KU and Associates Value Strategy)  >> Strategic Capital (Strategic Capital Japan-Up Unit Trust)  >> Tango (Tango Japan Equity Strategy)
 ValueInvest (ValueInvest AM Japan Value Strategy)  >> Nippon Value Investors (Nippon Value Investors Japanese Equity)  >> Symphony (SFP Value Realization Fund)  >> Orbis (Orbis Japan Equity Fund)
 RMB Capital (RMB Japan Opportunities Fund)    GO Investment Partners (The TMAM-GO Japan Engagement Fund)  >> SpiritUs (SpiritUs Distillation Strategy)
 Dalton Investments (Dalton Japan Equity)
    Eastspring (Japan Focused Value)
    MFS (Japan Concentrated Equity)
    MFS (Japan Equity)
(Source)HC Asset Management, based on the information gathered independently and from the homepage of each company(as of Dec, 2019)