Strategy map
January 14, 2020
by Japan Equity Universe (exclude long/short only)
by Japan Equity Universe (exclude long/short only)
- Private: Japan Only Private Equity/Debt
- Private: Japan Only Real Estate/Real Asset
- Japan Equity Universe (exclude long/short only)
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| Core | Value | Engagement | Other Opportunistic | |||||||||||||||||||||
[Definition] |
[Definition] |
[Definition] |
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| 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 value. |
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| - Stable FCF | (2) Frequent communication with corporate managers. At least more than once in every quarter. |
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| - Longevity of FCF growth | (2) Can confirm value by numbers, such as PBR, PER and/or a reasonable multiple. |
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| - 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. |
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| (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） | ||||||||||||||||||||||||