News & Insights

Interview

Interview 036_Richard Kaye

Jul 13, 2018
byInvestment in Japan

We believe that share prices correlate to profit growth over long term, so Comgest looks for sustainable profit growth from companies with inimitable business models and structural change in their addressed industries.Comgest is a roughly thirty years old firm which pioneered the independent investment management business in France, and has consistently hallmarked its investment style as Quality Growth. It does nothing else.Our founder Jean Francois Canton has been watching Japanese equities for many decades and considered Japan an excellent market to invest with this style, simply because so few other people were doing that.I find the clarity and consistency of this Comgest approach very easy to work with, as we look for those special business models and structural change.We have had Tokyo presence for over ten years and emphasize heavily research visits in our idea generation and thesis checking, and maintain an investible universe of eighty or so stocks for which we work out a Dividend Discount Model driven especially by five year earnings forecasts.

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Interview

Interview 035_Taisuke Sasanuma

Feb 07, 2018
byInvestment in Japan

Advantage Partners views our philosophy as the following: “To nurture our portfolio companies into entities that are sufficiently competitive to realize self-sustained growth even after our exit.” “To manage and implement our investment process and subsequent management process so that, over the course of our investment, value will be created not only for our investors but also for all involved parties including other shareholders, employees, their families, business partners and financial institution.” This philosophy is shared not only with our employees but also with the management of our portfolio companies. We believe it is very important to be open about what our investment approach is and we make a point of reading our operating philosophy to potential investee company management when we first meet with them. We normally acquire the majority of the equity in our portfolio companies which allows us to deeply involve ourselves in the company’s management in order to increase corporate value. Our basic investment style is to then create economic value for our stakeholders by selling our portfolio companies to new owners or listing their shares publicly, which allows the companies to realize their next stage of growth.

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Interview

Interview 034_Takashi Nishino

Dec 01, 2017
byInvestment in Japan

Joined Dentsu Inc. in 1997. Joined Strategy Group, Accenture Japan Ltd. in 2003. Promoted to group manager of Communications, High technology, and Media Division in 2005. After joining Nikko Antfactory K.K. (now Ant Capital Partners Co., Ltd.) in 2006, transferred to ACA Inc. from October 2008. As the managing partner of the Small Buyout Team, took charge of fund management of ACA Synergy No. 1 to ACA Synergy No.3 and performed investments in several tens of companies. Takashi serves as the external director at the companies in which investments are made to provide management support. Master of Business Administration (MBA), HEC Paris (France).

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Interview

Interview 033_Yuichi Hiromoto

Sep 22, 2017
byInvestment in Japan

Mr. Yuichi Hiromoto has more than 25 years of widely-ranged investment experiences at Mitsubishi Corporation as EVP, Group COO at Industrial Finance, Logistics & Development Group, SVP, Division COO at Industrial Finance Division, as well as Founder & CEO at Mitsubishi Corp.-UBS Realty, Inc., one of the largest J-REIT asset managers in Japan. Mr. Hiromoto earned a bachelor degree of law from the University of Tokyo, and an MBA degree from the Wharton School at the University of Pennsylvania.

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Interview

Interview 032_Gregory Rokuro Hara

Jul 03, 2017
byInvestment in Japan

Gregory Rokuro Hara: CEO & Managing Partner, Head of Investment Committee Since joining J-STAR as a founding member in 2006, Gregory Hara has been involved in origination, execution, monitoring, and exiting. He is also involved in corporate activities, fund raising, and PR. Prior to joining J-STAR, Mr. Hara worked at JAFCO, where he organized buyout investments for companies within the service industry, such as BancTec Japan and Medical Tribune. He also has experience in buyout investments, investment banking at Lehman Brothers (Tokyo) and corporate financing in Japan and America in the form of purchasing, LBO, project financing and cross border leasing at Long-Term Credit Bank of Japan. Mr. Hara received a bachelor's degree from Keio University. He is a Certified Public Accountant (US CPA) and a Chartered Member of the Securities Analysts Association of Japan (CMA)

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Interview

Interview 031_Hisashi Osezawa

May 01, 2017
byInvestment in Japan

We believe the market is largely inefficient. Combination of the thorough bottom-up research to identify future firm value and top-down analysis including both macro and sector level is indispensable for superior investment performance. We generally do not put any limitations on our investment universe but we normally do not find attractive investment opportunities in many of the large cap sectors. Without any risk control constraints relative to the benchmark index or full-investment principle, we focus our attention on creating the portfolio consisting of best ideas. As for stock selection, candidate firms, selected on the basis of fund manager’s unique investment ideas, are further analyzed through field research wherever possible. We strive to find the small cap growth stocks whose earnings are expected to expand by 5~10 times in the periods ahead. Since most of these small stocks with excellent investment opportunity tend to be illiquid, they are likely to be neglected by large investment firms. In this sense, our rival might be individual investors but we have definite advantage to them in terms of our capability of extensive field research.

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Interview

Interview 030_Hiroshi Ueda

Mar 01, 2017
byInvestment in Japan

Hiroshi Ueda established Spiritus Investments in February 2010 and has served as CIO since the foundation. Prior to Spiritus Investments, he was a Fund Manager of Morgan Stanley Asset & Investment Trust Management Co., Limited where he managed the Japanese Equity Growth strategy. He joined Morgan Stanley in 1996 and was responsible for newly constructing the investment strategy, launching the growth fund, researching companies, and building the portfolio. Prior to joining Morgan Stanley, he was a fund manager of Separate Account Management Department at Dai-ichi Mutual Life Insurance Company. During Dai-ichi Life, he was temporarily transferred to Fidelity Investments where he joined Earnings Growth Team led by Peter Lynch, which laid the foundation for his investment belief. He holds a B.A. in law from the University of Tokyo.

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Interview

Interview 029_Hajime Kambayashi

Jan 13, 2017
byInvestment in Japan

Joined Tokyu Land Corporation in 1990. Engaged in development of residence, securitization and set-up of REIT business. Joined Mitsubishi Securities in 2003. Worked in arrangement of private real estate funds and REIT underwriting. Joined S.O.W. in 2005. Became CEO of S.O.W. Asset Management in August, 2013.

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Interview

Interview 028_Sophia Li

Nov 01, 2016
byInvestment in Japan

Sophia Li is a Portfolio Manager at First State Stewart Asia, part of First State Investments. Sophia joined the team in August 2009 and is responsible for providing stock ideas to portfolio managers, primarily in the Northern Asia markets. She is also lead portfolio manager of the First State Japan Equity Fund. Sophia holds a Master’s degree in Statistics from Harvard University and a Bachelor of Science degree from Fudan University. She is also a CFA charter holder.

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Interview

Interview 027_Ken Niimura

Sep 02, 2016
byInvestment in Japan

Prior to forming Topaz in 2012, Mr. Niimura was Managing Director of Merrill Lynch Japan where he held various senior roles, including Head of Debt Capital Markets and Head of Restructuring Group. He joined Merrill Lynch in 2000 and was responsible for originating debt transactions including credit portfolio management with Japanese major banks. Prior to joining Merrill Lynch, he was the Head of Structured Finance of The Industrial Bank of Japan where he was responsible for originating and structuring securitization product. Mr. Niimura holds an MBA from Cornell University and a B.A. in Law from Waseda University

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Interview

Interview 026_Tsuyoshi Maruki

Jul 15, 2016
byInvestment in Japan

Tsuyoshi Maruki established Strategic Capital, Inc. in September 2012. In 1999 Mr. Maruki was one of Founding Partners of M&A Consulting, Japan’s first activist fund. The flagship ‘MAC Japan Active Shareholders Fund’ grew to manage JPY 444 billion (c. USD 4 billion) at peak in 2006. At MAC, Mr. Maruki was Head of Investment Management responsible for portfolio management and working to develop the value of investee companies. From 1982 to 1999 Mr. Maruki worked for Nomura Securities in the Capital Markets Division where he worked in underwriting and investment banking. Graduate of Tokyo University with BA in Law.

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Interview

Interview 025_Brett Moshal

May 02, 2016
byInvestment in Japan

Brett Moshal leads Orbis’ Japan equity research team, where he conducts independent fundamental research and recommends Japanese shares for the Orbis Equity Strategies. Brett holds Bachelor degrees in Commerce and Accountancy from the University of the Witwatersrand, as well as Chartered Accountant and Chartered Financial Analyst designations. Prior to joining Orbis in 2003, Brett had experience at Arthur Andersen, Standard Corporate and Merchant Bank, and Brait.

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