Japan Equity Universe (exclude long/short only)

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   Core  Value  Engagement  Other Opportunistic          
                   
                           
                           
                           
                        [Definition]                        [Definition]                          [Definition]               
   Stable Free Cash Flow Growth   (1) Invest in companies which can improve their value by themselves  (1) Invest in companies which need impact from outsider to lift value.              
    - Stable FCF        backed by high governance quality.  (2) Frequent communication with corporate managers. At least more              
    - Longevity of FCF growth   (2) Can confirm value by numbers, such as PBR, PER and/or a reasonable       than once in every quarter.               
    - Well-established Brand        multiple.  (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)                  
       THE L.T. FUNDS (L.T. Fund Japanese General)                  
                          
                          
                          
                          
                          
                          
                          
                          
                          
                          
                          
                          
                          
                           
                           
                           
                           
                           
                           
                           
                           
                         
                         
                         
                         
                           
                           

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