Japan as No.1 Fund

Through intrinsic value, putting Japan back at the center of the world.

A Japanese equity value fund that unlocks the intrinsic value of Japanese companies and communicates it to the world. Through disciplined value investing and sincere, constructive engagement, we aim to strengthen Japan at its foundations.

Selected for the Tokyo Metropolitan Government's Tokyo Emerging Manager Program (Tokyo-EMP)

About Tokyo-EMP (Tokyo Metropolitan Government, in Japanese)

Our mission

Japan's manufacturing, entertainment and food culture are world-class, yet the capital markets still significantly undervalue them. We founded this fund to unlock that intrinsic value and bring back a prosperous Japan that attracts capital from around the world again.

  • Selective investment in companies with durable competitive advantages

    We invest in companies with strong economic moats that can deliver high capital efficiency and long-term growth regardless of market conditions. Rigorous value analysis lets us find good companies the market overlooks.

  • Maximizing corporate value through constructive engagement

    Through sincere, constructive dialogue we support better management and more sophisticated IR and capital policy, aiming together for the maximum corporate and shareholder value over the medium to long term.

  • Disciplined management and conservative risk control

    As a partner "in the same boat" as our investors, we invest our own capital on the same terms to align interests. We avoid excessive leverage and speculation, and manage the fund transparently and with discipline.

Investment approach

We run a concentrated portfolio of 10 to 20 companies we understand deeply, focusing on small caps that institutional investors do not cover.

  1. Process 1Identify durable advantagesWe examine capital efficiency and profitability, proprietary technology and brands, and market power, both quantitatively and qualitatively.
  2. Process 2Secure coupon-like returnsWe emphasize earnings stability, dividend growth and capital discipline, and estimate intrinsic value from the ten-year earnings outlook.
  3. Process 3Concentration and long-term dialogueWe concentrate on companies we understand deeply and keep up a dialogue on IR, capital policy and management efficiency.

Fifteen commitments to our partners

The code of conduct we follow, as partners in the same boat, in investment decisions, risk management, transparency and dialogue.

  1. Our own capital, same termsWe invest our own money on the same terms as our partners.
  2. Performance fees only above the hurdleWe receive them only when the set threshold is exceeded.
  3. Capital preservation firstNo short selling and no excessive leverage.
  4. Responsibility for others' capitalWe treat it with more care than our own.
  5. Returns above the marketWe limit losses and pursue excess returns.
  6. Concentrated in 10 to 20 companiesWe invest only in companies we understand deeply.
  7. Judged on intrinsic valueWe decide on corporate value, not short-term price moves.
  8. No reliance on macro forecastsWe invest on the basis of company valuation.
  9. Using market irrationalityWe lean against excessive fear and greed.
  10. Constructive engagementFriendly dialogue grounded in principles.
  11. Long-term holdingWe hold because we believe in medium- to long-term growth.
  12. Appropriate risk disclosureWe disclose policies, risks and results transparently.
  13. Regular reportingWe share fund status monthly and annually.
  14. Independent accountingThe fund is run under the oversight of independent professionals.
  15. Strict segregationFund assets are kept strictly separate from GP assets.

How to participate

The fund is intended for qualified institutional investors and similar parties. For terms, meetings or materials, please contact us.

  1. Step 1Initial consultation and materialsWe explain our policy and investment philosophy in a meeting or in writing. Detailed terms are discussed under NDA.
  2. Step 2Review and sign documentsYou review and sign the investment limited partnership agreement and the subscription form.
  3. Step 3Formal participationParticipation is complete once the capital call notice is issued, funds are remitted and the confirmation of participation is issued.

This page is provided for information only and is not intended to recommend or solicit the purchase or sale of any specific financial product or security. Investment in the fund is limited to qualified institutional investors and comparable parties. Investing involves risk, including the possible loss of principal. Specific terms, return targets and fee structures are explained separately in materials provided at a meeting.

Book a meeting or request materials.

Contact us