| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.7% | -3.1% | -3.1% |
Mondrian's Global Equity Strategy delivered -3.1% net returns in Q1 2026, outperforming the MSCI World Index's -3.6% decline during a volatile quarter marked by geopolitical tensions. Markets began strongly on resilient economic data and AI enthusiasm but deteriorated sharply after military conflict involving Iran escalated Middle East tensions, driving oil prices higher and triggering broad equity sell-offs. The portfolio benefited from exposure to Korean equities and positive US stock selection. Samsung Electronics was the top performer, gaining from strong memory pricing and AI-related semiconductor demand, while Merck & Co contributed positively on resilient earnings and pharmaceutical pipeline confidence. Leadership rotated toward asset-heavy sectors, with energy leading on supply concerns. The strategy maintains its value-oriented approach with 46 holdings, trading at attractive valuations of 17.5x P/E versus the benchmark's 22.7x, while generating a 2.7% dividend yield. The portfolio remains underweight US markets and technology while overweight healthcare, consumer staples, and international developed markets.
Value-oriented global equity strategy focusing on income-generating securities with defensive characteristics, maintaining concentrated portfolio of 30-50 holdings through fundamental analysis
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 30 2026 | 2026 Q1 | - | dividends, energy, Geopolitical, global, healthcare, technology, value | - | Mondrian's value-focused global equity strategy outperformed during Q1 2026's geopolitical volatility, benefiting from Korean exposure and strong stock selection. Samsung Electronics led gains on AI semiconductor demand while Middle East tensions drove energy sector outperformance. The concentrated 46-stock portfolio maintains attractive valuations and defensive characteristics with strong dividend yield. |
| Jan 22 2026 | 2025 Q4 | 005930.KS, CAP.PA, GOOGL, MSFT, ORCL | AI, banks, Currency, Europe, financials, Global Equities, value | - | Mondrian sees superior value opportunities in non-US markets with less AI concentration risk and broader stock-picking potential. Despite European banks' 77% rally, firm maintains underweight given stretched valuations. AI boom creates systemic fragility through debt-funded expansion with unproven economics. Currency tailwinds expected to support international returns while disciplined valuation approach identifies mis-priced securities globally. |
| Sep 30 2025 | 2025 Q3 | BATS.L, CL, ENEL.MI, IMB.L, KO, PEP, PG, RI.PA, SRG.MI, WMT | Consumer Staples, defensives, global, Risk-adjusted, Utilities, value | - | Mondrian increases exposure to undervalued defensive sectors including utilities and consumer staples while cyclicals lead markets. Portfolio emphasizes risk-adjusted returns with positions in regulated Italian utilities, tobacco companies delivering strong cash returns, and consumer staples at historic low valuations. Manager believes cyclicals are overpriced while defensives offer compelling value opportunities. |
| Jun 30 2025 | 2025 Q2 | 7203.T | AI, Buybacks, Credit Stress, Fiscal, Governance, Japan, rates, Trade Policy | 7203.T | Markets rebounded strongly from tariff-induced volatility despite persistent trade policy uncertainty and rising borrowing costs. Japanese corporate governance improvements accelerated with record buybacks, though Toyota Industries privatization highlights ongoing challenges. Mondrian maintains disciplined bottom-up value focus, particularly targeting over-capitalized Japanese companies offering attractive risk-adjusted returns amid macro uncertainties and widening outcome scenarios. |
| Mar 31 2025 | 2025 Q1 | ABF.L, DG.PA, ENEL.MI, LLOY.L, RI.PA, ROG.SW, SNY | defense, energy, Europe, Germany, infrastructure, valuation | - | European equities offer compelling value opportunity after Q1 outperformance highlighted extreme valuation discount to US markets. German fiscal reform and potential Ukraine ceasefire provide catalysts while many European companies compete globally. Portfolio positioned in mis-priced securities across diverse opportunity set with superior risk profiles and energy transition beneficiaries. |
| Dec 31 2024 | 2024 Q4 | BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS | Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value | - | US markets trade at historically extreme 60% premium to international markets, creating compelling value opportunities abroad. Japan emerges from deflation with improving corporate governance driving record buybacks. European companies trade at significant discounts to US peers despite comparable fundamentals. EU's €1 trillion Green Deal and undervalued currencies provide additional tailwinds for international diversification. |
| Sep 30 2024 | 2024 Q3 | ATD.TO, HMC, MMTOF, NSANY, SVNDY, TM | Buybacks, Corporate Governance, Currency, global, Japan, value | - | Mondrian maintains overweight Japan positioning driven by corporate governance reforms accelerating shareholder returns and attractive valuations. Despite recent yen volatility, the currency remains undervalued while share buybacks hit record highs. The firm has shifted toward domestic-oriented investments and sees continued opportunities from unwinding cross-shareholdings and potential M&A consolidation in corporate Japan. |
| Jun 30 2024 | 2024 Q2 | 005930.KS, 4063.T, MU, TSM | AI, Concentration, Elections, Europe, Politics, semiconductors, value | - | Mondrian sees AI euphoria creating market concentration risks while political stability in Europe provides backdrop for stock selection. Semiconductor valuations appear stretched despite portfolio benefits from earlier purchases. Widening performance gaps between concentrated and diversified indices create opportunities for disciplined value investors focused on underlying fundamentals rather than momentum-driven themes. |
| Mar 31 2024 | 2024 Q1 | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSM | AI, dividends, ETFs, Market Concentration, Passive investing, technology, valuation | - | Passive investing has reached a tipping point with over 50% market share, creating dangerous concentration in mega-cap tech stocks trading at elevated valuations. While this presents risks for index investors, Mondrian sees opportunity for their dividend-focused approach, as market distortions favor fundamental analysis over price-based signals in an increasingly passive-dominated market. |
| Dec 31 2023 | 2023 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Elections, Geopolitical, growth, Japan, rates, technology, value | - | Mondrian sees value opportunities in international markets, particularly Japan, while viewing AI-driven US growth as expensive after massive multiple expansion. Rising rates create financial system risks, and geopolitical tensions add uncertainty for 2024. The firm maintains valuation discipline, focusing on EAFE Value at attractive 10x earnings rather than chasing momentum. |
| Sep 30 2023 | 2023 Q3 | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Equity, global, growth, international, Magnificent Seven, valuation, value | - | Mondrian sees AI-driven market concentration creating value opportunities globally. While Magnificent 7 stocks dominated 2023 returns, extreme growth-value divergence and compressed international valuations present attractive stock-picking prospects. The firm identifies AI beneficiaries like Meta and TSMC while maintaining value discipline, believing their benchmark-agnostic approach will generate superior risk-adjusted returns as concentration risks unwind. |
| Jun 30 2023 | 2023 Q2 | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, semiconductors, technology, valuation, value | - | Extreme market concentration in Magnificent 7 stocks has created unprecedented valuation disparities, with AI hype driving growth multiples to pandemic levels while international value trades at compressed multiples. Mondrian sees compelling opportunities in mispriced securities globally, particularly outside the US, believing their disciplined value approach will benefit from current market distortions over the coming decade. |
| Mar 31 2023 | 2023 Q1 | - | Banking, Credit Stress, growth, interest rates, Recession, value, volatility |
META DELL 6758 JP 005930 KS 2330 TT |
Banking sector turmoil led by SVB and Credit Suisse collapses created Q1 volatility, with growth dramatically outperforming value by 1400 basis points. While stress appears contained to unique business models rather than systemic crisis, tighter credit conditions and monetary policy tensions create significant uncertainty requiring defensive positioning and scenario-based investment analysis. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
GeopoliticalMilitary conflict involving Iran erupted and tensions across the Middle East escalated, triggering a sharp rise in oil and gas prices and a broad-based sell-off across global equities. This geopolitical instability was a key driver of market volatility during the quarter. |
Iran Middle East Conflict Tensions |
AIMarkets started the year supported by continued enthusiasm around AI-driven investment. Samsung Electronics benefited from AI-related semiconductor demand, showing the ongoing positive impact of artificial intelligence on technology companies. |
Artificial Intelligence Semiconductors Technology | |
OilSharp rise in oil and gas prices due to Middle East tensions and supply concerns drove the energy sector to be the strongest performer. Supply disruption fears and commodity price increases benefited energy-related investments. |
Energy Commodities Supply | |
SemiconductorsSamsung Electronics was the top performing stock, benefiting from continued strength in memory pricing and AI-related semiconductor demand. The semiconductor sector showed resilience driven by both memory cycle strength and artificial intelligence applications. |
Memory Technology Pricing | |
| 2025 Q4 |
AIAI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from AI competition. |
Artificial Intelligence Software Disruption White Collar Competition |
SoftwareSoftware sector experiencing significant declines as market reassesses AI impacts. Manager identifies potential headwinds including fewer seats due to efficiency gains, lower pricing power from AI-first competitors, and reduced new customer bookings. However, believes some software won't be easily replaced by AI. |
SaaS Enterprise Software Pricing Power Competition Valuation | |
Home ImprovementFloor & Decor represents a compelling opportunity following the Home Depot disruption model in flooring. The company offers higher inventory selection and lower prices than competitors, taking market share for years. Current margins are depressed but should scale toward low-to-mid teens as store base builds out. |
Retail Flooring Market Share Margins Store Expansion | |
| 2025 Q3 |
ValueManager emphasizes defensive sectors trading at attractive valuations relative to cyclicals, with MSCI World defensives near historic lows compared to cyclically exposed sectors. Focus on risk-adjusted returns has led to increased exposure to undervalued defensive names. |
Defensives Cyclicals Valuation Risk-adjusted Undervalued |
UtilitiesUtilities sector has outperformed as a defensive safe haven with earnings momentum from structural trends like electrification, decarbonization and AI-led power demand increases. Portfolio holds regulated Italian utilities Snam and Enel with protection against macroeconomic shocks. |
Regulated Electrification Decarbonization Grid Italian | |
TobaccoTobacco has delivered strong outperformance after being deeply out of favor. Market underappreciated durability of cash flows from traditional combustibles and ability to return cash to shareholders. British American Tobacco returned over 10% of market cap in 2024. |
Cash flows Buybacks Dividends Combustibles Underappreciated | |
Consumer StaplesSector has been among weakest performers but manager sees value opportunity. Added positions in Pernod Ricard and Pepsi at historically low valuations. Companies have strong market positions with opportunities for premiumization and emerging market penetration. |
Undervalued Premiumization Brands Emerging markets Derating | |
| 2025 Q2 |
Trade PolicyPresident Trump's Liberation Day marked unprecedented tariff increases, creating market volatility and uncertainty. While some tariffs were later reduced through negotiations, effective rates remain materially higher than pre-quarter levels, representing significant economic drag. Trade policy negotiations have been volatile and are expected to continue driving market volatility. |
Tariffs Trade Policy Negotiations Volatility |
RatesLong-term borrowing costs hit new highs in the US with 30-year bond yields surpassing 5%. Rising yields driven by higher expected inflation, increased debt issuances, and tariff announcements. Japanese government bond yields also surged to 25-year highs, reflecting lack of domestic appetite and Bank of Japan tapering efforts. |
Yields Bonds Interest Inflation Monetary | |
Credit StressUS fiscal position has deteriorated significantly with budget deficit at 6.4% of GDP, potentially rising to 9% by 2035. Moody's downgraded US credit rating from Aaa to Aa1. Debt servicing costs now exceed defense spending for the first time, with limited fiscal space constraining future policy support during economic downturns. |
Deficit Debt Fiscal Credit Downgrade | |
BuybacksJapanese share buybacks reached record highs despite market volatility, up 20% year-over-year following a doubling in FY24. This represents a clear shift from past defensive tendencies during uncertain periods and supports the thesis of meaningful corporate governance improvements in Japan. |
Repurchases Capital Japan Governance Returns | |
AIAI euphoria returned to markets following the DeepSeek reversal earlier in the year. Despite mixed model releases during the quarter, continued growth of high-profile AI tools and increased hyperscale capex commitments helped ease concerns about potential dampening of sector investment. |
Artificial Technology Capex Investment Growth | |
| 2025 Q1 |
EuropeEuropean equities have significantly outperformed US markets in Q1 2025, almost fully unwinding three years of underperformance. The region trades at historically wide discount to US valuations despite many companies generating 60% of revenues outside Europe. Structural challenges exist but temporary drags like Ukraine conflict and restrictive fiscal policy may be easing. |
Valuation Outperformance Discount Competitiveness |
Infrastructure SpendingGermany's proposed fiscal reform includes a special €500 billion fund for infrastructure spending over 12 years, equivalent to around 12% of GDP. This represents a material shift from the restrictive debt brake policy and could significantly impact the moribund economy given historic underinvestment in public infrastructure. |
Germany Fiscal Investment Reform | |
Defense SpendingGerman fiscal reform carves out defense spending over 1% of GDP from debt brake constraints, providing enormous flexibility for additional defense spending. The European Commission has also proposed loosening fiscal rules to create space for more defense spending across the region. |
Germany Fiscal Military Budget | |
Energy TransitionEurope views decarbonization as an opportunity to lead in clean tech while shifting to more secure and lower-cost clean energy sources. Portfolio holdings benefit from resulting investments in grids and renewables, with companies like Enel and Vinci positioned as beneficiaries. |
Decarbonization Clean Tech Renewables Grid | |
| 2024 Q4 |
ValueUS markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks. |
Valuation Premium Discount Undervalued Cheap |
JapanJapan emerging from deflation with corporate governance reforms spurring record buyback announcements and M&A activity. Nearly 200 listed companies provide deep stock-picking opportunities with solid balance sheets offering downside protection. |
Corporate Governance Buybacks Deflation Balance Sheets Stock-picking | |
Energy TransitionEU investing €1 trillion in Green Deal with goal of energy self-sufficiency. Electrification driving substantial electricity demand growth to 2050, requiring significant grid infrastructure upgrades and creating opportunities in European utilities. |
Renewables Grid Electrification Infrastructure Utilities | |
EuropeEuropean companies trading at significant discounts to US counterparts despite comparable fundamentals and global exposure. Energy services companies VINCI and SPIE appear undervalued compared to US peers, while European utilities offer compelling renewable energy exposure. |
Discount Fundamentals Undervalued Utilities Services | |
| 2024 Q3 |
JapanMondrian maintains overweight positioning in Japan based on attractive valuations and corporate governance reforms. The firm has a 35-year track record of stock selection in Japan and sees continued value from improving shareholder returns, share buybacks, and unwinding of cross-shareholdings. |
Corporate Governance Buybacks Valuations Currency Reform |
BuybacksShare buybacks in Japan are accelerating with 2024 announcements already exceeding 2023 record highs. Portfolio companies including Toyota Industries have implemented large share buybacks as part of improved capital allocation policies driven by Tokyo Stock Exchange reforms. |
Capital Allocation Shareholder Returns Corporate Reform TSE | |
YenThe yen remains materially undervalued despite 12% appreciation in Q3. Mondrian's PPP analysis shows extreme undervaluation with the real effective exchange rate at lowest levels since 1973. Currency adjustments are incorporated into valuation models to distinguish impacts across companies. |
Currency Valuation PPP Carry Trade Exchange Rate | |
| 2024 Q2 |
AIAI euphoria continues with significant investment in semiconductors and startups following ChatGPT's success. However, the market may be pricing in a best-case scenario with uncertainties around adoption curves, monetization, and data scaling challenges. Current valuations require significant breakthroughs in AGI or substantial LLM advancements to be justified. |
Semiconductors ChatGPT AGI LLMs Data |
SemiconductorsSemiconductor stocks have hit new all-time highs as the picks and shovels of the AI rush. Mondrian portfolios have benefited from exposure to companies like TSMC, Shin-Etsu, Samsung Electronics and Micron Technologies purchased at much lower multiples. However, sustaining current investment levels requires addressing uncertainties around AI adoption and monetization. |
TSMC Memory Foundries Valuations AI | |
ValueMarket concentration has created opportunities for active managers as performance gaps widen between market-cap weighted and equal-weighted indices. Mondrian continues focusing on attractively valued segments offering good long-term return potential rather than chasing hype, using disciplined valuation methodology and dividend discount models. |
Concentration Valuation Active Dividends Methodology | |
| 2024 Q1 |
ETFsPassive investing through ETFs has grown significantly, with passive share of mutual funds and ETFs tipping over 50% in 2024. The Bank of Japan's ETF purchases played a significant role in quantitative easing, holding circa 90% of Japan ETFs and 7% of TOPIX market capitalization. More than half of US ETF assets track narrower exposures like specific sectors, countries, and styles rather than broad market indices. |
Passive Investing Index Funds Market Concentration Price Discovery |
AISeveral of the largest companies including Nvidia, Microsoft, TSMC, and Broadcom have benefited recently from excitement around AI. This represents one of the key business overlaps among the largest companies that drive market concentration, highlighting the vulnerability of index investors to a narrow set of end markets despite the large size of these companies. |
Technology Semiconductors Cloud Computing Market Concentration | |
DividendsMondrian's investment philosophy is based on dividend discount methodology, focusing on the present value of future cash flows including dividends and share buybacks. The firm believes their focus on dividends positions them well to take advantage of market distortions, as the rising passive share will not change the cash flows companies produce nor shareholders' rights to receive them. |
Cash Flow Valuation Investment Philosophy Shareholder Returns | |
BuybacksShare buybacks are incorporated into Mondrian's valuation model as they manifest in a decline in share count and commensurate increase in proportionate entitlement to future dividends per share. Some investors have shifted their strategies toward generating returns through cash flows directed at shareholders such as buybacks and dividends rather than relying on exit multiples. |
Shareholder Returns Capital Allocation Valuation Cash Flow | |
| 2023 Q4 |
AIAI hype was a recurrent theme in 2023, but the technology is still far from being a revenue or profit generator for most companies. Recent MSCI USA Growth outperformance has required significant multiple expansion driven by AI enthusiasm rather than fundamentals. |
Technology Growth Hype Revenue Multiples |
ValueValue equities significantly underperformed growth by over 25% globally, though outside the US value outperformed growth. EAFE Value trades at attractive 10x forward earnings with multiples barely moved despite strong returns, offering good long-term return potential. |
Underperformance EAFE Multiples Attractive Returns | |
RatesInterest rates rose sharply creating financial system tensions. US debt servicing costs are rising with 50% of government debt maturing in three years. Higher rates are flowing into shorter duration markets affecting corporate profitability and investment viability. |
Interest Financial Debt Corporate Profitability | |
JapanThe yen remains significantly undervalued against international currencies, particularly the US dollar. High-quality Japanese businesses are being under-priced due to low investor expectations, with significant upside potential as corporate governance reforms and shareholder returns improve. |
Yen Undervalued Currency Governance Returns | |
| 2023 Q3 |
AIThe release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing significant potential benefit upfront, with wide range of outcomes still possible. |
Artificial Intelligence Chat GPT GPU Technology Revolution Hype Cycle |
ValueExtreme concentration in markets and significant value-growth divergence creates attractive stock picking opportunities for value investors. Value stocks continue trading at compressed earnings multiples despite recent outperformance in international markets. The firm identifies mispriced securities through consistent DDM methodology within structured scenario analysis. |
Value Investing Valuation Stock Picking DDM Mispriced Securities | |
GrowthGrowth strategies significantly outperformed value in 2023, driven by AI optimism and the Magnificent 7 stocks. Even excluding the biggest seven names, growth securities still outperformed value peers by more than 12% in the US market. The value-growth divergence has returned to pandemic levels. |
Growth Investing Magnificent Seven Outperformance Multiple Expansion Style Divergence | |
| 2023 Q2 |
AIThe release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the range of outcomes remains wide. |
Artificial Intelligence Chat GPT GPU Technology Revolution Hype Cycle |
ValueExtreme bifurcation between value and growth has returned to pandemic levels despite rising interest rates. Value stocks continue to trade at compressed earnings multiples while growth has experienced multiple expansion. International value markets remain cheap against US markets with significant valuation gaps. |
Value Investing Growth Divergence Multiple Compression Valuation Gap International Markets | |
SemiconductorsNvidia's H100 chip enjoys a dominant position within AI training servers, with the market referring to companies as GPU rich or GPU poor. Consensus expects Nvidia revenue to reach almost $100bn by 2025, though questions remain about business use cases and competitive positioning. |
GPU AI Training Chip Dominance Revenue Growth Competitive Position | |
| 2023 Q1 |
Credit StressRegional banking stress triggered by rising interest rates and yield curve inversion led to bond losses and deposit flight. US banks face vulnerabilities from unrealized losses on securities portfolios, with over $600bn in losses from bonds purchased at record low rates. Tighter credit conditions expected as banks focus on balance sheet resilience. |
Banking Deposits Securities Liquidity Regulation |
RatesRecord pace of monetary tightening created stress in banking system as rapid rate rises caused massive unrealized losses on bank bond portfolios. Market expectations shifted lower for future rate increases following banking turmoil. Interest rate risk from duration mismatch between assets and liabilities exposed vulnerabilities. |
Interest Rates Monetary Policy Duration Fed Yield Curve | |
Risk AppetiteSignificant divergence between growth and value sectors with growth outperforming by 1400 basis points in Q1, one of widest quarterly divergences since 1975. Flight to safety and recessionary fears drove volatile quarter. Markets offer wide range of outcomes requiring investors to brace for volatility and expect the unexpected. |
Growth Value Volatility Safety Divergence |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2023 | Fund Letters | Aileen Gan | META | Meta Platforms, Inc. | Communication Services | Social Media & Advertising | Bull | NASDAQ | advertising, AI, Engagement, profitability, scale | Login |
| Jun 30, 2023 | Fund Letters | Aileen Gan | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors & Consumer Electronics | Bull | NYSE | AI, Cycle, Korea, Memory, semiconductors | Login |
| Jun 30, 2023 | Fund Letters | Aileen Gan | DELL | Dell Technologies Inc. | Information Technology | Hardware & IT Infrastructure | Bull | NYSE | AI, hyperscalers, infrastructure, Servers, valuation | Login |
| Jun 30, 2023 | Fund Letters | Aileen Gan | 2330 TT | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductor Foundry | Bull | NYSE | AI, Foundry, Process-leadership, semiconductors, TSMC | Login |
| Jun 30, 2023 | Fund Letters | Aileen Gan | 6758 JP | Sony Group Corporation | Information Technology | Entertainment & Electronics | Bull | NYSE | AI, Content, Gaming, Image-sensors, Japan | Login |
| - | Fund Letters | Mondrian Global Equity Fund | 7203.T | Toyota Industries Corporation | Capital Goods | Industrial Machinery | Bull | Tokyo Stock Exchange | Auto Components, balance sheet strength, Corporate Governance, Cross-shareholdings, Equity, Forklifts, industrial machinery, Japan, Share Buybacks, Sum-of-Parts Valuation, takeover target, Toyota Group, Value | Login |
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