The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 15, 2026
The Japan Opportunities Fund returned 19.01% in Q2 2026, outperforming the TOPIX Index which returned 11.26%, as Japanese equities rose strongly to all-time highs. The AI rally broadened beyond chipmakers, with top contributors Murata Manufacturing and Kokusai Electric reaching record highs on surging AI server demand and improving semiconductor capex outlooks. Chugai Pharmaceutical detracted due to slower GLP-1 prescription uptake. The manager established a position in Tokyo Electron given its competitive position in semiconductor equipment and closed Mitsui Fudosan due to disappointing capital allocation. The Bank of Japan raised rates to 1.0% and strong Shunto wage increases suggest inflation is becoming entrenched, supporting a positive wage-price feedback loop. The manager remains constructive on Japan's structural outlook, citing reasonable valuations, sound fundamentals, and ongoing corporate governance reforms expected to improve returns and support re-rating. While maintaining meaningful semiconductor exposure, the manager emphasizes discipline and focuses on quality management teams to navigate near-term volatility from geopolitical risks.
The manager seeks long-term capital appreciation by investing in undervalued, cash-generative, and capital-efficient Japanese businesses with strong management teams, focusing on stock selection through rigorous fundamental research and strict valuation discipline while maintaining exposure to structural themes including AI, semiconductor infrastructure, and corporate governance improvements.
The manager remains positive about Japan's long-term structural outlook, believing valuations remain reasonable, corporate fundamentals are sound, and earnings momentum is intact. While volatility could remain high in the short term due to geopolitical risks, the manager is focused on the quality of management teams and businesses to help navigate and capitalize on changes. AI remains a durable investment theme with broadening opportunities across the supply chain. Corporate governance reforms are expected to continue supporting Japanese equities through improved return on equity and share price re-rating.
Neutral / Balanced
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