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 Dec 31, 2025
In its 2025 Year end letter, Motiwala Capital reported that its Japan Capital Appreciation Strategy achieved a net-of-fees return of +31.7%. The performance was propelled by strong alpha in domestic technology and engineering holdings (e.g., Ryoyu Systems, Business Brain Showa-Ota, JFE Systems), with only one detractor (TDC Soft) out of 32 total positions. The letter outlines fundamental shifts unlocking value in Japanese equities, highlighting that 33% to 44% of companies on the TSE still trade below book value. Key structural drivers include the unwinding of cross-holdings (led by Toyota's massive $33 billion deal), record-high dividends and share buybacks, Warren Buffett's increased stakes in trading houses to over 10%, and Prime Minister Sanae Takaichi's ¥42.8 trillion pro-growth fiscal stimulus. The manager remains very bullish on the multi-year outlook for Japanese equities.
Japan's long-standing status as a value trap is dissolving due to massive corporate governance reforms driven by the TSE, accelerating M&A/MBO activity, progressive dividend policies, and political tailwinds (Takaichinomics). Deeply undervalued yet profitable Japanese companies (specifically those with robust balance sheets and high quality profiles) present a multi-year opportunity to unlock significant capital for shareholders.
The investment manager remains highly constructive on Japanese public equities, declaring that the structural improvements in corporate governance and shareholder returns are in their 'early innings and could last several years.' Despite the rally since 2023, valuations remain very attractive on both absolute and relative scales compared to global peers.
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