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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund returned 19% in Q2 2026, driven by AI-related semiconductor holdings Murata and Kokusai Electric reaching record highs as demand broadened beyond chipmakers. The manager added Tokyo Electron on semiconductor infrastructure strength while exiting Mitsui Fudosan on capital allocation concerns."
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.
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