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A stock-picking approach is adopted to identify companies that have the opportunity to produce growth and the ability to exploit it, whilst on attractive valuations. An initial screen is performed on the entire Japanese equity universe of circa 3,500 listed companies, on the grounds of business viability and liquidity. This reduces the universe to 1,800 companies. A "followed list" of 400 to 500 is then derived through assessment of internal and external research, company visits (around 500 a year) and any prevalent macroeconomic or sector specific themes. Stock selection is the result of detailed qualitative and quantitative analysis. In particularly companies with sustainable return on capital are sought. Holdings will be removed when from the portfolio when there are signs that either a company’s opportunity or its ability to exploit that opportunity have deteriorated.