Nippon Growth Fund: Differentiated Japanese Equity Investing Adding Value

Presented by

Yutaka Uda, Maiko Uda, Alisdair Bell

About this talk

Yutaka Uda & Maiko Uda, portfolio managers of the Nippon Growth (UCITS) Fund provide their macro-outlook for the Japanese equity markets & the positioning that has been adopted within the Fund's portfolio as a result. The team provide an in-depth analysis of the Japanese economy & the opportunities that will arise in the years ahead. Yutaka comments on the current conditions & notes that the markets are very similar to 1985 & the team are very excited about the years ahead. We believe there are few peers that currently offer similar exposure to the Japanese market as we do. Thanks to the active management style adopted, the Fund has delivered returns to investors of circa 10.5% YTD to the end of October, whilst many of our peers & the index are in negative territory. Topics include: • Japanese economy will grow in 2023 & why they believe this trend is likely to continue for the next 3 to 4 years. • Global growth will shift from IT to infrastructure investment in Japan & US markets. Infrastructure demand in Asia to accelerate substantially. • Windfall profits will increase for Japanese manufacturers. • Foreign tourists visiting Japan will recover with an estimate of 25M in 2024 & 30M in 2025 which will have a huge impact on consumption, economic activities, & capital expenditure. • Japanese Yen stands at an extremely cheap level to provide a fantastic opportunity for investment. • Real Estate stocks will outperform when the vacancy rate peaks in summer 2023, providing a compelling opportunity to add real estate stocks. • US / Japanese Bonds. Bank shares will outperform the index massively in the coming 2 years. • Japan's market remains very cheap in comparison to the US. • Significant investment is expected in the hosting of the 2025 World Exposition in Osaka, with additional commitments in 2028-2029 to integrate a resort. In summary, the team expect the Japanese economy will enjoy a considerably higher growth rate compared with the past 30 years.
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Eric Sturdza Investments is a multi-boutique provider of investment funds, offering Global, Chinese, Japanese (all cap and large cap) and European (large cap, as well as small / mid cap) equities, as well as a global multi-asset fund and a global fixed income strategy to high net worth individuals, institutions and wholesale investors. The funds / strategies are marketed across Europe and opportunistically in the Middle East and Asia.