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Alternative Market Briefing

Japanese equities offer value investing opportunities

Friday, August 03, 2012

Mark Pearson
Bailey McCann, Opalesque New York:

Based in Tokyo, Arcus Research is the research arm of Arcus Investment Limited, a London investment firm. Mark Pearson and Peter Tasker are the two co-founders. They founded the firm together in 1998, after having worked together in various capacities since the 1980s. They have a flagship Japan Long/Short fund - the Zensen Fund that has been active for the last ten years. They were recently interviewed by Matthias Knab for Opalesque TV.

Over the past ten years, the flagship fund has been up 110% while the broad markets were down an average of 20%. The men owe this outperformance to a careful, disciplined approach to stock selection. "Our returns come from the long-term very careful stock selection, buying cheap stocks and selling overvalued stocks," Pearson says. He notes that the fund has been able to capitalize on the growth of the Japanese corporate sector since 2002.

According to Tasker, the lack of outside investor interest in Japan has actually benefited them in the sense that they have been able to be active in exploiting the inefficiencies that arise out of the neglected market. "If it just continues like this, we hope to make money because we have made money over the last 13 years in exactly this environment.{...}The inefficiencies alone are enough for us to make money."

Despite investor neglect, Tasker sa......................

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