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Alternative Market Briefing

A new activist fund focuses on Japan

Thursday, September 30, 2021

Bailey McCann, Opalesque New York for New Managers:

Activist investing is beginning to take hold in Japan. In August, Gordian Capital announced the launch of the Japan Catalyst Fund sub-advised by Tokyo based, Japan Catalyst, Inc., a 100% subsidiary of listed Monex Group.

Established in 2004, Gordian Capital is an independent fund platform specialist, currently managing USD 6.2 billion.

The sub-advisory team is led by CIO and Monex CEO, Oki Matsumoto and Taro Hirano President / Chief Portfolio Manager. Matsumoto began his career at Salomon Brothers in Tokyo as a trader, before joining Goldman Sachs Japan. Matsumoto is also a former outside director of the Tokyo Stock Exchange, and is a member of multiple public councils related to corporate governance and capital market reforms in Japan. Hirano was previously a value investor at AllianceBernstein Japan.

Japan Catalyst invests in listed Japanese equities, seeking to generate investment returns through activist investments. The firm launched a Cayman domiciled fund following the successful launch in April 2020 of a domestic fund, the Monex Activist Mother Fund, which has generated, since inception, a net return of +43.2% (end July 2021) and an excess return of 10.6% compared to the TOPIX over the same period.

The strategy runs a concentrated portfolio of 10-20 names. Rather than engaging in proxy fights, Japan Catalyst hopes ......................

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