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Japanese Equities

Japanese Equities

Japan is the third-largest economy in the world, and accounts for 10% of global market capitalisation. The Japanese prime Minister, Shinzo Abe, has implemented a raft of new policies known collectively as "Abenomics".


This broad range of reforms has vastly improved the country’s economy, particularly in the areas of sentiment, domestic demand, labour and inflation. As the Japanese equities market remains inefficient, value managers benefit from market discrepancies through a long-term bias towards undervalued stocks. The outlook for this asset class is highly favourable, as Japanese equities are currently attractively priced, both relatively and on an absolute basis.

Opportunities:

  • The Japanese yen has been weakening and the Bank of Japan is firmly committed to further accommodative measures
  • Valuations are no longer cheap but they are not demanding either
  • Economic indicators are improving, especially in the current context of rising inflation
  • Government support remains very strong
  • “Abenomics” is a broad range of reforms designed to improve the country’s economy
  • Japan is at the heart of a fast-growing Asian economy

Investment philosophy and process

The strategy for Japanese equities is a concentrated portfolio of undervalued stocks, based on mid-to-long-term normalised profits. With no sector or size constraints, the portfolio manager invests in the research team’s best value-biased investment ideas, capturing either cyclical catalysts, such as production and inventory cycles, or one-off catalysts, such as restructuring, mergers & acquisitions, and share buybacks. Because of its bottom-up selection process, the portfolio’s market capitalisation or sector bias may vary.

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Investment manager

Kenji Ueno

Kenji Ueno (Lead PM) has more than 25 years of experience, including in analysis and management of Japanese equities. He joined SNAM in 1997 and is the longest-tenured member of Japan Value Equity, with vast experience in the coverage of nearly all sectors of the Japanese market.

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Institutional clients

With a team of more than 200 people, UBP Asset Management has built an on-the-ground presence in the world’s major markets through organic growth and selected partnerships.

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