Necessity, as they say, is the mother of invention. In this note, we explore how a long-term core FJV investment thesis has been identifying the opportunities arising as Japan innovates, inter alia addressing the global necessities of digitalisation and de-carbonisation, as well as the domestic demands from delayed domestic reopening. Japan’s record on innovation is market-leading, which, when combined with FJV’s unique competitive advantages in bottom-up stock selection and a flexible mandate allowing unlisted investments, has contributed to long-term outperformance. Short-term style rotation has led to weakness, but five-year NAV growth is 1.4x the index.
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