Our guest today is Masaki Gotoh, CIO and Founder of TriVista Capital. He is also the Co-Organizer of the inaugural Sohn Investment Conference in Tokyo alongside Seth Fischer of Oasis Management, Oki Matsumoto-san of Monex, and the Karen Leung Foundation.

In this episode, Masaki-san and I went over the rich opportunity set in Japan for cheap growth companies often known as GARP. Sometimes they’re so cheap I personally like to call it GASP (Growth At Silly Prices - honestly, I sometimes literally do gasp). He kindly shared thoughts on several of his holdings like eguarantee and timee, as well as key themes he thinks are worth betting on, many of what can be described as second derivatives of key trends. This included an angle for AI specifically in Japan. As a long-term investor, he also talks about his unique portfolio management style which adjusts to the characteristics of the Japanese markets – and how one ought to think about ‘compounding’ here, as well as sage advice on how to build relationships with Japanese management.

As someone who experienced the bubble period of Japan, we also talked about how the energy of Japan is changing, there’s just this air of excitement which we can’t quite put a pulse on as the market reaches historic highs, and why this still makes him (and btw me) excited about the opportunities ahead of us in Japan – despite some already turning their eye towards Korea for another governance play.

We also discuss why everyone should be attending the first ever Sohn Conference in Japan, and even gave us a teaser of what he will be presenting!

The Sohn Conference is something I’m looking forward to and to me, finally having one in Tokyo marks a beginning of a new era for capital markets in Japan. I can’t wait to be there! I will be providing some coverage and some key insights that I hope to learn.

I look forward to seeing you there -so come find me!

Disclaimer

The information provided in this podcast is for general informational and entertainment purposes only and should not be considered financial, investment, legal, tax, or any other form of professional advice. Investing in financial markets involves risk, and it is possible to lose money. Past performance is not indicative of future results.

The hosts and guests of this podcast are not financial advisors, brokers, or registered investment advisors. The opinions and views expressed in this podcast are solely those of the individuals involved and do not represent the views of any affiliated organizations.

Before making any financial decisions, you should conduct your own thorough research and due diligence. It is strongly recommended that you consult with a qualified financial advisor or other relevant professional who can take into account your individual circumstances, financial goals, and risk tolerance.

We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information, products, services, or related graphics contained in this podcast for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

We shall not be liable for any loss or damage, including without limitation, direct, indirect, or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this podcast.

By listening to this podcast, you acknowledge that you understand and agree to this disclaimer.

In this episode we hosted Thibaut Maissin, a Paris based global investor and portfolio manager of the World Micro Cap Fund at Gay-Lussac. What was unique was that his fund combines a quantitative and qualitative approach which led to their fund investing 20% of their portfolio in Japan. This episode is a little different than usual as we focus on a breakdown of some of his key investment ideas in Japan. He shares his thesis on Japanese ERP software company, Business Engineering Corp, the impact of AI, as well as his bullish stance on the logistics sector and why this is an attractive sector from both a growth and deep value perspective.

In this episode we discuss:

• What led to them allocating 20% of their portfolio to Japan

• His thesis on Business Engineering Corp

• Why mission-critical ERP software companies are here to stay

• Where opportunities lie for Japanese ERP players despite the presence of SAP

• How the logistics sector may be one of the more attractive sectors for Deep Value Opportunities

• Some of his favourite ideas in the sector

Disclaimer

The information provided in this podcast is for general informational and entertainment purposes only and should not be considered financial, investment, legal, tax, or any other form of professional advice. Investing in financial markets involves risk, and it is possible to lose money. Past performance is not indicative of future results.

The hosts and guests of this podcast are not financial advisors, brokers, or registered investment advisors. The opinions and views expressed in this podcast are solely those of the individuals involved and do not represent the views of any affiliated organizations.

Before making any financial decisions, you should conduct your own thorough research and due diligence. It is strongly recommended that you consult with a qualified financial advisor or other relevant professional who can take into account your individual circumstances, financial goals, and risk tolerance.

We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information, products, services, or related graphics contained in this podcast for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

We shall not be liable for any loss or damage, including without limitation, direct, indirect, or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this podcast.

By listening to this podcast, you acknowledge that you understand and agree to this disclaimer.

Our guest today is Praveen Kumar,

Praveen has close to 2 decades of experience investing in growth equities as the former Portfolio Manager of the Baillie Gifford Shin Nippon Trust, the Japanese Smaller companies fund and as the co-deputy of the Baillie Gifford Japan Trust.

Growth Equities have admittedly had a tough stretch these past few years. But it’s exactly why we felt this was a great conversation to have, and understanding why there are some interesting opportunities today.

We loved hearing his experience as someone who looks at a different corner of the Japanese market to many foreign investors who tend towards deep value. What’s also remarkable is that he’s learnt to invest in Japan without speaking Japanese!

When he first started, translation wasn’t easily available and he’s had to learn the hard way. Through his 2 decades of experience talking to Japanese companies and investing in them, he shares practical insights on investing in Japanese growth companies. Whether its about how to talk to Japanese management teams, how to assess them, or how to understand the cultural context of Japanese business. He also mentions several interesting investment ideas that are solving uniquely Japanese problems today.

In this episode we discuss:

• Why language barriers are an overrated deterrent to investing in Japan

• The unique red flags and green flags when looking at Japanese companies

• What kind of companies have been multi-baggers

• How to build rapport with Japanese companies

• Some of the unique consumer behaviours in Japan

• Investing in SoftBank

• The invisible market cap ceiling for Japanese companies

• Some of the best resources to learn about Japanese culture

  …and more

We hope this gives our listeners a deeper insight into why in addition to statistically cheap companies, there are interesting opportunities in growth equities - and the tools and insights to improve your research process for fundamental analysis in Japan.

Disclaimer

The information provided in this podcast is for general informational and entertainment purposes only and should not be considered financial, investment, legal, tax, or any other form of professional advice. Investing in financial markets involves risk, and it is possible to lose money. Past performance is not indicative of future results.

The hosts and guests of this podcast are not financial advisors, brokers, or registered investment advisors. The opinions and views expressed in this podcast are solely those of the individuals involved and do not represent the views of any affiliated organizations.

Before making any financial decisions, you should conduct your own thorough research and due diligence. It is strongly recommended that you consult with a qualified financial advisor or other relevant professional who can take into account your individual circumstances, financial goals, and risk tolerance.

We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information, products, services, or related graphics contained in this podcast for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

We shall not be liable for any loss or damage, including without limitation, direct, indirect, or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this podcast.

By listening to this podcast, you acknowledge that you understand and agree to this disclaimer.