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01:04
Trammell first moved to Japan in the late 1970s. “I haven’t invested in Japan for 20 years - so tell me, why now?”. Current developments in Japan allow for full realisation of value that investors may have missed the last 20 years. New policies in Japan aim to release & re-invest corporate cash of $4.5 trillion (retail is believed to own another $15-20 trillion). Over 400 firms have negative net enterprise value (cash > stock market valuation).
03:57
Changing the listing requirements and “the way the stock markets operate in Japan”. 90% of listed Japan equities have a market cap of less than $2bn: “This small and mid cap universe is not the Japan most people pay attention to”. Four factors that will drive a massive wave of M&A, MBOs in Japan. Global private equity houses see same opportunity and raise Japan funds, creating a new group of buyers for Symphony to sell to.
09:21
Why you need to be a “value trap escape artist” in Japan. Japanese companies AND other investor groups are pro-actively soliciting Symphony as strategic partner. Engagement, but not Activist: “We don’t buy anything before the management is not already on board with what we are going to do.” Why Symphony’s portfolio companies are of great interest to PE firms. Healthy small-mid caps with no sell side coverage.
12:49
The implementation of a new corporate culture in Japan: - Implications for shareholders - Are these changes pushed through top down or is there a societal consensus and effort for change? How Japan is dealing with its demographics challenge
16:20
Changing of Guards: New generation of Japan’s corporate leadership don’t always follow the old ways
17:59
Symphony’s team & investment Process: - A “rare level” of understanding Japanese small to mid cap firms. A “safe Japanese pair of hands”. - The “100% Investor” paradigm. - Excellence in Stock Selection: It’s not about “cheap stocks”.

Symphony Financial Partners’ Value Realization Fund has returned over 24% p.a. for the last 8 years and is set to continue

Feb 03 2020 1 Comment
Symphony Financial Partners “engaged” deep value Japanese equity strategy has delivered over 24% annualized returns for the past 8 years and in the high teens for over 16 years. And the story goes that they are just getting started.

John Trammell first moved to Japan in the late 1970s. In this Opalesque.TV BACKSTAGE video, he explains why he expects this run to continue for many more years, allowing investors the full realization of value they may have missed the last two decades:

  • Changing of The Guard: Many new leaders in Japa ...more

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