AGF Three phenomenal years for OYSTER Japan Opportunities
Geneva, 25 February 2016 - Thanks to pragmatic management combining conviction and flexibility, the OYSTER Japan Opportunities fund has obtained one of the best performancesof the Lipper ranking over three yearsby being ranked inthe first decile.
Flexible and robustconviction-based management
Joël Le Saux, the head of the OYSTER Japan Opportunities fund for the last three years, works together with Yoko Otsuka, his analyst. They regularly travel to Japan to meet with the companies held by the fund, but also to find new investment opportunities. The management process is based on fundamental analysis aimed at determining the intrinsic value of the companies analysed. With around 50 stocks, the portfolio consists of growth mid-caps that are less sensitive to the economic cycle, but also large companies that by nature are more sensitive to the economic situation.
Consistentperformancethrough all market phases
The OYSTER Japan Opportunities fund has posted excellent performances over three years: +80.1% versus +64.5% for the Topix Total Return and +57.1% for its peers[1], thereby ranking it in the first decile of the Lipper ranking. Also, thanks to the flexible management style, its volatility is among the lowest of its peer group and its return profile is asymmetric. On average, the fund falls less than the market while benefiting from a rising market. The fund therefore offers a real alternative to passive management and posts more consistent performances over the long term than the growth or value approaches.
Sharply rising stock market, notwithstanding anerraticmacroeconomic context
In spite of the expectations created by Abenomics, the Japanese economy treaded water in 2015, once again confirming its inability to achieve a sustainable rebound. Over the past three years, however, the Japanese stock exchange has recorded one of the best performances worldwide, a rise driven by the strong growth in corporate earnings. While the yen's weakness over the last three years has had a positive impact on export companies' results, it is not the only explanatory factor behind this positive trend. According to Joël Le Saux, listed companies' profitability has been significantly boosted by their refocusing on key hubs (large cities) as well as restored pricing powerdue to the reduction in surplus production capacity. During his recent trip to Japan, he also emphasised the benefits of the labour shortage and the declining unemployment, two positive figures for stimulating consumption. He also sees the continuous growth in international tourism to Japan, driven by the weak yen, as another positive theme.
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