Agenda

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Registration & Breakfast

Boardroom 1

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Polar Capital

Fund: Polar Capital Japan Value Fund

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Baillie Gifford

Fund: Baillie Gifford Japanese Fund

Boardroom 2

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Spring Capital / Zennor Asset Management

Fund: Zennor Japan Equity Income Fund

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Asset Value Investors

AVI Japan Opportunities

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Networking Break

Boardroom 1

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Spring Capital / Zennor Asset Management

Fund: Zennor Japan Equity Income Fund

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Asset Value Investors

AVI Japan Opportunities

Boardroom 2

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Polar Capital

Fund: Polar Capital Japan Value Fund

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Baillie Gifford

Fund: Baillie Gifford Japanese Fund

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Lunch & Close of Conference


Session Details:



Speaker: Gerard Cawley, Fund Manager

Fund: Polar Capital Japan Value Fund

Japan: A new era for value

With Japanese equities’ strong performance year-to-date, Gerard Cawley, Manager of the Polar Capital Japan Value Fund, will discuss the tailwinds for Japanese value stocks following the latest wave of corporate governance reform. He will explore how companies may look to navigate the Tokyo Stock Exchange’s efficient capital policies, and how value investors in particular could stand to benefit





Speaker: David Mitchinson, Fund Manager

Fund: Zennor Japan Equity Income Fund

Japan: An increasingly compelling investment opportunity for equity income investors

After the boom years of the ‘80s, the Japanese market went through a prolonged period of under-performance in the 1990s, continuing through the 2000s. Additionally, as a consequence of the interlocking business relationships and shareholdings characteristic of the Japanese Keiretsu system, corporate management teams were not always motivated to make decisions to maximize shareholder value and hoarded cash. Today Japan still remains under owned and undervalued. This combination, together with a lack of deep fundamental research coverage on more than 40% of the market, provides fertile ground for investors. With the governance revolution taking place, including a new stewardship code (2012), and with the support of the Tokyo Stock Exchange – putting pressure on companies regarding their capital structure and their valuations – the landscape is changing and Japan now offers an increasingly compelling investment opportunity for equity income investors.

These changes play out in several ways:

• increased dividend pay-outs for investors,
•increased return of capital as balance sheets are right-sized, and
• increased share buy-backs, boosting both earnings per share and dividends per share.

Putting this all together presents a very promising outlook for dividend growth, and therefore income investors, in Japan.





Speaker: Thomas Patchett, Investment Specialist Director

Fund: Baillie Gifford Japanese Fund

Finding enduring earnings growth within Japan

Jump forward five years, where does the investment opportunity in Japan lie? Is inflation rampant, are rates reaching new highs; or has deflation returned with a vengeance; have US-China tensions split the world into two; is the momentum behind corporate reform still underway? We believe that there are three enduring structural growth themes that will allow you to overcome these imponderable issues.






Speakers: Joe Brauernfreund, CEO & CIO and Daniel Lee, Co-Head of Japan Research

Fund: AVI Japan Opportunities


This time is different, but it won’t be easy

AVI has developed a reputation as a constructive engagement specialist. Over the past five years their strategy has generated strong performance by identifying valuation anomalies primarily amongst Japanese small caps, and by engaging intensely with management in order to boost shareholder returns.