The scale of the outperformance delivered by AVI Japan Opportunity Trust (AJOT) versus its MSCI Japan Small Cap benchmark is impressive (38 percentage points since launch) and demonstrates the success of its efforts to promote good corporate governance within the stocks in its portfolio. The manager says that Japanese corporates have become less resistant to change, but there is still a lot to do. It is important to note that AJOT’s success has come despite a weak currency, small-cap underper ....