Since its IPO in late 2018, AJOT has convincingly outperformed over one, three and five years. During this period the team has established a track record of successful, constructive, activism that is very much aligned with Japan’s regulatory evolution. The team views the 2023 reforms by METI and the TSE as adding meaningful momentum to the Government’s ambitions regarding corporate governance and shareholder returns. In 2024 the team is expecting a number of investees to publish new medium term strategic plans. The team is clear that the opportunity set remains considerable and has levered the portfolio (c5%) whilst trimming more mature positions to add new names to the portfolio. Having traded in a tight band around NAV since inception, the fund has an active placing programme in place and aspirations to grow further in 2024.
