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Meet the Managers

Also available in: 日本語 (Japanese)

Asset Value Investors (“AVI”) was established in 1985 to manage the assets of AVI Global Trust plc (AVI Global), then a £6 million London listed investment company.

AVI Japan Opportunity Trust (“AJOT”) is managed by AVI’s CIO, Joe Bauernfreund.

AVI established AJOT to provide shareholders with capital growth through investing in cash-rich and over-capitalised small-cap Japanese equities in October 2018.

CEO & CIO

Joe Bauernfreund

BSc, MSc

Joe Bauernfreund is the portfolio manager of AJOT and as of October 2015 he is also the named portfolio manager of the AVI Global Trust. He is the CEO and CIO of Asset Value Investors.  He joined Asset Value Investors in July 2002 as an Investment Analyst, following completion of a Masters in Finance from the London Business School. At first, Joe worked closely with John Walton in focusing on the European Holding Companies. He then covered the entire portfolio and became joint manager with John Pennink.

Prior to joining Asset Value Investors, Joe worked six years for a real estate investment organisation in London.

Head of Japan Research

Daniel Lee

BSc (Physics), CFA, CAIA

Daniel joined AVI in February 2015. He focuses on researching Japanese companies.

Before joining AVI, Daniel completed internships at Pamplona Capital Management and Mercer. He has passed all three levels of the CFA exam. He graduated with a First Class Honours in Physics from the University of Bristol.

Senior Investment Analyst

Kaz Sakai

Bsc (Geochemistry), MBA

Kaz Sakai has been working with AVI since May 2020 and joined AVI’s investment team full-time in June 2021. Kaz previously worked at as an Engagement Manger at McKinsey & Company and an RTS Practice Associate in Melbourne. Kaz also gained valuable experience at a private equity firm in Tokyo from 2016-2018. He holds a B.S. in Geochemistry from the University of Tokyo and an MBA from Harvard Business School.

Investment Consultant

Jason Bellamy

B.Sc. (Economics)

Jason joined AVI in March 2020. He works closely with the analyst team and leads on the engagement efforts in Japan. He brings more than 30 years’ experience in the financial services industry, working for and engaging with global companies, government bodies, regulators and international investors including Sumitomo Mitsui Trust Bank, First Trust Advisors and Aberdeen Standard Investments. Jason is based in Tokyo.

Jason has a BSc in economics from the London School of Economics & Political Science (University of London).

Investment Analyst

Makiko Shimada

BA (Economics)

Makiko joined AVI in January 2021 from Goldman Sachs, where she was a member of the Advisory Group in the Investment Banking Division in Tokyo.  She holds a B.A. in Economics from the University of Tokyo.

Investment Analyst

Shimpei Ochi

BA (Law), LLM

Shimpei joined AVI in October 2022. He previously worked as a lawyer at Mori Hamada & Matsumoto and as a government official at Ministry of Economy, Trade and Industry of Japan. He holds a B.A. in Law from the University of Tokyo and an LL.M. from Columbia Law School.

Japan Team Assistant

Yuki Nicholas

Yuki joined AVI in February 2020 as a Japan Team assistant to provide translating support, desk research and other secretarial support to the members of Japan Team.

Yuki previously worked for BZW Tokyo as an assistant to the investment strategist and the economist.

AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’

AJOT currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © AVI Japan Opportunity Trust plc. 2018 Registered in England No: 11487703. An investment company under Section 833 of the Companies Act 2006. Registered Office: 6th Floor, 65 Gresham Street, London EC2V 7NQ. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. AJOT may use gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.

Disclaimer

IMPORTANT INFORMATION

USE OF THIS WEBSITE:

THIS WEBSITE IS NOT INTENDED TO OFFER OR TO PROMOTE THE OFFER OR SALE OF THE SHARES (THE “SHARES”) OF AVI JAPAN OPPORTUNITY TRUST PLC (THE “COMPANY”) IN THE UNITED STATES OR TO ANY “U.S. PERSONS” AS DEFINED IN REGULATION S (“US PERSONS”) UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).

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The contents of this website are communicated by Asset Value Investors Limited (“AVI”), which is authorised and regulated by the UK Financial Conduct Authority, with registered number 01881101 and which has its registered office at 2 Cavendish Square, London W1G 0PU, United Kingdom.

The information contained in this website does not constitute or form a part of any offer to sell or issue, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States or in any jurisdiction in which, or to any person to whom, such an offer or solicitation would be unlawful.

Nothing in this website is to be taken as investment or tax advice.  If you are unclear about any of the information on this website or its suitability for you, you must contact your financial or tax adviser, or an independent financial or tax adviser before making any investment or financial decisions.

The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act“), and as such holders of the Shares are not and will not be entitled to the benefits of the Investment Company Act. The Shares have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered, assigned or otherwise transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, any US Persons. There has been and will be no public offer of the Shares in the United States. The offer and sale of the Shares have not been and will not be registered under the applicable securities laws of Australia, Canada, Japan or South Africa. Potential users of the information contained  in this website are requested to inform themselves about and to observe all applicable restrictions.

General risk warning:  All investment is subject to risk. The value of the Shares may go down as well as go up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Shares will fully reflect their underlying net asset value. There is also no guarantee that the Company’s investment objective will be achieved.

The information contained in this website may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement.  You should not place undue reliance on any forward-looking statement.

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AJBell Award for Japan Equity Active 2022