日本における魅力的な投資機会を提供

概要

Key facts

Total Assets:
$150.3m
Launch Date:
23 October 2018

Average Annual Return:
11.5%*
Ongoing Charges Ratio:
1.50%**

* As at 30 September 2022
** Ongoing charges as of 31st December 2022

Key Statistics

Share Price:
123.5 p
Premium(+) / Discount(-):
-1.2%

NAV:
124.9 p / share
Dividend Yield:
1.3%
As of 26/02/2024, Currency: Pound Sterling

投資信託について

投資哲学

AVIジャパン・オポチュニティ・トラスト(以下「AJOT」)を運用するアセット・バリュー・インベスターズ(以下「AVI」)の投資哲学は、バリュエーションのアノマリーを発見し、株価が本質的価値を反映していない企業に投資することに焦点を当てています。

AVIが探求するもの

  • 潜在的価値に対するディスカウント
    バリュエーションのアノマリーを発見し、純資産価値に対してディスカウントされている企業やファンドに投資します
  • 本質的価値の高いアセットへの投資
    魅力的なバリュエーションで再評価される可能性のある良質なアセットを見極めます
  • 経済的価値
    潜在的なコーポレート・アクションや企業に対する市場の見方の変化など、様々なイベントやカタリストに基づいた再評価や成長の可能性があるアセットを保有します

投資プロセス

AVIが運用するAJOTの投資プロセスは、定量的および定性的なテクニックを用いた、ボトムアップ・ファンダメンタル・リサーチを重視しています。

投資対象のスクリーニング

スクリーニング・プロセスは、日本の金融機関を除く企業である約3,475社を抽出するところから始まります。次に、1日の平均売買代金が30万ポンド以上の約2,180社に絞り込みます。そして、ネット・キャッシュと有価証券の合計が時価総額の30%以上の約470社を詳細に調査します。 この中から約60社の詳細なモデルを作成し、株価や業績に関する情報を注視しています。

投資対象のフィルタリング

フィルタリング・プロセスでは、次の項目を調査します。

  • 成長中の事業を営む良質な企業であるか
  • 私たちがNAVに納得しているか
  • 私たちにとって好ましいバリュエーションか
  • 私たちが事業を保有したいか
  • 企業が強固なバランスシートを保有しているか
  • 企業の現金創出力は高いか

アセット・バリュー・インベスターズ(以下「AVI」)は、30年にわたり日本で投資活動を行っており、ファンダメンタルズ以外の要因で投資家に見過ごされている、レジリエントで成長性のある収益基盤を持つ、過小評価された企業に焦点を当てています。30年にわたる資本市場での経験を活かし、様々な業界の100社以上の日本企業を分析し、AVIは経営陣と協力して、長期的な企業価値の成長及び株価の過小評価に対処するための提案を行ってきました。資本効率、ESG、投資家とのコミュニケーション、経営戦略という4つの主要な分野に焦点を当てて改善を促しています。AVIは経営陣と水面下で協力し合うことを目指していますが、進展が見られない場合には、公の場で他の株主と意見を交換することもあります。

 

AVIの戦略と投資スタイルが他のファンドマネージャーとは異なる理由について、以下のように考えています。

  • 特徴的な投資戦略により、長期的に、グローバルに、アウトパフォームしてきた30年間の経験
  • 他の投資家に見過ごされたり、過小評価されている良質なビジネスに注目
  • 企業価値を持続的に成長させ、株主価値を引き出すための経営陣との積極的な対話
Please choose:
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”).

THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, AND MUST NOT BE MADE AVAILABLE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW OR REGULATION.

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.

Neither the Company nor AVI undertakes any obligation to update or revise any information in this website, including without limitation, any forward-looking statements, whether as a result of new information, future events or otherwise, and neither the Company nor AVI will confirm the accuracy or completeness of any information at any given time.

This website may contain links to third party websites. These links are provided for your information and convenience only, and do not amount to a recommendation or endorsement by the Company or AVI of that third party or its website. Neither the Company nor AVI has any control over the content of any third party website and neither the Company nor AVI has verified the accuracy of any content on any third party website. Accordingly, neither the Company nor AVI is liable for the content or availability (or lack of availability) of such third party websites.

This website is provided for your use “as is” without any warranties (whether express or implied) of any kind including, but not limited to, the warranty of non-infringement of third party rights or freedom from computer virus. As a result, neither the Company nor AVI accepts any ongoing obligation or responsibility in respect of any errors, omissions, interruptions or delays in service which may occur. Internet is not a secure medium of communication unless the data being sent is encrypted. Neither the Company nor AVI accepts any responsibility for unauthorised access by a third party or the corruption of data sent to it.

By continuing to use this website, you agree to the exclusion by the Company and AVI, to the extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, or any loss of profits, revenue or data arising out of or relating to your use of and our provision of this website and its content. The Company may change these terms and conditions from time to time and any such changes will be posted on this website. Your access to this website is governed by the version of these terms and conditions then in force.

By clicking “Agree” below, you represent, warrant, undertake and agree that (1) you have read, understood and agree to be bound by the terms and conditions and other information set out herein, (2) you are permitted under applicable laws and regulations to receive the information contained in this website, (3) you are located outside the United States and are not a US Person, and (4) you will not transmit or otherwise send any information contained in this website to any persons in the United States or who are US Persons or to any publications with a general circulation in the United States. If you cannot so represent, warrant, undertake and agree, you must click the button labelled “Decline” or otherwise exit this website.