Japan Opportunities Fund
We invest exclusively in Japanese "hidden value" companies whose market value is significantly below their net asset value and which have correspondingly a large appreciation potential.
Hidden value companies have an excellent operational business with high free cash flows and profits
On average about 65 % of the market value of our portfolio companies is already covered by liquid and distributable net financial assets; adjusted for these net financial assets, the market value of the actual operating business is extremely low
Revaluations are likely because either the portfolio companies have already adopted a shareholder-friendly distribution policy or activist investors and private equity houses are pushing them massively in this direction
The Japanese government strongly supports these developments; it considers a more efficient allocation of capital to be the key to making the Japanese economy more dynamic and competitive
China Opportunities Fund
We invest in China's emerging "blue chip"-companies with strong leadership positions in future-oriented sectors.
Over the past 10 years, clear market leaders have emerged in a number of sectors, clearly outperforming their competitors in terms of technology, brands, market share and professionalism
In the coming decade, such companies have a threefold growth potential: gains in domestic market share, import substitution, and further increasing success in exports; profit margins and free cash flow growth are often already above average today
When selecting stocks, we focus on quality companies from those industries that are crucial for China's future development: e-commerce, IT and software, the healthcare sector, automation, consumer goods and services as well as selected industrial companies