Schroder Japan (SJG) was listed in 1994 when it raised £120m at 100p per share. Although it was launched five years after the peak of the market, its shares effectively moved sideways for almost two decades as Japanese equities took a very long time to fully recover from the excesses of the 1980s. Since 2012, however, SJG's shares have roughly trebled and its market cap is now around £285m. Masaki Taketsume took over as lead manager in 2019 and he has outperformed the trust's benchmark for each of the last four years using a value-based approach to identify pricing inefficiencies in individual...