Money Makers

Nippon Active Value Fund (ticker: NAVF) was launched in early 2020 raising £103m just before the pandemic struck. Similar to AVI Japan Opportunity, NAVF looks to invest in undervalued Japanese smaller companies whose share prices should benefit from the ongoing corporate governance reforms being pushed by both the Japanese government and the Tokyo Stock Exchange. NAVF has a concentrated portfolio of around 30 stocks, heavily tilted toward the industrials and materials sectors. Its shares have performed very strongly since their IPO, despite the weakness of the Japanese yen, resulting in two ot...