The fund manager of our Japanese equity fund Taiko Japan, Rupert Kimber, recently came back from a trip to Japan. Here are his notes.
Trip Observations
News
Taiko Japan – Market outlook and review
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Jerome Powell and the boustrophedon
If we are looking for the principle that guides Jerome Powell in his communication with the markets, we can find it in the boustrophedon style of writing that goes from right to left and then from left to right. Used in archaic Greece until 402 B.C., this type of writing was inspired by the march of an ox marking its furrow in a field.
Geopolitics in 2024: a year of transition before a possible shock in 2025
First of all, it should be pointed out that much may change with the possible election of Donald Trump on 5 November. But the effects of his election will not be felt until 2025 (when he takes office on 20 January that year).
Let’s now take a look at the „hottest“ geopolitical issues that will continue to accompany us this year.
Five questions for an investment manager
1. You have worked for several major banks in your time in finance. How have you seen the development of alternative assets, such as private equity and infrastructure, developing in private client portfolios?
Alternative assets such as private equity are now very much in focus for private clients. When I was responsible for private equity at Lombard Odier, buy-out and venture capital funds were sought after, but had to be specifically structured for private clients. Now private investors are also exploring infrastructure, property, credit, and secondary private equity in an attempt to diversify their portfolios. Challenges such as liquidity and institutional structures are now being addressed.
Listed infrastructure: 2024 Outlook
Global infrastructure stocks’ performance stood in contrast to broader equity markets in 2023, which rose on the strength of just a few sectors, led by technology (which rallied sharply on optimism surrounding advancements in artificial intelligence).
Distribution and transmission networks
We have been hearing for 20 years that the electrical infrastructure in the United States is obsolete, (with an average age of 40 years), and the long-awaited wave of investment is still to come. Europe is the same, with an ageing infrastructure (also 40 years old on average, according to a European Union report). Against this backdrop, we believe that infrastructure offers an investment opportunity.
QUAERO CAPITAL legt einen Anleihenfonds mit SRI-Label auf
QUAERO CAPITAL gibt die Auflegung des Quaero Capital Funds (Lux) – Bond Investment Opportunity bekannt, eines neuen Anleihe-Teilfonds ihrer Luxemburger SICAV Quaero Capital Funds (Lux). Der Fonds investiert hauptsächlich in die Anleihemärkte der OECD-Mitgliedstaaten in Euro und berücksichtigt dabei ESG-Kriterien. Das Team, bestehend aus Xavier Nicolas, Frédéric Loisel und Philippe Scemama, verwaltet bereits seit Januar 2022 eine ähnliche Strategie in Form eines professionellen Spezialfonds nach französischem Recht. Die Strategie ist nun auch im Luxemburger OGAW-Format verfügbar.
Investing in small and micro-caps – case studies
Over the 20-year history of the Quaero Capital Funds (Lux) – Argonaut fund (the Fund), we have adhered to our investment philosophy and fundamentals/value approach of investing in good companies at great prices. Our investment process is based on primary research, which is necessary for investment in smaller companies that communicate less and have limited coverage by brokers. Over the years, we develop an intimate knowledge of the companies we invest in.
What should we do with European small caps?
For the past 6 months, European small caps have no longer been underperforming large caps, after a very difficult 2022 and start to 2023.