Sometimes you get a piece of good advice early in your career, from someone older, that you respect. You should remember that advice and follow it. One of these is often “never say we told you so; it just irritates”. We’re going to break that rule; in a polite way.
Kevin Smith takes a look at some of the long-term business management trends in Japan and the impact on reported profits and balance sheets. After two decades of reducing debt, corporate Japan is in a strong position versus their international competitors in a world of Covid-19.
After a strong rebound and some signs of a relaxation of the lock downs we are now entering ‘Phase 2’. The actual damage done will become clear and fears about a viral resurgence are likely. Consequently, we expect a sideways market for a few months. Long term returns are unlikely to be impaired however, although a temptation to unleash modern monetary theory would be alarming. Japan remains our favourite equity market.
Kevin Smith, of Delft Partners and portfolio manager of the TAMIM Asia Small Companies Fund, addresses Japan in the wake of some of the negative news associated with the market. Japan forms an integral part of both the Asia Small Companies and Global High Conviction portfolios and it is important to stay abreast of what is happening in one of the world's largest economies.
Last week in our article looking at the potential for an escalation in fiscal deficits we made a few calls, first that the S&P 500 would inch higher following more QE from the Federal Reserve and news flow out of China negotiations. This week we would like to follow this up with what we feel are some rather interesting developments in the seemingly bubble-like universe of central banks and their viewpoints. As well as some interesting stories around why we feel like there will be a reversion to the mean in terms of value versus the market all together through next year.
Kevin Smith, of Delft Partners and portfolio manager of the TAMIM Asia Small Companies Fund, takes a look at the curious case of Japan. What is happening there that should mean it is a safe haven amongst all the global turmoil?
This week we return to the topic of innovation. Just what is it that allows innovations to take place? And more particularly where should we be placing our bets to take advantage?
Kevin Smith, of Delft Partners and portfolio manager of the TAMIM Asia Small Companies Fund, highlights the improving returns for shareholders in Japan over recent years and explains why Japan deserves consideration for inclusion in your global equity exposure.
Kevin Smith of API Capital, lead manager of the TAMIM Asia Small Companies portfolio, takes a look at improving corporate governance in Asia. This is an area that has improved dramatically this century and is one of the reasons that the Asian region is now an extremely attractive proposition for diligent investors.
Robert Swift, of API Capital and the TAMIM Asia Small Companies fund, takes the time to answer a few of the key questions around this newly launched strategy.
This week Robert Swift takes a look at one of his favourite subjects of the last twelve months, - the land of the rising sun - and delves into a market of misunderstood problems and opportunities.
Markets & Commentary
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TAMIM Asset Management provides general information to help you understand our investment approach. Any financial information we provide is not advice, has not considered your personal circumstances and may not be suitable for you.