Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel CEO points to 14A gaining traction positive for JP suppliers Ibiden, TEL and Lasertec.</li>
<li>PM Takaichi snap election sends JGB yields to highest since late 90's and yen tumbling to intervention zone.</li>
<li>Nintendo sell off on memory concerns looks overdone with several mild upside catalysts in the next months.</li>
</ul>


Intel CEO points to 14A gaining traction positive for JP suppliers Ibiden, TEL and Lasertec.
PM Takaichi snap election sends JGB yields to highest since late 90's and yen tumbling to intervention zone.
Nintendo sell off on memory concerns looks overdone with several mild upside catalysts in the next months.


Japan Morning Connection: Software Takes a Hit with AI Worries Resurfacing

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.</li>
<li>Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.</li>
<li>Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.</li>
</ul>


Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.
Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.
Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.


<ul>
<li>Bullish growth estimates from AMD will help alleviate negativity to start.</li>
<li>Yesterday saw some disappointing SPE/semi results from Kokusai Elec, Sumco and JX Advanced metals.</li>
<li>Sony surprised to the upside with a flurry of analysts weighing in with TP hikes overnight.</li>
</ul>


Bullish growth estimates from AMD will help alleviate negativity to start.
Yesterday saw some disappointing SPE/semi results from Kokusai Elec, Sumco and JX Advanced metals.
Sony surprised to the upside with a flurry of analysts weighing in with TP hikes overnight.


Japan Morning Connection: Softbank Numbers Smash Estimates, but Selling NVDA Sours Market Overall

<ul>
<li>Global funds remain structurally underweight Asia, with Japan and China &amp; HK widely held but still below index weight; India stands out as the clearest consensus underweight.</li>
<li>Taiwan Technology dominates sector positioning as the largest regional overweight, while Australian and Asian Financials are structural underweights; rotation shows China sectors and Japan Financials/Industrials gaining traction.</li>
<li>Stock leadership is highly concentrated in TSMC, now owned by 61% of funds; second-tier names stagnate while SK Hynix, BYD, and Sea Ltd attract rising investor participation.</li>
</ul>


Global funds remain structurally underweight Asia, with Japan and China &amp; HK widely held but still below index weight; India stands out as the clearest consensus underweight.
Taiwan Technology dominates sector positioning as the largest regional overweight, while Australian and Asian Financials are structural underweights; rotation shows China sectors and Japan Financials/Industrials gaining traction.
Stock leadership is highly concentrated in TSMC, now owned by 61% of funds; second-tier names stagnate while SK Hynix, BYD, and Sea Ltd attract rising investor participation.


<ul>
<li>NFP beat sends yields higher, sending US homebuilders down, positive JP banks.</li>
<li>Big week for Renesas should also see more upside for Rohm and Fuji Elec with Auto/industrial inflection.</li>
<li>Capcom announced its latest Resident Evil installment at the SGF, but further upside looks limited.</li>
</ul>


NFP beat sends yields higher, sending US homebuilders down, positive JP banks.
Big week for Renesas should also see more upside for Rohm and Fuji Elec with Auto/industrial inflection.
Capcom announced its latest Resident Evil installment at the SGF, but further upside looks limited.


Japan Morning Connection: Meta's $10bn Scale AI Investment to Buoy Sentiment for SPE

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

Japan Morning Connection: Software Takes a Hit with AI Worries Resurfacing

Excessive sell-off of Nintendo may pose an opportunity to buy. Sumitomo Forestry expected to push higher after Mizuho upgraded to buy overnight.

Andrew Jackson

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

Japan Morning Connection: Softbank Numbers Smash Estimates, but Selling NVDA Sours Market Overall

NVDA spooked by Softbank selling its stake to pay for AI investments. Coreweave's reduced sales guidance contributed to the widespread weakness.

Andrew Jackson

Global Fund Positioning in Asia

Global funds stay structurally underweight Asia, with Japan and China leading the way. Taiwan Tech dominates sector overweights, while TSMC tops...

Steven Holden

Japan Morning Connection: Meta's $10bn Scale AI Investment to Buoy Sentiment for SPE

Negative for Socionext after Broadcom's numbers failed to impress. Rohm and Fuji Electric look as though they have more upside. Tech and Semi's led...

Andrew Jackson

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