Dalton Japan Long Only UCITS Fund

Dalton Japan Long Only Strategy Overview

The Dalton Japan Long Only UCITS Fund’s (the “Fund”) investment objective is to generate an annualized net performance higher than that of its benchmark, the MSCI Daily Total Return Net Japan Index, over a recommended 5-year minimum holding period.

Dalton Investments LLC (“Dalton”), a seasoned asset manager based out of Santa Monica with significant experience investing in Japan, has been appointed delegated investment manager. Dalton (approved by the U.S. SEC, U.S. CFTC/NFA and Japan FSA) currently manages $2bn in Japan Long Only (GIPS Composite) out of $3.4bn in total (as of 30 June 2019).

The Fund invests its assets in equities with a primary exposure to the Japanese market, across all sectors and industries. The Fund will not take physical short positions.

Through this Fund, investors will be exposed to Dalton’s corporate engagement in Japan.

  • Long-term investment perspective following the precepts of « value investing »
  • Strive for disciplined bottom-up value approach
  • On-the-ground local research teams provide in-depth market analysis and global perspective
  • Exposure to “owner operated businesses” with market caps in excess of $0.5bn
  • Seeking companies managed by teams which are willing to share the wealth with minority investors (« alignment of interest »)
  • No leverage allowed, maximum net long exposure of the Fund limited to 100% of the Fund’s NAV

Performance as of 05/12/2019

NAVMTDYTDLTD
1,117.41€0.72%26.24%11.74%
Loading

Past performance is not an indicator of future performance.

Details

Strategy
  • Long Only Japanese Equity
Benchmark
  • The benchmark is the MSCI Daily Total Return Net Japan Index (MSCI Japan EUR, symbol: MSDEJNN / MSCI Japan 100% Hedged to EUR, symbol: MXJPHEUR) compiled by MSCI Inc, which is a total return (dividends reinvested), free float-adjusted, capitalization-weighted index that is designed to track the performance of Japanese securities listed on the Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange.
Philosophy
  • Long only exposure to Japan equities with a focus on corporate engagement
  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time
  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meets their requirements for a large margin of safety and potential significant upside
  • Dalton’s Asia team adheres to principles of value investing; seeking to invest with significant margins of safety
  • Dalton’s investment team seeks entrepreneurial, companies benefiting from structural changes in Asia. Managements typically have significant stakes in their companies and are willing to share the wealth with minority investors

Fund Facts

Legal Structure:French UCITS FCP
Umbrella Fund:N/A
Investment Manager:Longchamp Asset Management SAS
Delegated Investment Manager:Dalton Investments LLC
Domicile:France
Base Currency:EUR
Dealing Day:Daily
Dealing Deadline (Subscription):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):Within 3 Business Days after the relevant Dealing Day
Settlement Date (Redemption):Within 4 Business Days after the relevant Dealing Day

Key Professionals

James B. Rosenwald III, CFA
Co-chair, Management Committee
Co-founder & Senior Portfolio Manager, Asia Equity

Mr. Rosenwald is a Co-founder of Dalton and the Senior Portfolio Manager for Dalton’s Asian Equities strategies. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd., now known as Rovida Asset Management, Ltd., which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co.
Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute, and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Shiro Hayashi
CEO of Dalton Advisory KK
Director of Research, Japan Equity

Mr. Hayashi is the Director of Research for Dalton’s Tokyo research office, Dalton Advisory KK, and has more than 17 years of investment and banking experience. Prior to joining Dalton Advisory KK in 2009, he was an equity analyst at SPARX and also worked as an Investment Banker for JP Morgan.
Mr. Hayashi holds a Masters in Finance from the Graduate School of Keio and a BSc in Policy Management from Keio University.

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.

Overview

Dalton Japan Long Only Strategy Overview

The Dalton Japan Long Only UCITS Fund’s (the “Fund”) investment objective is to generate an annualized net performance higher than that of its benchmark, the MSCI Daily Total Return Net Japan Index, over a recommended 5-year minimum holding period.

Dalton Investments LLC (“Dalton”), a seasoned asset manager based out of Santa Monica with significant experience investing in Japan, has been appointed delegated investment manager. Dalton (approved by the U.S. SEC, U.S. CFTC/NFA and Japan FSA) currently manages $2bn in Japan Long Only (GIPS Composite) out of $3.4bn in total (as of 30 June 2019).

The Fund invests its assets in equities with a primary exposure to the Japanese market, across all sectors and industries. The Fund will not take physical short positions.

Through this Fund, investors will be exposed to Dalton’s corporate engagement in Japan.

  • Long-term investment perspective following the precepts of « value investing »
  • Strive for disciplined bottom-up value approach
  • On-the-ground local research teams provide in-depth market analysis and global perspective
  • Exposure to “owner operated businesses” with market caps in excess of $0.5bn
  • Seeking companies managed by teams which are willing to share the wealth with minority investors (« alignment of interest »)
  • No leverage allowed, maximum net long exposure of the Fund limited to 100% of the Fund’s NAV
Performance

Performance as of 05/12/2019

NAVMTDYTDLTD
1,117.41€0.72%26.24%11.74%
Loading

Past performance is not an indicator of future performance.

Details

Details

Strategy
  • Long Only Japanese Equity
Benchmark
  • The benchmark is the MSCI Daily Total Return Net Japan Index (MSCI Japan EUR, symbol: MSDEJNN / MSCI Japan 100% Hedged to EUR, symbol: MXJPHEUR) compiled by MSCI Inc, which is a total return (dividends reinvested), free float-adjusted, capitalization-weighted index that is designed to track the performance of Japanese securities listed on the Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange.
Philosophy
  • Long only exposure to Japan equities with a focus on corporate engagement
  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time
  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meets their requirements for a large margin of safety and potential significant upside
  • Dalton’s Asia team adheres to principles of value investing; seeking to invest with significant margins of safety
  • Dalton’s investment team seeks entrepreneurial, companies benefiting from structural changes in Asia. Managements typically have significant stakes in their companies and are willing to share the wealth with minority investors
Fund Facts

Fund Facts

Legal Structure:French UCITS FCP
Umbrella Fund:N/A
Investment Manager:Longchamp Asset Management SAS
Delegated Investment Manager:Dalton Investments LLC
Domicile:France
Base Currency:EUR
Dealing Day:Daily
Dealing Deadline (Subscription):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):Within 3 Business Days after the relevant Dealing Day
Settlement Date (Redemption):Within 4 Business Days after the relevant Dealing Day
Key Professionals

Key Professionals

James B. Rosenwald III, CFA
Co-chair, Management Committee
Co-founder & Senior Portfolio Manager, Asia Equity

Mr. Rosenwald is a Co-founder of Dalton and the Senior Portfolio Manager for Dalton’s Asian Equities strategies. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd., now known as Rovida Asset Management, Ltd., which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co.
Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute, and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Shiro Hayashi
CEO of Dalton Advisory KK
Director of Research, Japan Equity

Mr. Hayashi is the Director of Research for Dalton’s Tokyo research office, Dalton Advisory KK, and has more than 17 years of investment and banking experience. Prior to joining Dalton Advisory KK in 2009, he was an equity analyst at SPARX and also worked as an Investment Banker for JP Morgan.
Mr. Hayashi holds a Masters in Finance from the Graduate School of Keio and a BSc in Policy Management from Keio University.

Shares

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.