Equity investing is not just about managing risk but also understanding the dynamics of oppor­tunity. Twelve months ago, an extreme peak in the mo­netary cycle coincided with a peak in asset mar­kets.

Japan continues to be demographically challenged but is a global power house in our identified mega-trend of Productive and Digital Society with robot technologies, global MedTech champions, and high-tech components and materials providers.

The biggest opportunity in equity investments is to look for companies that can compound their earnings over many years or even decades. We emphasize sustainability of growth over magnitude of growth.