AlphaGen Japan team stays upbeat
July 19, 2012
While many managers remain downcast about the long-term future of Japan’s economy, John Stewart, portfolio manager of the AlphaGen Hokuto and Tenro funds, believes that focusing on the near term can help to manage the worrying structural factors
Pessimists are quick to note that Japan’s economy has been in the doldrums for two decades. But John Stewart, director of Japanese equities at Henderson, fund manager of the AlphaGen Tenro and AlphaGen Hokuto hedge funds, isn’t one to be distracted by such pundits.
In the two decades that Stewart has been watching Japan, he has seen plenty of ups and downs, but he stays focused on the near-term view.
“I’ve never had a long-term view, or never had one which impacts my portfolio construction,” he said. One of Stewart’s philosophies, he explained, is that ultimately, it’s cyclical factors that drive share prices during what he considers his investable time horizon of up to one or two years.
During the top of a cycle in Japan, there is always a lot of enthusiasm and talk that Japan is changing. On the flip side, during the...
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