When veteran money manager Shuhei Abe met with Warren Buffett in Tokyo earlier this year, they exchanged similar thoughts about value investing in Japan.
Now the founder of Sparx Group Co. is seeking to put his ideas into action with a so-called engagement fund to invest in well-run but undervalued Japanese businesses. He’s seeking to attract about $1 billion from global institutional investors over the next three months, and $2 billion by 2024, for the Sparx Owners’ Commitment Fund.
Aware of the shifting tide, investors in the US and Europe want to build positions in Japan for the first time, according to Abe, who is offering his dollar-denominated fund as a way in. Still, with less than $100 million in commitments, it has a long way to go. Abe is optimistic, having received more foreign investor visitors in the past year than any time in the decade before that. Top executives at some of the largest private equity funds in the US, as well as sovereign wealth funds from Europe and the Middle East, have approached him to understand Japan better, he said.
Abe made a name for himself in Japan as one of the first to adopt an independent investment style. After helping manage money for George Soros in the 1980s in the US, he had success investing in Japanese small caps using a value approach right before the nation’s asset bubble burst. He founded Sparx in 1989 and the firm now manages about ¥1.7 trillion.
The list of companies is confidential, except for Maruwa Co., a maker of ceramic materials that can be used in parts for electric vehicles and data centers. The central Japan-based company has a resilient business for the components it sells, but its equity ratio is too high, according to Abe. If Maruwa could increase the debt portion of its capital allocation, it would instantly create value for shareholders, he said.
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