Fonds-Blog-SJB: Mehr. Als Fonds. Kaufen. Von Gerd Bennewirtz.

unabhaengigkeitFondsAnbieter-GAM: While 2013 was all about Abenomics, we predicted 2014 would be the year when Japanese companies began to utilise their earnings to reward shareholders. And five months in we are starting to see signs of this manifesting. To illustrate, in 2013 107 Japanese companies with a collective market capitalisation of JPY 19 trillion announced share buybacks valued at JPY 757 billion, while to date for 2014, 164 companies with a market cap of JPY 82 trillion have announced share buybacks valued at JPY 2.5 trillion – which is roughly equivalent to 3% of these companies’ outstanding shares and a three-fold increase on last year’s activity level. In addition, the magnitude of buybacks has also increased significantly.

To illustrate the momentum behind this shift at a company level, we can highlight two of Japan’s leading trading houses. Mitsui announced a JYP 50 billion buyback programme in February, which lifted its share price by 7% overnight. Mitsui’s main rival is Mitsubishi, which announced its own, slightly larger, buyback programme only last week, valued at JYP 60 billion. This example illustrates the momentum being created by companies competing to keep up with one another. We believe that this could start a snowball effect, with companies beginning to do what shareholders want and the government addressing stewardship codes in shareholders’ favour.

SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: We have not made any substantial changes to GAM Star China Equity over the past month or so. The sectors that we favour continue to be consumer discretionary, IT, residential property and environmental services. These themes have also driven the fund’s performance year-to-date. We generally prefer sectors that are not vulnerable to government intervention, because at the end of the day China remains a command economy.

Ever since the fund launched, our approach has been to take active positions against the benchmark within a concentrated portfolio of high-conviction ideas. That does not necessarily mean that we trade the portfolio very actively, but our stock and sector allocations are often quite far away from the benchmark. Despite the fact that our current themes have been in the portfolio for at least a year, and in some cases for much longer, they continue to work well. SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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