Marie Miyashiro

Nanuk Asset Management (Nanuk), an industry leader in sustainable investing, predicts the performance of Japanese equities in 2024 to be underpinned by structural changes, as corporate government improvements make the market more attractive to investors, despite fears that the nation is slipping into a recession.

Last year, the Tokyo Stock Exchange (TSE) revamped its market restructuring rules. Among the measures was the requirement for listed companies to ‘comply or explain’ if the stock is trading at a price to book ratio below one. These companies need to disclose their plans for improvement, with the view towards how they can increase their long-term corporate value.

Portfolio Manager at Nanuk Asset Management, Marie Miyashiro, believes this reform is a key driver in the market’s ongoing push towards improving Japanese corporate governance structures to advance both business and investor outcomes.

“Listed Japanese companies are now more committed to improving their corporate governance and materialise shareholder value. For investors, this creates an opportunity to benefit from improved corporate financial performance and a higher stock market multiple,” Ms Miyashiro said.

Ms Miyashiro also noted that there has been an acceleration in the unwinding of cross shareholdings among listed companies. This should encourage further foreign investment into the market.

Additionally, the recently revamped Nippon Individual Savings Account (NISA) program further incentivises domestic households to invest in equities. Initially introduced in 2014, the Japanese Government initiative allows equity investments in a tax-exempt NISA account for a lifetime, which Ms Miyashiro notes as an additional driver of domestic retail market participation.

“Given that only around 15% of the local population have taken out of one these accounts, there remains a significant scope for growth, as the Government continues to look at ways to incentivise residents to invest towards their retirements.”

The strength of the Japanese equities market comes as the nation’s economy slips into a recession following the contraction of GDP for two straight quarters.

“Fears around recession will likely prolong a stimulative monetary policy in Japan, resulting in a prolonged weak yen environment, benefiting exporters” Ms Miyashiro said.

In line with Nanuk’s investment philosophy focused on sustainability, Ms Miyashiro is seeing value across multiple sectors and companies within the market. This includes Advantest, a leading manufacturer of testing equipment for the semiconductor industry, as well as Murata, a global leader in ceramic capacitors used in many electronic devices including smartphones, automobiles and datacentres.

“We see other opportunities in the market that we continually assess to potentially add into our portfolio.”

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John Lobb

Nanuk Asset Management (Nanuk), an industry leader in sustainable and responsible investing, this week announced the appointment of John Lobb as a Portfolio Manager. The appointment adds further resources to Nanuk’s experienced investment team which is focused on opportunities arising from the long term trends associated with environmental sustainability and resource efficiency.

With over 32 years experience as an equities analyst and portfolio manager, Mr. Lobb brings a wealth of experience to Nanuk. Prior to joining Nanuk, he served as a Global Equities Portfolio Manager and Senior Analyst at Insync Funds Management. Previously, he has also held key investment positions at Orion Asset Management, Credit Suisse Global Asset Management, and Citigroup Global Asset Management.

Mr Lobb joins an experienced investment team at Nanuk which includes Chief Investment Officer, Tom King, London based Portfolio Manager Binya Even, along with Australian based Portfolio Managers Jane Henderson, Tristan Patience, Peter Wilmshurst and Marie Miyashiro.

Mr King commented, “We are delighted to have John joining our team. His focus on identifying quality, undervalued businesses benefitting from structural tailwinds is very well aligned with our approach. He is well known to us having previously worked with Tristan and Nanuk director Tim Ryan.”

“John’s experience will improve our capacity to research the expanding numbers of opportunities related to the emerging ‘sustainability revolution’ and his focus on quality and growth will complement the approaches of our existing team.”

“It is an exciting time for sustainably themed investment, with technologies such as electric vehicles, renewable energy and the internet of things moving from infancy to maturity and new opportunities emerging in areas such as hydrogen, carbon capture and storage and artificial intelligence,” Mr King said.

Nanuk recognises that environmental challenges present both opportunities and risks for investments. The recent breaking of global temperature records, with average global temperature reaching 17C this month, surpassing the previous record of 16.9C set in August 2016, serves as a clear reminder of the likelihood of further government support for more sustainable technology as we move through this decade.

Dan Powell, Head of Distribution for Nanuk, commented, “Investor and financial adviser demand for sustainable investment continues to grow due to several key factors. Investor preferences, regulatory mandates, corporate pledges, increasing recognition that climate factors impact investment performance, and that significant change at a global level creates investment opportunities and risks which all contribute to this trend”.

Mr Lobb holds a Bachelor of Economics Majoring in Finance and Accounting from Macquarie University and a Graduate Diploma in Applied Finance and Investment through FINSIA.

Mr Lobb is based in Sydney and started with Nanuk on 17 July 2023.

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Marie Miyashiro

Nanuk Asset Management (Nanuk), an industry leader in sustainable and responsible investing, has appointed Marie Miyashiro to the newly created role of Senior Investment Analyst as the firm experiences strong growth.

Marie Miyashiro has over 20 years of experience in global equities research and was most recently Global Equities Analyst at Platinum Asset Management Limited. Prior to Platinum Asset Management, Ms Miyashiro has also previously held roles at AMP, Credit Suisse and Citi Research.

Nanuk Asset Management is exclusively focused on sustainably themed responsible investments – specifically, investing globally in listed companies whose activities and practices contribute to or benefit from the transition to greater global sustainability.

In 2022, Money Magazine recognised the Nanuk New World Fund as ‘Australia’s best international shares ESG fund’ and in March 2022 the Nanuk New World Fund was listed on the ASX as an exchange traded managed fund under the ticker code NNUK.

Paul Chadwick, Managing Director of Nanuk Asset Management, said that in addition to Marie’s strong experience in global equities she also has extensive expertise in the Asian equities sector, particularly in Japan, as well as extensive experience with infrastructure and utility projects. This will extend Nanuk’s footprint in these growing markets.

“Investing in areas related to sustainability shows no signs of slowing down. Our focus is global and the ongoing expansion at Nanuk comes as we continue to see an increase in investors and advisers seeking global equities strategies that deliver both strong returns and positive environmental benefits,” Mr Chadwick said.

I am delighted to have Marie join our talented team. Marie provides further depth to the Nanuk investment team as she brings highly valuable insights into the global equities market from a career spanning over two decades. Her deep knowledge and understanding of the market will play a pivotal role in our active approach moving forward.”

Marie joins a talented investment team at Nanuk which includes Chief Investment Officer, Tom King, London based portfolio manager Binya Even, along with portfolio manager’s Jane Henderson, Tristan Patience and Peter Wilmshurst.

Marie holds a Bachelor of Commerce from the University of New South Wales and is also a Chartered Financial Analyst. Marie is based in Sydney and started with Nanuk on August 16, 2022.

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