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WHAT IS ASYMMETRIC

  • Independent Japan equity advisory firm, with offices in Hong Kong* and Singapore**, focused on servicing institutional investors with long-only and long/short mandates.

  • Asymmetric was conceived by a small group of highly experienced Japan equity market specialists with a sole mission of generating alpha for investors.

  • The concept is an extension of Investment Managers’ operations generating fresh, often non-consensus ideas from frequent corporate contact, market knowledge and investment instincts.

  • Our focus is on medium to longer term earnings, providing insight into companies' products or services, market positioning, management quality and strategic direction.




* Asymmetric Advisors Limited (CE No. BLV220) is licensed with the Securities and Futures Commission (“SFC”) to carry out Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under certain licensing conditions.


** Asymmetric Advisors Pte Ltd (“AAPL”) is an Exempt Financial Advisor in Singapore in accordance with section 23(1)(f) of the Financial Advisers Act (Chapter 110) read together with section 23(1)(3) of the Financial Advisers Regulations. AAPL is only able to deal with clients that are Institutional Investors as defined in Part 4A of Singapore’s Securities and Futures Act (Chapter 289).




ASYMMETRIC STRENGTHS

  • Generating long and short ideas through a bottom-up approach of frequent company contact, marrying fundamentals with various valuation criteria

  • Japan’s stock market is deep and has many uncovered companies. We frequently contact names that shine a light on fresh and highly profitable investment opportunities

  • We have a contrarian DNA at Asymmetric and are especially interested in identifying fundamental longs and shorts differentiated from consensus

  • We see shorts as an integral part of risk management and a core part of our focus is looking for structural or secular issues that might de-rate a company even before anything negative is visible in earnings







METHOD

  • We look for secular growth ideas, emerging uncovered companies, change/disruption that will lead to both long and short ideas, M&A opportunities that will lead to significant synergy benefits and value names with a potential catalyst

  • Examine corporate capital and profit structure which links with Asymmetric’s company contacts to determine an overall picture of the business

  • Includes inspecting corporate governance, growth, change in circumstances against expectations, shifts in products and longer term changes that are likely to influence market perception

  • We use market data and extensive corporate and industry contacts to piece together value, access and liquidity when valuing investible securities across a company’s capital structure.

  • Opus Metrics - an own database driven technology which systematically looks at over 400 stocks in the Japanese markets. This technology is now available for our clients for stocks selection and portfolio analysis.



WHY JAPAN ?

We believe there are a number of excellent investment opportunities in Japan:


Secular growth trends and disruptions

Recognising key industry trends that bring with them secular growth opportunities as well as disruption risks for the incumbents


Short sell picks

Generating short sell ideas a key focus as Japanese stock market remains highly liquid, allowing investors to build meaningful short positions


GARP

Numerous opportunities to find names in Japan
displaying ‘Growth At a Reasonable Price’


Value

The Japanese market has the highest proportion of ‘value’ names of any major market, including stocks trading below book with net cash balances

Small / Mid Cap

The last few years has seen an increased interest by international investors here for growth names in Japan

Restructuring

Whilst some have done mergers, there are plenty of opportunities through company restructuring programs

Consolidation

Japan has too many companies competing in almost every sector with many founder Presidents nearing retirement and no successor

Technology

Closely following key global technology growth themes that Japanese firms look exposed to in fields of AI, robotics, automotive, batteries, sensors, optics, advanced materials, wireless technologies, semiconductors, IC production equipment, passive components and high precision machine tools





KEY PERSONNEL

Tim Morse

Over 20 years in the Japanese market, in fund management, as an analyst and on sales research. Constant company visits up and down the market cap scale and across sectors over these years mean a wealth of experience. Only Japan salesman in the top 10 annual contributors to TIMS alpha-capture in 3 of the last 4 years.


Michael Coates

20 years experience as an investment professional in both buyside and sellside roles at financial institutions in Hong Kong, Tokyo and London. Michael worked at Kriya Capital & Principal Strategies at Nomura in Hong Kong and managed the hybrid sales team at KBC in Hong Kong and Tokyo focusing on balance sheet and corporate securities across the capital structure.

Amir Anvarzadeh

30 years covering Japanese stocks with deep knowledge of technology trends and with strong focus on generating secular growth and short sell ideas. Amir ran the global Japan equity team at BGC Partners, and before that served as an executive director of the Japan equity team at KBC Financial Products in London. Previous to that he was the small cap market strategist at Towa Securities in Osaka, Japan.

Brent Smith

Over 20 years experience in the Japanese equities markets, both sell and buy side. Brent has worked in New York, Tokyo, and London, and most recently has been based out of Hong Kong with Macquarie covering hedge funds in the region. As well as a focus on bottom up fundamentals, Brent has been developing his own database driven technology which systematically looks at over 400 stocks in the Japanese markets. This technology, Opus Metrics, is available for our clients for stocks selection and portfolio analysis.

Japan-based Support

Adds an additional 6 dedicated resources whom we have worked with in different forms for many years offering exceptional quality of company access