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An update from our investment manager, Chern-Yeh Kwok - 29 April 2022
The escalation of the Russo-Ukrainian conflict, and its impact on global commodity prices, has put a chill on sentiment across global markets. While the direct impact on most Japanese corporates – including the Fund’s holdings – is minimal, the indirect impact from the sharp rise in commodity prices puts further pressure on companies’ profitability. Broadly speaking, companies are passing on higher prices to their end customers, but these actions will come with a lag, especially with the recent run up in prices. Meanwhile, the peaking of the sixth wave of Covid-19 cases in Japan should bolster a return to some normalcy after a tough year. With this backdrop, and with the rotation in the markets earlier in the year, valuations for quality stocks have fallen sharply, yet commentary from companies suggests that business fundamentals remain sound. Alongside structural improvements in governance in Japan, we remain resolute in our belief that these companies will outperform over the medium to longer term.
Chern-Yeh Kwok is head of Japanese equities having transferred from the Singapore team in January 2011. Chern-Yeh joined the company in 2005 from MSCI Barra where he was an equity research analyst.
Chern-Yeh graduated with a BA in Journalism from the University of Missouri- Columbia and holds an MSc in Finance from the London Business School.
Hisashi Arakawa joined the company in 2016 and is based in the Tokyo office. He has a MPhys in Physics from the University of Oxford and a MBA from INSEAD and is a CFA® charterholder. He was previously vice president in the corporate banking group of Development Bank of Japan.
Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Head of Investment Management, Japan
Chern-Yeh Kwok is head of Japanese equities having transferred from the Singapore team in January 2011. Chern-Yeh joined the company in 2005 from MSCI Barra where he was an equity research analyst.
Chern-Yeh graduated with a BA in Journalism from the University of Missouri- Columbia and holds an MSc in Finance from the London Business School.
Deputy Head of Investment Management, Japan
Hisashi Arakawa joined the company in 2016 and is based in the Tokyo office. He has a MPhys in Physics from the University of Oxford and a MBA from INSEAD and is a CFA® charterholder. He was previously vice president in the corporate banking group of Development Bank of Japan.
Head of Equities - Asia Pacific
Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Karen Brade was appointed a director on 1 May 2013 and assumed the Chair in July 2018. She has over 25 years’ investment experience in a range of sectors and markets. She began her career at Citibank, working on various multi-national project finance transactions. Between 1994 and 2004 she was an investment principal at CDC Group plc (the UK Government’s Development Finance Institution) where she directed equity and debt investing, portfolio management, fund raising and investor development including India, South Asia, Africa and China. Since 2005 she has been an adviser to hedge funds, family offices and private equity houses. Karen is currently the Audit Committee Chairman of Augmentum Fintech plc and Chairman of Keystone Positive Change Investment Trust plc.
Claire Boyle was appointed as an independent non-executive director of the Company with effect from 1 February 2019. She has over 17 years' experience working in finance and equity investment management, working on funds over a wide range of sectors for international corporate, Government, State and retail clients, including unit and investment trusts. She was a partner at Oxburgh Partners LLP with responsibility for their European Equity Hedge Fund, and prior to that a European Equity Fund Manager at American Express Asset Management, where her role included both equity investment and business development. Claire is a chartered accountant, qualifying in 1993 whilst working in litigation support at Coopers & Lybrand, before starting her investment career on the UK research desk at Robert Fleming. She is also currently Chairman of Life Science REIT plc, the Audit Committee Chairman of Fidelity Special Values plc and a director of The Monks Investment Trust PLC.
Sir David Warren was appointed on 1 December 2015. He had a career in the British Diplomatic Service of over 35 years, concentrating on East Asia following his initial Japanese language training, including three postings to Tokyo, and culminating in four and a half years as British Ambassador to Japan from 2008 to 2012. He is an Associate Fellow of the Asia-Pacific Programme of the Royal Institute of International Affairs and is currently Chair of the Nursery and Midwifery Council, as well as acting as adviser to a number of cultural and educational bodies.
Sam Dean was appointed a director on 1 December 2020. He has a long career in investment banking, working in Equity Capital Markets and corporate finance on behalf of corporate and government clients globally. After starting his career in 1993 at Kleinwort Benson, he subsequently worked as a Managing Director at Citibank (1998-2001), Deutsche Bank (2001-2009), and Barclays (2009-2017). At Deutsche and Barclays, he held senior management positions as Global Head of Equity Capital Markets and Head of Corporate Finance, whilst continuing to work on client transactions.
Chairman and Independent Non-Executive Director
Karen Brade was appointed a director on 1 May 2013 and assumed the Chair in July 2018. She has over 25 years’ investment experience in a range of sectors and markets. She began her career at Citibank, working on various multi-national project finance transactions. Between 1994 and 2004 she was an investment principal at CDC Group plc (the UK Government’s Development Finance Institution) where she directed equity and debt investing, portfolio management, fund raising and investor development including India, South Asia, Africa and China. Since 2005 she has been an adviser to hedge funds, family offices and private equity houses. Karen is currently the Audit Committee Chairman of Augmentum Fintech plc and Chairman of Keystone Positive Change Investment Trust plc.
Independent Non-Executive Director
Claire Boyle was appointed as an independent non-executive director of the Company with effect from 1 February 2019. She has over 17 years' experience working in finance and equity investment management, working on funds over a wide range of sectors for international corporate, Government, State and retail clients, including unit and investment trusts. She was a partner at Oxburgh Partners LLP with responsibility for their European Equity Hedge Fund, and prior to that a European Equity Fund Manager at American Express Asset Management, where her role included both equity investment and business development. Claire is a chartered accountant, qualifying in 1993 whilst working in litigation support at Coopers & Lybrand, before starting her investment career on the UK research desk at Robert Fleming. She is also currently Chairman of Life Science REIT plc, the Audit Committee Chairman of Fidelity Special Values plc and a director of The Monks Investment Trust PLC.
Independent Non-Executive Director
Sir David Warren was appointed on 1 December 2015. He had a career in the British Diplomatic Service of over 35 years, concentrating on East Asia following his initial Japanese language training, including three postings to Tokyo, and culminating in four and a half years as British Ambassador to Japan from 2008 to 2012. He is an Associate Fellow of the Asia-Pacific Programme of the Royal Institute of International Affairs and is currently Chair of the Nursery and Midwifery Council, as well as acting as adviser to a number of cultural and educational bodies.
Independent Non-Executive Director
Sam Dean was appointed a director on 1 December 2020. He has a long career in investment banking, working in Equity Capital Markets and corporate finance on behalf of corporate and government clients globally. After starting his career in 1993 at Kleinwort Benson, he subsequently worked as a Managing Director at Citibank (1998-2001), Deutsche Bank (2001-2009), and Barclays (2009-2017). At Deutsche and Barclays, he held senior management positions as Global Head of Equity Capital Markets and Head of Corporate Finance, whilst continuing to work on client transactions.
| Year End | 31 March |
| Accounts Published | June |
| Annual General Meeting | July |
| Dividend Paid | July, December |
