This was a small concentrated portfolio of Japanese large caps, selected according to the same methodology as the Obliquity London portfolio. The selection universe is generally the Topix top 100 Japanese companies, give or take the odd mid-cap.
The main weakness is that I have to use Western subsidiaries proxies for the employee satisfaction criteria. More generally, some cultural differences may also have been lost in translation.
This portfolio is designed as a complement for my other portfolios, hence the concentration, which would be excessive if it were stand alone.
The portfolio is conceptually equal weighted, subject to Japanese trading size limitations. For lack of a better tool, I simply list the holdings and entry dates, and changes later on.
|Date||Portfolio (euros)||Nikkei 225 (TR)||Nikkei 225 (TR) in euros|
|2016-09-08 (closure)||(to be calculated)||25675||149|
The portfolio was closed in September 2016, primarily for non-investment reasons, though as the developed world’s most volatile market in that year, I was having doubts about Japan exposure at this time. Exposure to high (if relatively) volatility is not in the spirit of the the obliquity strategies.
|Seven & I Holdings||3382||2016-05-16||-50%|
|Company||TSE Code||What they do||Entry||Exit|
|Tokyo Electron||8035||Semiconductors equipment||2013-06-25||2014-05-29|
|Canon||7751||Copiers, cameras, etc||2013-06-19||2016-09-08|
|Seven & I Holdings||3382||Retail||2013-06-19||2016-09-08|
|Orix||8591||Leasing and banking||2013-08-08||2016-09-08|