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.

Performance

Date Portfolio (euros) Nikkei 225 (TR) Nikkei 225 (TR) in euros
2013-06-19 (inception) 100 19002 100
2016-09-08 (closure) (to be calculated) 25675 149

 

Holdings

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.

Reweightings

Company TSE Code Date Change
Seven & I Holdings 3382 2016-05-16 -50%

Disposals

Company TSE Code What they do Entry Exit
Tokyo Electron 8035 Semiconductors equipment 2013-06-25 2014-05-29
TDK 6762 Electronic components 2013-08-20 2016-08-16
Hoya 7741 Medical equipment 2014-05-29 2016-08-28
Hitachi 6501 Industrial conglomerate 2013-06-19 2016-09-04
Canon 7751 Copiers, cameras, etc 2013-06-19 2016-09-08
Seven & I Holdings 3382 Retail 2013-06-19 2016-09-08
Shin-Etsu Chemical 4063 Chemicals 2013-06-19 2016-09-08
Orix 8591 Leasing and banking 2013-08-08 2016-09-08
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