第9部　アセットマネジメントOne株式会社：株式投資家 井村俊哉氏と日本株ファンドマネジャー 安西慎吾が徹底討論！2024年 α（超過収益）の探し方

Summary

In this insightful discussion, Asset Management expert, Anzai, shares his 24 years of experience in Japanese stock investment, focusing on value stocks. He highlights the impact of differing financial policies between the US and Japan on the stock market, the significance of wage increases in driving a high economic cycle, and the importance of identifying companies with strong pricing power. The conversation delves into strategies for finding 'Alpha'—returns exceeding the market average—by investing in businesses undergoing structural reforms and capital efficiency improvements. Anzai emphasizes the role of institutional investors in supporting corporate value growth through dialogue, ultimately aiming for investor satisfaction.

Takeaways

• 📈 The discussion focuses on the outlook of the Japanese stock market and strategies for finding 'Alpha', or returns exceeding the market average.
• 🌐 The difference in financial policies between Japan and the U.S. is highlighted as a key factor affecting the Japanese stock market, with Japan continuing its easing policy while the U.S. has raised interest rates.
• 💼 The speaker, Mr. Anzai, has over 24 years of experience in asset management, primarily investing in undervalued stocks and is expected to share valuable insights.
• 🔍 The speakers will discuss the focus points for the stock market, including the potential for a high cycle of Japanese stock prices continuing from the previous year.
• 💡 Anzai emphasizes the importance of identifying companies undergoing structural reforms that can lead to improved profitability and capital efficiency.
• 🏢 The fund managed by Anzai, 'Structural Reform Japan', specifically targets companies that are actively working on profit improvement through structural reforms and capital efficiency.
• 🛠️ An example given is the investment in a company named 'Tote', which has shifted its business portfolio to focus on high-profitability sectors and has successfully integrated acquisitions to expand its market reach.
• 💹 The potential for a virtuous cycle of increased wages leading to improved corporate performance and consumer spending is highlighted as a point of interest for the Japanese government and the Bank of Japan.
• 📉 Concerns are raised about the potential impact of cost-push inflation and the ability of companies to maintain profit margins as energy and material prices fluctuate.
• 🌍 The discussion also touches on the importance of companies' pricing power and market share as key factors in selecting stocks that can deliver 'Alpha'.
• 🤝 The role of institutional investors in supporting corporate value through dialogue and engagement is underscored, with the ultimate goal of benefiting investors.

Q & A

What is the main topic of discussion between Mr. Imamura and Mr. Anzai?

The main topic of discussion is the search for 'Alpha' in the stock market, focusing on the outlook of the Japanese stock market, the points of focus for the year, and the strategies for finding over-returning investments.

What is Mr. Anzai's background in asset management?

Mr. Anzai has been involved in asset management since 2000, with about 24 years of experience, primarily focusing on investments in undervalued stocks.

What are the three key points Mr. Anzai is focusing on regarding the Japanese stock market?

Mr. Anzai is focusing on the differences in financial policies between Japan and the US, the continuation of a high-cycle in Japanese stock prices, and the potential impact of the Bank of Japan's policy changes on the market.

What is the significance of the difference in financial policies between Japan and the US according to Mr. Anzai?

The difference in financial policies, with the US continuing to tighten and Japan maintaining a loose stance, is seen as a plus for the Japanese stock market as it could attract more investment.

What does Mr. Anzai suggest about the potential market reaction to the Bank of Japan's policy changes?

Mr. Anzai suggests that while the market might react sensitively to the Bank of Japan's policy changes, especially regarding the potential end of negative interest rates, the actual impact may not be significant as the bank has indicated that easing will continue.

What is the role of 'Alpha' in the context of the discussion?

In the context of the discussion, 'Alpha' refers to the excess return on investments that outperform the market, which both Mr. Imamura and Mr. Anzai are interested in exploring and identifying.

What is the significance of the 'Structure Reform Japan' fund mentioned by Mr. Anzai?

The 'Structure Reform Japan' fund is significant as it represents an investment strategy focused on companies that are actively improving their profitability and capital efficiency through structural reforms, which Mr. Anzai believes can lead to above-market returns.

How does Mr. Anzai view the potential impact of cost-push inflation on the Japanese economy and stock market?

Mr. Anzai views cost-push inflation, driven by factors such as rising energy prices and currency depreciation, as a short-term challenge but also sees it as an opportunity for companies to improve their performance by passing on costs and potentially benefiting from higher wages and consumption in a virtuous cycle.

What is the importance of 'price determination power' in Mr. Anzai's investment strategy?

Price determination power is important in Mr. Anzai's investment strategy as it indicates a company's ability to maintain or increase its prices despite market conditions, which can protect and enhance profitability and shareholder value.

What is the role of 'capital efficiency improvement' in Mr. Anzai's view of the future of the Japanese stock market?

Capital efficiency improvement is seen as a key driver for the future of the Japanese stock market by Mr. Anzai, as it can lead to higher returns on investment and better utilization of capital, which in turn can attract more investment and strengthen the market.