Morant Wright
Established in 1999, Morant Wright is an experienced Japan value manager emphasising small and mid-cap stocks whose founders have followed Japan for over 30 years. Morant Wright invests in companies with strong balance sheets that often carry significant cash and under-monetised assets at valuations under book value.
- Pillar
- Quoted Equities - Funds
- Theme
- Japan
- Status
- Current Investment
- Geography
- Japan
- Invested date
- October 2002
The corporate governance reforms in Japan are designed to encourage companies that are trading under book value to establish capital efficiency improvement plans to close the valuation discount. This is broadening in scope, spanning all companies with sub-optimal capital efficiency, providing powerful structural tailwinds.
Morant Wright’s focus on companies trading under book value with strong balance sheets favourably positions them to exploit this structural tailwind. Throughout the calendar year, the fund benefitted from portfolio companies announcing buybacks, higher dividend payout ratios and the unwinding of cross-shareholdings, spanning industries such as construction, TV broadcasters and automotive. Our investment with Morant Wright generated a 34% return during 2024.
