日本股市的下一个金矿？美国对冲基金Verdad瞄准小盘股寻找“阿尔法”

Core Viewpoint - Verdad Advisers LP is planning to launch a new Japanese small-cap stock fund, indicating a shift in global investor focus from blue-chip stocks to the revitalized Japanese market for higher returns [1][3]. Group 1: Fund Launch and Strategy - The new fund will primarily invest in small-cap companies, with a target market capitalization exceeding $400 million [1]. - The fund's strategy will mirror that of Verdad's existing small-cap funds, focusing on companies with inefficient capital usage, such as those with high debt burdens or excessive cash reserves [1]. - The fund is expected to launch as early as this year, with plans to grow its assets to over $1 billion in the coming years [3]. Group 2: Market Performance - Japanese small-cap stocks have outperformed large-cap stocks, with a 19% increase in the small-cap index compared to a 14% rise in the TOPIX index [3]. - The MSCI Japan Small Cap Value Index has surged over 30% this year [3]. - Verdad's existing funds have achieved a return of 39% as of the end of August, managing a total of $300 million, which constitutes about a quarter of Verdad's total assets [3]. Group 3: Challenges and Market Dynamics - Small-cap strategies face challenges such as limited liquidity and insufficient English disclosure from smaller companies [3]. - A survey by the Tokyo Stock Exchange revealed that only 37% of companies with a market cap below 25 billion yen (approximately $169 million) provide English announcements, compared to 63% for companies with a market cap of 100 billion yen or more [3]. - Verdad plans to hire one or two analysts specializing in quantitative and fundamental analysis to support its expansion efforts [3].