New fund (looking for seed capital)
Horizon Nippon Small-Cap Fund
The funds seeks long-term capital appreciation through investments primarily in small quoted equity securities in Japan.
Because we are running a more concentrated portfolio, we have several positions where we have a meaningful percentage of its ownership, so we had been working with several of these companies to suggest changes we think could add shareholder value. Our experience shows that management is often receptive when the proposals aim at maximizing the returns for the shareholders in the long term.
Now we are opening a second fund, also with a value investing approach, where we will continue to develop a constructive and friendly dialogue with the companies while taking a more active role.