Quarterly Review Q1 2024 - Cautious Final - Flipbook - Page 11
The team behind the fund
Ichiro joined Goldman Sachs Asset Management’s
Japan Equity team in October 2004 and has been
the Lead portfolio manager on the strategy since
2014.
We 昀椀rst met Ichiro in London in March 2023 as part
of a review of the existing manager blend in our
Japanese equity allocation and were immediately
impressed by his knowledge and the capability of
the team.
The team run a relatively simple, disciplined,
strategy which focuses on investment in large
Japanese companies who are entering what they
refer to as the “re-growth stage” of their corporate
lives. This process produces a portfolio of larger
companies with high and/or accelerating growth
rates in their earnings.
In traditional Japanese corporate settings
deference to seniority often hampers constructive
criticism. By implementing the “Three-Day Rule,”
the investment team has created a framework that
fosters open dialogue and critical evaluation of
investment proposals irrespective of seniority. This
ensures that investment pitches are scrutinised
rigorously, with any potential weaknesses or blind
spots being identi昀椀ed and addressed.
The YOU Investment & Asset Allocation Committee
adopt a similar approach and favours managers
who focus on effective challenge and debate
because we believe this is crucial to strong and
effective decision-making.
Ichiro Kosuge
“The fund was an
ideal addition to our
Japanese Equity
manager blend as a
complement to our
value or small-cap
manager selections”.
Pg 10