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Investment Strategies

Strategy Description
Microcap Strategy Portfolios of undervalued Japanese stocks with market capitalizations below 30 billion yen.
Small Mid Cap Strategy Portfolios of undervalued Japanese stocks with market capitalizations between 30 billion to 300 billion yen.
Japanese Equity Strategy Invests in a universe of all listed Japanese stocks with flexibility in equity and cash weightings.
Small Mid Cap Long Short Strategy Long short strategy with a focus on small and mid cap Japanese stocks.
Specific Fund Example A specific example of a sub-advised fund includes the offshore Bonsai Microcap Trust for Japanese equity microcap strategies.

Risks Involved with Discretionary Investment Management Agreement and Investment Advisory Agreement