James Halse, CFA
Founder & CIO, Senjin Capital
In his new book, The Overlooked Opportunity in Japan’s Public Markets, James Halse, CFA, explores why Japan’s changing corporate governance landscape, deep public market discounts and overlooked small-cap companies may offer a compelling opportunity for informed investors.
A note from the author
I am Jamie Halse, the Founder & CIO of Senjin Capital, an investment manager focused on overlooked opportunities in Japanese small-cap companies. Before founding Senjin, I spent 13 years with Kerr Neilson’s Platinum Asset Management, where I managed ~$1bn across global and Japan long/short strategies, and led the related research teams.
I discovered value investing as a university student, and it has been the base of my investment philosophy ever since. I lived and worked through the global financial crisis, and myriad market turbulations since, honing my craft under investors I deeply admire. The value opportunity in Japan has long been the best I have seen. The difference now is that investors can benefit from it.
The walls that prevented the realisation of the value opportunity in Japan are crumbling. The Japanese government is on the side of investors in their task of revitalising the corporate sector. Shareholder activism is the mechanism.
I made it my mission to find the best way to realise the investment potential this situation presents. In March 2024 I left Platinum, and with Tsubasa “Toby” Umezaki, founded Senjin Capital, with a strategy purpose-designed to unlock the obvious value “trapped” inside so many Japanese public companies.
This book is the result of more than a decade studying Japan’s stock market, with a view to creating differentiated, uncorrelated, and highly prospective investment returns.
— James Halse, CFA
Look beyond the crowded trade
There’s an opportunity hiding in plain sight, in one of the world’s largest economies and most investors are looking straight past it. This book is about why it exists, why now, and why the usual way of investing leaves so much of the value on the table.
I wrote it for investors who are willing to look where others aren’t. You won’t need to speak Japanese or know the market to follow the argument. You’ll just need an open mind and the patience to see something the crowd hasn’t caught onto yet.
How shareholder activism can create returns while others wait for the market to recognise value
How historical factors and close corporate relationships have created an asset-rich deep-value opportunity
How cheap valuations and governance reform in Japan may offer strong return potential with lower-than-market fundamental risk
Why following the same investment trends as everyone else can be disastrous for your portfolio
James Halse has featured in
CNBC
Nikkei Asia
Ausbiz
AFR
Bloomberg News
Bloomberg TV
Nikkei Shimbun
The Japan Times
Reuters
Jamie discusses the Japan investment opportunity on AusbizTV.
AFR
James Halse and his Japanese business partner, Tsubasa Umezaki, talk about the hidden opportunities in corporate Japan.
CNBC
On CNBC International Live, Jamie talks about the renewed interest from foreign investors in the Japanese market.
Nikkei Asia
On Op-ed for Nikkei Asia, Jamie discusses the investment opportunity on Japan’s changing M&A environment and corporate governance reform.
Senjin Capital is a Sydney-based activist investment firm focused on small-cap, undervalued Japanese listed companies. The Senjin team identifies overcapitalised and under-managed businesses and works constructively with management teams to improve corporate value.
If you’re interested in discussing this opportunity, Senjin Capital welcomes enquiries from wholesale investors: institutions, advisors, family offices and high net-worth individuals.
