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Our Approach

Deep-value opportunities. Constructive engagement to unlock trapped value.

Senjin Capital identifies deep-value opportunities and uses constructive shareholder activism to unlock the trapped value. We work alongside management teams to identify opportunities for improvement and create conditions for long-term value realisation.

Unlocking Value

Our investment focus.

Deep-value investing

Identifying asset-rich Japanese small-cap companies trading well below net asset value.

Business analysis

Ensuring we only invest in businesses that meet our requirements for longevity and stability of cash flow, with opportunities for improvement in operations and growth strategies.

Constructive activism

Working with our companies to improve governance, capital allocation, operational efficiency, and growth strategy.

Our Approach

How we work.

Identify opportunities: Use our proprietary database to screen for overlooked small-cap companies with very over-capitalised balance sheets and clear improvement potential.

Narrow the focus: Select only those companies with sustainable and cash generative businesses.

Invest with purpose: Build a substantial position, giving us influence while maintaining alignment.

Constructive engagement: Partner with company management in a true engagement investment model to improve capital allocation, operational efficiency, and governance.

Create catalysts for value: Target outcomes such as ambitious growth via sensible M&A, major increases in operational efficiency, large improvements in capital allocation policies including significantly increased cash returns to shareholders.

Realise returns: Deliver results with the potential to drive share-price appreciation and create exit liquidity.

Our philosophy

Every investment is designed to offer:

Downside risk mitigation.

Downside risk mitigation, provided by cash and real-asset backing, and strengthened by targeting low entry valuations.

Potentially sizeable upside.

Sizeable potential upside from markets recognising the true value of the company as governance improvements take hold.

We refer to this as the asymmetric return profile – lower “beta” than the market with greater upside potential.

Why Japan? Global leaders see an inflection point.

For decades, Japan was seen as a difficult market for investors. Today, reforms and shifting corporate culture are opening a once-overlooked opportunity. Leading voices highlight this transformation:

George Roberts, my KKR co-founder, likes to say, ‘If I were 30 years old today and I could speak Japanese, I’d go to Japan’. I think I would too.

Henry Kravis, 2024

Co-founder of KKR (October 2024, Nikkei Asia)

“I find very few wonderful businesses in Japan at present… They may change the culture in some way so that management gets more shareholder responsive over there and stock returns are higher.”

Warren Buffett, 1998

Chairman, Berkshire Hathaway (1998 Speech to MBA Students at Florida University)

“It’s been almost six years since Berkshire began purchasing shares in five Japanese companies… Over time, you will likely see Berkshire’s ownership of all five increase somewhat… I expect that Greg [Abel] and his eventual successors will be holding this Japanese position for many decades”

Warren Buffet, 2024

Chairman, Berkshire Hathaway, 2024 Letter to Shareholders

“If we use the analogy of climbing a mountain, we’re 15% to 20% there… Our reform has just started, and we are not satisfied with the current situation.”

Hiromi Yamaji, 2025

CEO of Japan Exchange Group (June 2025, Nikkei Asia)

“Corporate governance reforms seem to have entered a new and accelerated phase recently… Other encouraging signs of reform include the intensification in the unwinding of cross holdings and more aggressive change-of-control tactics.”

Rick Friedman, 2025

Partner - Asset Allocation, and John Thorndike, Co-head of Asset Allocation, GMO ("Three Reasons We're Overweight Japanese Equities", March 2025)

Contact

Express your interest in Senjin Capital Fund I.

We are currently raising Fund I to invest in high-quality opportunities with clear value-creation potential.