Core positions are invested by analyzing future corporate value in 1-3 years, based on mid-long term story/hypothesis for business structure transformation. Tactical positions are invested by analyzing performance progress (quarter, half-year) against company's plan/consensus and anticipate short term consensus change. Trading positions are invested by focusing on speculative price/volume movement based on ill-defined news flow. Portfolio percentage of each category varies depending on the presence or absence of investment opportunity. However, target portfolio percentage of the Core positions is 30-50%. Holding periods for position categories are; 1) Core Long - At least 1 year, 2) Tactical Long - Less than 6 months, 3) Trading Long - Less than 3 months, 4) Core Short - Less than 12 months, 5) Tactical Short - Less than 6 months, and 6) Trading Short - Less than 3 months. AUM reflects the aggregate of the various share classes and is denominated in JPY.