The management approach is non-index-linked and the fund can invest in all capitalization segments, while paying particular attention to liquidity. On the basis of a fundamental analysis, the managers use a value approach and seek to achieve a positive absolute performance. Stock selection is based on fundamentals and above all on companies' balance sheets. The managers seek to identify companies having both a sound balance sheet and an efficient business model, and whose share offers a significant growth potential over a time frame of five years. The management team filters through an investment universe comprising 3,500 listed companies to single out those which display quality through their balance sheet, their business model and their management, those which have an interesting valuation and are sufficiently liquid. About 200 companies are selected in this way and analysed in detail. The management team travels to Japan four times a year to meet the company managements. The portfolio is diversified over more than 50 positions and has a low rotation. Cash can be used as a defensive investment. In general and owing to its value approach, the portfolio is biased in favour of companies that are centred on the domestic economy rather than on the large exporting companies. AUM reflects the aggregate of the various share classes and is denominated in YEN.