The Investment Manager uses a market neutral strategy with a fundamentally driven quant approach for the Japanese equity market. The investment universe is mostly TSE1 (Tokyo Stock Exchange Section 1), and all of the holdings are publicly traded companies. Target performance is to return 5-10% above the risk-free rate with risk of 5-10% (measured as annual standard deviation). The Fund focuses on stock picking in similar company groups (such as industries, similar size etc.) while limiting exposures to industries and certain characteristics of firms as a part of risk control. Investment ideas are generated mainly from analysis of valuation, management quality, and fundamental changes.