Chantana Ward, Richard Kayewebcast.viewontv.com/upload/docs/comgest/JAPAN_2014...Hikari Tsushin, Inc. Consumer Discretionary 3.2 Keyence Corporation Information Technology 3.2 Sekisui

27.11.2014 Pavillon Cambon, Paris

Japan Chantana Ward, Richard Kaye

For Professional Investors only

A GENUINE KNOW-HOW ON JAPAN

A diverse and experienced team (average industry experience of 16+ years)

Comgest office in Tokyo since 2007

Chakara Sisowath

PM / Analyst

(27/13)

Chantana Ward

PM / Analyst

(15/15)

Richard Kaye

PM / Analyst

(20/5)

Hong Kong Paris Paris

Yu Takata

Analyst

(8/6)

Tokyo

Makoto Egami

Analyst

(13/1)

Tokyo

October 2014 / (Years experience in the industry / years experience in the company).

2

AFTER MORE THAN 20 YEARS OF DE-RATING, ATTRACTIVE VALUATIONS

Forward P/E next 12 months

MS Japan – Fwd P/E NTM

MS United States – Fwd P/E NTM

MS Europe – Fwd P/E NTM

MS World ex Japan – Fwd P/E NTM

Source: Nomura StrategyInsight, Thomson Reuters, MSCI

3

PRECONCEIVED IDEA #1: DOMESTIC OR EXPORT COMPANIES?

In Japan, like in any other region, we prefer strong franchises!

Unicharm (Price vs. EPS, in JPY)

Above-average EPS growth drives above-average stock appreciation

Source: Nomura Strategy Insight, Thomson Reuters, MSCI

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up.

0

20

40

60

80

100

120

0

500

1000

1500

2000

2500

3000

Oct-04 Nov-05 Dec-06 Jan-08 Feb-09 Mar-10 Apr-11 May-12 Jun-13 Jul-14

Price (lhs) EPS Next 12 months (rhs)

+15.8% p.a.

+9.4% p.a.

4

PRECONCEIVED IDEA #2: ROE IS WEAK

This is less true

Forward ROE next 12 months (%)

Source: Nomura, Thomson Reuters and FTSE (FTSE US, FTSE Europe, FTSE Asia Pacific, FTSE Japan)

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up.

5

PRECONCEIVED IDEA #2: ROE IS WEAK

Share buybacks are at work

Share buybacks by Japanese companies

Source: Nomura, Company data. Data as of 19/05/2014

Past performance is not a reliable guide to future performance.

6

PRECONCEIVED IDEA #3: EARNINGS STARTED TO REBOUND IN 2013

EPS forecast trend from 2010 onward

Source: Factset

Past performance is not a reliable guide to future performance.

0.5

1

1.5

2

2.5

Dec-09 Aug-10 Apr-11 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14

MSCI Japan EPS NTM

MSCI United Kingdom EPS NTM

MSCI France EPS NTM

S&P 500 EPS NTM

MSCI Germany EPS NTM

MSCI Italy EPS NTM

7

PRECONCEIVED IDEA #4: UNFAVORABLE TAXATION IN 2014

Is there a tendency to retain only bad news when it comes to Japan?

VAT: 5% 8% since April 1st 2014

Corporate tax: 35% ~25% in the coming years

8

FIVE THEMES FROM FIFTY MEETINGS

Five themes were prominent from 50+ recent meetings in Japan:

Domestic capex is rebounding due to upgrade of pre-Lehman equipment

Inflation is real: from air conditioners to eyeglasses, companies are raising price

Not enough workers: Uniqlo and Mitsubishi Bank regularizing part-time employees

Real estate is recovering, especially for Tokyo office

After April’s tax hike, a consumer revival is hinted in 7-Eleven’s same-store sales data and Gulliver’s showroom traffic

9

DIFFERENT SOURCES OF FRANCHISES

Technology / Patents

Market share

Distribution network

Brand

High client ‘lock-in’

First mover advantage

The material presented in this document is for information purposes only and is not intended as an offer or solicitation

with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment.

10

http://en.wikipedia.org/wiki/File:Canon_wordmark.svg

Performance

JAPANESE EQUITIES COMPOSITE Performance* (gross, in JPY)

*Gross performance in JPY as of 30/09/2014. Source: FactSet/Comgest

Data represents composite, gross-of-fees performance for all funds managed by Comgest in the relevant strategy. Performance is gross of management fees and performance fees (where applicable). The treatment of other fees may vary between collective investment schemes and discretionary

accounts. The inclusion of management and other fees would have the effect of decreasing the composite performance results. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. The

volatility of the index may be materially different from that of the composite. The index used for comparative purposes is the Topix dividends reinvested. Prior to 2000, figures are converted using the relevant FRF exchange rates. Investors have the opportunity for losses as well as profits. Past

performance is no guarantee of future results.

Cumulative performance since inception (%)

Rolling performance (%)

QTD YTD 1 Year 3 Years

annualised

5 Years

annualised

10 Years

annualised

Inception

annualised

Composite 6.42 5.74 17.03 25.59 13.73 2.72 5.21

Index 5.82 3.77 13.32 22.89 10.11 3.71 0.53

0

100

200

300

400

Mar-94 Sep-96 Mar-99 Sep-01 Mar-04 Sep-06 Mar-09 Sep-11 Mar-14

Composite Topix - NR

12

JAPANESE EQUITIES COMPOSITE Performance* (gross, in JPY)

*Gross performance in JPY as of 30/09/2014. Source: FactSet/Comgest





Annual return (calendar)

-50.0

0.0

50.0

100.0

150.0

200.0

%

Composite

Topix

+/- Index

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

2.87 -3.17 -3.66 13.68 196.00 -17.03 -14.18 -15.56 16.15 7.17 43.59 -1.44 -16.08 -47.95 15.32 -0.67 -11.79 19.50 60.84

2.09 -6.06 -19.41 -6.57 59.69 -24.96 -18.91 -17.50 25.19 11.34 45.23 3.02 -11.11 -40.62 7.62 0.96 -17.00 20.86 54.41

0.78 2.89 15.75 20.25 136.32 7.93 4.73 1.94 -9.04 -4.16 -1.64 -4.46 -4.97 -7.34 7.70 -1.63 5.20 -1.35 6.43

13

A CONTINUOUSLY REINFORCED TEAM

Gross performance in JPY as of 30/09/2014. Source: FactSet/Comgest





2008: Chantana Ward becomes dedicated to Japan funds

2009: Richard Kaye joins the team and works now as a PM alongside Chantana

2010: Yu Takata joins Comgest as an analyst

2013: Makoto Egami joins Comgest as an analyst

Currently, our Japanese Equities team is composed of four full-time members

Cumulative performance* since 1st July 2009 (gross, in JPY) Calendar performance* since 1st July 2009

Composite Index +/- Index

H2 2009 9.41 -1.67 11.08

FY 2010 -0 .67 0.96 -1.63

FY 2011 -11.79 -17.00 5.20

FY 2012 19.50 20.86 -1.38

FY 2013 60.84 54.41 6.43

YTD 2014 5.74 3.77 1.97

0

70

140

210

Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14

Japan Composite Topix - NR

14

QUALITY GROWTH INVESTMENT PERFORMS WELL IN JAPAN

Contribution of the top 5 positions

50%

60%

70%

80%

Co

ntr

ibu

tio

n %

5 years 3 years 1 year

Many stocks outperformed but a handful were particularly important to overall performance

Source: FactSet/Comgest. Portfolio of Comgest Growth Japan as of 31/03/2014.

Past performance is no guarantee of future returns.

15

ORGANIC SALES GROWTH OF TOP CONTRIBUTORS

-15

-5

5

15

25

35

45

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Softbank Keyence Unicharm United Arrows Makita

70% 122% %

Source: FactSet/Comgest. 31/03/2014.

Past performance is no guarantee of future returns. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase

or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment.

16

PERFORMANCE IN THE SHORT AND LONG TERM

Source: Morningstar / Comgest

Past performance is no guarantee of future returns. Indices are used for comparative purposes only. The price of shares can go down as well as up .

17

Comgest Growth JapanAnnualised Performance YTD 3 yrs 5 yrs

Fund 8.4% 25.2% 12.9%

Index 4.4% 22.9% 10.6%

Ranking 27/359 67/359 60/359

Global Category = Japan Equity Oldest share class = Yes

Source = Morningstar Currency: JPY

31/10/2014

Portfolio review

COMGEST GROWTH JAPAN

Data as of 31/10/2014 Source: FactSet/Comgest

Data on holdings is provided for information purposes only and is not a recommendation to buy or sell the securities shown. Data on holdings is subject to change and excludes cash and cash

equivalents. Past performance is no guarantee of future results.

% Top 10 holdings

Sysmex Corporation Health Care 3.9

Makita Corporation Industrials 3.7

Murata Manufacturing Co., Ltd. Information Technology 3.6

Unicharm Corporation Consumer Staples 3.5

Hikari Tsushin, Inc. Consumer Discretionary 3.2

Keyence Corporation Information Technology 3.2

Sekisui Chemical Co., Ltd. Consumer Discretionary 3.2

KDDI Corporation Telecommunication Services 3.1

SoftBank Corp. Telecommunication Services 3.1

Fast Retailing Co., Ltd. Consumer Discretionary 3.0

19

Data as of 30/09/2014, Source: FactSet/Comgest

This material is for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

BOUGHT

SOLD

INC

RE

AS

ED

RE

DU

CE

D

NIHON M&A

PARK 24

AMADA

CALBEE

AEON FINANCIAL

COMGEST GROWTH JAPAN 2014 main portfolio changes

SUGI HOLDING

20

EXAMPLES OF PORTFOLIO COMPANIES % global market share

100%

80%

60%

40%

20%

Keyence

Industrial sensors

28%*

Hoya

Mask blanks 80%

Photomasks 35%

HDD substrates 65%

Hamamatsu Photonics

Photomultiplier tubes

90%

Kubota

Tractors

45%*

Canon

Photo printers

45% (35%*)

Daikin

Air conditioning

45%*

Fanuc

CNC, robots

50%

Sekisui Chemical

Automotive window

films

50%

Uni-Charm

Baby care

53% in Indonesia

64% in Thailand

39% in Japan

Sysmex

Haematological

analysis

40%

Makita

Power tools

23%

Shin-Etsu Chemical

Polyvinyl chloride 35%

Silicon wafers 30%

HDD rare earth magnets 45%

Shimano

High end sport bicycle parts 60 – 70%

Derailleurs 80%

Murata Mfg

Ceramic filters and

resonators 70%

Shock sensors 95%

Connectivity modules (wifi & bluetooths) 60%

*Domestic market share. Source: Company data

This material is for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

21

COMGEST GROWTH JAPAN Portfolio contribution analysis*

Top 5 contributors and detractors - Year-to-date, 31/10/2014

Source: Factset / Comgest. *Net performance in JPY. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Comgest runs a buy-and-hold contribution system which performs holdings-based analysis using

the beginning of period weights of securities and their returns to calculate contributions. Returns are therefore not derived from the actual portfolio return and may not reconcile with the real portfolio return as measured by NAV to NAV variation.

% contribution

22

-0.93

-0.79

-0.72

-0.70

-0.60

1.10

1.17

1.35

1.83

1.90

Jin Co

Yahoo Japan Corporation

Kakaku.com

Orix Corporation

Mitsubishi Estate Company

Unicharm Corporation

M3 Inc

Shimano Inc

Sysmex Corporation

Gulliver International Co.

SYSMEX

Leading manufacturer of equipment and

reagents for blood tests

Dominant position in the hematology business

with 40% of the global market (70% market

share in Japan, 50% in Europe, 50% in China

but only 25% in the US)

Resilient to the yen strength: between 03/2002

and 03/2012, sales at Sysmex rose by 11%

(annualized) and operating margin by 19%

Strong business growth in China and emerging

markets

Sector: Health Care

Market cap.: USD 8.4bn

EPS growth 5 yrs (est.)*: 17%

ROE: 15.5%

Dividend yield: 0.7%

2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250

Source: FactSet Research Systems

EPS and price rebased at 100

Price ()

Price Actual EPS Estimated EPS

Data updated as at 30/09/2014

*EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield

are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a

reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The

contents of this document should not be treated as advice in relation to any potential investment.

2009 2010 2011 2012 2013 2014 2015 20160

100

200

300

400

500

600

0

100

200

300

400

500

600

23

HIKARI TSUSHIN

Unrivalled franchise with Japanese SMEs for

telecommunications equipment wholesaling

Successful diversification into business services

and equipment

Committed to 15% earnings growth from growing

‘repeat-revenue’ installed base

2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


Sector: Consumer Discretionary



ROE: 23.7%

Dividend yield: 1.5% 2012 2013 2014 2015 2016 2017

0

100

200

300

400

500

600

0

100

200

300

400

500

600






24

http://eng.hikari.co.jp/

UNICHARM

2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


Manufacturer / distributor of sanitary napkins and baby

diapers in Japan

Unicharm holds leading market share in many countries

including:

Japan: #1 leading position in baby care and feminine care

with a market share of 38% and 42% respectively

China: #3 player in feminine and baby care

Thailand: leading position in both products with 43%

market share in baby care and 45% in feminine care

Holds leading position in pet care business in Japan

Benefits from high growth Asian markets for disposable

baby diapers and feminine care products

Sector: Consumer Staples



ROE: 11.5%

Dividend yield: 0.7% 2009 2010 2011 2012 2013 2014 2015 2016

0

100

200

300

400

0

100

200

300

400






25

M3

Leading operator of pharmaceutical online marketing

platform, that provides direct communication between

physicians and drug companies. Roughly 80% of Japanese

physicians are registered with its site

Strong growth expansion has been driven by digital

marketing (e-promotion) needs of drug companies, with an

advantage of “easy access to physicians” and “Cost-

Effectiveness”, versus real-world MRs

New applications to leverage its unique platform are;

“Clinical Trial Business (CRO/SMO)”, “Contract MR

Business (CSO)”, Job-Search business for physicians and

pharmacist”, etc.

Potential in overseas business: M3’s doctor network is

roughly 80% in the USA, 70% in the UK, and 50% in China 2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


Sector: Health Care



ROE: 28.2%

Dividend yield: 0.4% 2009 2010 2011 2012 2013 2014 2015 2016

0

250

500

750

1,000

0

200

400

600

800

Price E

PS






26

MAKITA

World’s 3rd largest power tool maker with a consistently

increasing global market share now at 20%

Industry’s highest high-teens operating margins

supported by value-adding product innovations and

cost-efficient manufacturing capability

Excellent balance sheet quality with over USD1bn net

cash allows steady expansion of distribution and

after-sales service, which is key to market share gains

Globally rising wages are expected to continue to drive

power tool demand at GDP growth rates or more

2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


Sector: Industrials



ROE: 10.0%


2009 2010 2011 2012 2013 2014 2015 20160

100

200

300

400

500

0

50

100

150

200

250

Price E

PS






27

MURATA

World’s leading maker of various ceramic-based electronic

components, primarily used in mobile phones and computers, and

increasingly in automobiles thanks to car electrification trend.

Global market shares of 35-40% in MLCC, 35% in EMI suppression

filters, 70% in ceramic filters and resonators, 40% in SAW filters,

95% in shock sensors, and 60% in connectivity modules.

Major beneficiary of ongoing miniaturization trend of electronic

devices given cutting-edge miniaturization and high-capacity

technologies.

Industry’s top-class mid/high-teens operating margins generated

from leading market positions as well as efficiently integrated

in-house production capability.

Sound balance sheet with over USD2bn net cash and equivalents,

which enables sustainable investments in R&D and production, and

M&A as needed. 2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


Price E

PS

Sector: Information Technology



ROE: 10.3%


2009 2010 2011 2012 2013 2014 2015 20160

100

200

300

400

500

0

500

1000

1500

2000

2500

3000

3500

4000

4500






28

KAKAKU.COM

One of Japan’s sustainably growing internet service

companies focused on “categorized search” with +20-30%

CAGR track record and med/long-term expectation.

Operates two “de facto standard” consumer-generated

media services that are expected to continue to drive

growth: “kakaku.com” price comparison site with 50m

monthly users/1.1bn page views and “tabelog” restaurant

review site with 57mn monthly users/1.3bn page views.

45-50% operating margin structure backed by asset-light

business model and excellent internet site quality, which

makes Search Engine Marketing unnecessary.

Successfully diversifying into areas of travel, real estate,

and movies/theatres. 2007 2009 2011 2013 20150

50

100

150

200

250

0

50

100

150

200

250



Price ()


Price E

PS

Sector: Information Technology



ROE: 40.2%


2009 2010 2011 2012 2013 2014 2015 20160

200

400

600

800

0

300

600

900






29

CONCENTRATED PORTFOLIO OF QUALITY GROWTH COMPANIES

ROE level – FY2013e Net D/E ratio – FY2012

14.0

7.8

22.2

8.5 11.3

8.2 9.0

34.1

7.5

12.2 13.6

Ca

non

Fa

mily

mart

Fa

st R

eta

iling

Ha

mam

ats

uP

ho

tonic

s

Ko

baya

shi P

ha

rm

Ku

rita

Wa

ter

Ma

kita

Sa

nrio

Sh

in E

tsu

Ch

em

ica

ls

Su

gi

Sysm

ex

-0.3

-0.4

-0.5 -0.5

-0.5

-0.2 -0.3

0.1

-0.2

-0.5

-0.2

Ca

non

Fa

mily

mart

Fa

st R

eta

iling

Ha

mam

ats

u P

ho

tonic

s

Ko

baya

shi P

ha

rm

Ku

rita

Wa

ter

Ma

kita

Sa

nrio

Sh

in E

tsu

Ch

em

ica

ls

Su

gi

Sysm

ex

Market average: 4%

Source: Bloomberg

Past performance is no guarantee of future results. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase

or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment

30

COMGEST GROWTH JAPAN Portfolio composition*

Sector breakdown (%)

Source: Factset / Comgest. *Portfolio as of 31/10/2014.

31

0 5 10 15 20 25

Cash

Materials

Financials

Telecommunication Services

Health Care

Consumer Staples

Industrials

Information Technology

Consumer Discretionary

Comgest Growth Japan Topix

WE STILL LIKE JAPAN

Japan corporates are expected to improve their profitability thanks to

reduction in corporate tax

Earnings momentum remains strong

Acceleration in GDP growth

Japan remains the market with the most leverage to a global recovery

Still an attractive valuation

32

Appendices

COMGEST GROWTH JAPAN Performance* (net, in JPY)

Net performance in JPY as of 31/10/2014 Source: FactSet/Comgest

*Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation expressed in EUR.

© 2014 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document can change at any time and do not constitute a buy recommendation.

Cumulative performance since inception (%)

Rolling performance (%)

QTD YTD 1 Year 3 Years

annualised

5 Years

annualised

10 Years

annualised

Inception

annualised

Portfolio 1.81 8.44 19.22 25.17 12.84 1.58 -2.14

Index 0.56 4.35 13.94 22.94 10.59 3.93 0.37

34

Dec

2001

Dec

2003

Dec

2005

Dec

2007

Dec

2009

Dec

2011

Dec

2013

20

40

60

80

100

120

140% change

Fund Topix - NR

JAPAN CORPORATES ARE EXPECTED TO IMPROVE THEIR PROFITABILITY THANKS TO REDUCTION IN CORPORATE TAX

Aggregate Tax Rate by Major Regions* Abe’s Targeted Corporate Tax Rate Cut (%)*

*Source: Credit Suisse Equity Research (08/10/2013, left) / Daiwa Securities (18/10/2013, droite)

35

ASSET ALLOCATION OF GPIF IN A GLOBAL BACKDROP

Basic portfolios of Japan’s GPIF and Leading Foreign Public Pension Funds

Source : Nomura Research

Data as of march 2013.

Bonds 71%

Bonds 40%

Bonds 35%

Bonds 16%

Equity 24%

Equity 60%

Equity 65%

Equity 63%

Short-term assets

5%

Others 21%

0% 20% 40% 60% 80% 100%

GPIF (Japan)

GPF-G (Norway)

CPPIB (Canada)

CalPERS (USA)

36

IMPORTANT INFORMATION This document has been prepared for professional investors only and may only be used by these investors. This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment. The securities discussed herein may not be held in the portfolio at the time you receive this presentation. Performance figures are provided net of all fees unless otherwise stated and are calculated on a time-weighted, total return basis. Funds which specialise in a particular region or market sector may entail higher risks than those which hold a very broad spread of investments. Past investment results are not necessarily indicative of future investment results. The value of all investments and the income derived therefrom can decrease as well as increase. This may be partly due to exchange rate fluctuations in investments that have an exposure to currencies other than the base currency of the Fund. Reference to market indices or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index will not reflect the manner in which a portfolio is constructed. The information and any opinions have been obtained from or are based on information from sources believed to be reliable, but accuracy can not be guaranteed. No liability is accepted by Comgest in relation to the accuracy or completeness of the information contained in this document. The information in this document is not comprehensive and is presented for informational purposes only. All opinions and estimates constitute our judgment as of the date of this presentation and are subject to change without notice. Comgest does not provide tax or legal advice to its clients and all investors are strongly urged to consult their own tax or legal advisors concerning any potential investment. Before making any investment decision, investors are advised to check the investment horizon and category of the Fund in relation to any objectives or constraints they may have. Investors must read the latest Fund prospectus and the Key Investor Information Document (“KIID”), available at our offices and on our website www.comgest.com Investors shall undertake to respect the legal, regulatory and deontological measures relative to the fight against money laundering, as well as the texts that govern their application, and if modified investors shall ensure compliance with the applicable texts. This material is in no case an offer for people living in a specific jurisdiction which does not authorize the distribution of the Funds mentioned herein. The investment professionals listed in this document are employed either by Comgest S.A., Comgest Asset Management International Limited, Comgest Far East Limited, Nippon Comgest Inc, Comgest Singapore Pte. Ltd. Comgest S.A. is regulated by the Autorité des Marchés Financiers (AMF). Comgest Far East Limited is regulated by the Hong Kong Securities and Futures Commission. Comgest Asset Management International Limited is regulated by the Central Bank of Ireland. Nippon Comgest Inc. is regulated by the Financial Service Agency of Japan (registered with Kanto Local Finance Bureau (No. Kinsho 1696)). Comgest Singapore Pte Ltd, created 18 August 2010, is a Licensed Fund Management Company & Exempt Financial Advisor (for Institutional and Accredited Investors) regulated by the Monetary Authority of Singapore.

37

Documents

Chantana Ward, Richard Kayewebcast.viewontv.com/upload/docs/comgest/JAPAN_2014...Hikari Tsushin, Inc. Consumer Discretionary 3.2 Keyence Corporation Information Technology 3.2 Sekisui