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  Business Operation : Investment Policy

Investment Policy

Active portfolio management focused on medium- and small-cap stock.

Expected active return for medium- and small-cap stock is relatively large.
(expected active return = fundamental value - market value)

Finding stocks with a large expected active return.

To maximize active return, Ichiyoshi Asset Management focuses on "undervalued medium- and small-cap stocks" and "medium- and small-cap emerging stocks"

<Undervalued Medium- and Small-cap Stocks  Image>

<Medium- and Small-cap Emerging Stocks  Image>
Above figure is an image, and does not guarantee any performance in the future

Expected active return can be achieved in the medium to long term.

Ichiyoshi Asset Management sees undervalued stocks (fundamental value > market value) would be adjusted (fundamental value = market value) in the medium to long term.