Aozora’s Makuaki Fund Returns 1.2% in Third Quarter, Trails TOPIX

By Public Technologies
  • Visional represented about 5% of Orbis's Japan equity strategy; its BizReach business was valued at 13 times forecast earnings, excluding cash and incubation businesses.
  • Otsuka and Obic contributed positively in July-September 2026, supported by earnings above market expectations; Obic benefited from expanding cloud demand.
  • Sumitomo Electric remained a top holding despite share-price declines driven by profit-taking and concerns over AI investment returns; segment earnings remained strong.
  • Sugi Holdings shares fell following a dilutive private placement to finance AI and strategic investments; quarterly earnings missed its business plan.
  • Other growth-stock holdings included GMO Payment Gateway and MonotaRO, reflecting the strategy's focus on businesses trading at attractive valuations.


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