Bayview Japan Equity Long Short Fund under fundamentals bottom-up approach
Unwavering beliefs and flexible decisions.
It dates back to his college days when Hiroshi Misu first encountered equity investment. He came across Black Monday in 1987 when he studied in the U.S.A. He, as a student not having any knowledge about or experience in equities yet, heard and saw his teachers and the adults around him assuming and telling definitely, as if they had known the truth, that the real cause for the sharp plunge is computer-programmed trading, which made him feel the immeasurable charm of market movements. Upon graduation, he joined Yamaichi Securities, and after experiencing retail and institutional sales for three years at head office, he was seconded to the Yamaichi Securities Singapore Pte. Ltd., where he devoted himself as an Asian equity trader to the activities of the local market, which was full of remarkably growing energies and dynamism, and he became confident that he loved equities.
Upon retuning to Japan, while executing trades of individual stocks as a Japanese-equity trader for domestic institutional investors on a daily basis, he witnessed professional skills of dozens of fund managers in terms of their stock selection and investment decisions, and his aspiration to move to buy-side grew stronger day by day. Then, following the voluntary closure of Yamaichi Securities, Misu joined Taiyo Life, which was one of his clients at the time, and by a curious coincidence, he started to follow the road to his long-cherished dream to be a fund manager. After being engaged in the management of insurance assets as a Japanese equity analyst to start with, he was temporarily transferred for three years to a hedge fund company that specialized in U.S. equity long/short fund management, which marked a major turning point for him.
In the above-mentioned company in San Francisco, where he was the only Japanese, he had the valuable experience of frequently visiting high-tech companies in Silicon Valley as a U.S. technology equity analyst. In addition, he not only gained a full-scale bottom-up investment approach but also had a golden opportunity to engage in the then state-of-the-art equity long/short fund management during the IT bubble and burst period. The maxim, “Do not fall in love with a company. Fall in love with the growth momentum of a company and hate the deceleration thereof,” which was hammered in by his American time-tested artisanal fund manager and was to subsequently form the basis of Misu’s fund management.
After getting back to Japan, Misu started managing Japanese equity funds on a full scale as a fund manager at T&D Asset Management. For the last 12 years, he has steadily accumulated returns through his fund management method, which is based on the idea that individual stock selection by means of the bottom-up approach is the source of excess return. He commits himself to engaging in fund management activities, always keeping it in mind that there always exist insured, employees, or individual investors on the other side of insurance companies, pension funds, or investment trust funds, and so he makes it his motto that “what’s important in managing clients’ assets is unwavering beliefs and flexible decisions.” In addition, he had hoped for an opportunity to fulfill his long-held dream to manage funds having clear features formed by the fund manager who is responsible for, which is not easy for the team management organizations of major fund management companies to appeal. Twenty years have passed since Misu started working in Singapore as a professional in the equity world, and now he has determined to take part in Bayview Asset Management as the stage of the compilation of his career with which he has had interactions for years since the days when he was temporarily stationed in San Francisco.
[Biography] Hiroshi Misu joined Bayview Asset Management Co. Ltd. (BVAM) in July 2014. He started his career in 1991 at Yamaichi Securities Co. where he was engaged in securities sales and equities trading at the Sales Department of the head office, Yamaichi Securities Singapore Pte Ltd., Financial Institution Fund Operation and Equity Trading Group I. In 1998, he joined Taiyo Mutual Life Insurance Company (current Taiyo Life Insurance Company) where he was responsible for the corporate analysis of companies in the technology, materials and public utilities sectors for investment under special accounts. Hiroshi then worked as an analyst mainly covering U.S. technology companies being seconded to the former Elijah Asset Management formed out of a management buyout from Robertson Stephens Investment Management (current RS Investments) in 1999. Since 2003, he has been responsible for growth investment mainly investing in Japanese equities in insurance assets, pension funds and investment trusts, as a fund manager at the Investment Management Division of T&D Taiyo Daido Asset Management Co. (current T&D Asset Management Co.) Hiroshi received a B.A. in literature from Rikkyo University in 1991. He is a charter member of the Securities Analysts Association of Japan (CMA).