|Dear clients and investors
My name is Yuya Shimizu, the Chief Investment Officer of Hibiki Path Advisors. Thank you very much for visiting our website.
We at Hibiki Path Advisors are value investors that specialize in Japanese equities. We launched our humble investment management and advisory business in March 2016 as a registered fund management company (RFMC) in Singapore, (as of 11th May 2018, we have obtained Capital Markets Service License) providing asset management services to institutional investors as well as individuals. We aim to deliver our clients a superior risk-adjusted return over the long-term by adhering to a rigorous, bottoms-up, fundamentals-driven, “value-investing” discipline. We will also opportunistically engage with the management teams of our portfolio companies to better align the interests of management with those of shareholders, as well as improve corporate governance.
Hibiki is a reflective and profound Japanese word, typically translated in English as “resonance”, or “harmony”. The word is a constant reminder of the pledge to our clients. We, as stewards of your capital, always place the interests of our clients first. Also, having invested our own capital alongside, we ensure that our interests are fully aligned with our clients’ and are committed to investment success. In fact, we seek the same characteristics in the companies we invest in and strive to create a network of like-minded companies and people. Hibiki, therefore, not only represents the philosophy in which we invest but also how we run the firm itself – in concert with our clients and portfolio companies. When such harmony exists between our clients, our investee companies and ourselves, we are better positioned for sustainable success over the long-term.
Asia is like a Kaleidoscope. From an investor perspective, it is often misperceived as one monolithic region despite being comprised of diverse cultures, societies and countries in varied phases of economic development. Japan took the lead in Asia’s economic miracle in the 1970s and 80s but is now a mature economy and an aging society. Its neighbors continue to demonstrate success in the global value chain and thus Japan must forge ahead to evolve and adapt itself to remain prosperous.
Our firm was established in Singapore, one of the most developed and cosmopolitan cities in the world. As such, we hope to leverage our locality and act as ambassadors or as a bridge for Asian and global investors alike who see opportunities in Japan. As a Japanese national, I embrace the beauty of Japanese culture and am proud of the economic success it has achieved to date, but also am mindful of the inefficiencies in Japanese corporations that have existed for decades that now pose a threat. We do not fear speaking our minds to management teams because it benefits not only Hibiki’s stakeholders, including the companies themselves, but also contributes to the integrity of Japan’s capital markets and long-term wellbeing. I am proud to say that Hibiki’s professionals, while deeply versed in Japanese culture and mindset, at the same time do not subscribe to conventional ways of thinking. As much as we strive to add value to our clients, we also stick to our core belief that shareholders can contribute in making companies better – better for stakeholders, better for society, and ultimately a better future for all.
Last but not least, as value investors, we know from experience that investment discipline is the most effective risk management tool for preserving capital over the long run. We shun herd behavior and avoid “story stocks” where seemingly nothing can go wrong, or so consensus believes. As contrarians, we seek unique opportunities in ignored and unloved securities trading at significant discounts to intrinsic value. It is a fundamentals-based, disciplined approach that may be construed as grounded or even boring – but that’s just fine by us. We hope you feel the same and join us on our journey.
Chief Investment Officer
Hibiki Path Advisors Pte. Ltd.