Japanese Financial Attracts Big Funds

Chidem Kurdas

A number of large hedge funds, among them Renaissance  Technologies, DE Shaw and Citadel, have bought Nomura Holdings, the owner of investment and financial services businesses.  

Nomura can be found in many portfolios, though often not as a substantial position. These days positions in Japanese stocks tend to be small, perhaps reflecting caution after many years of losses. Some withdrew from the market—for instance, activist investor Steel Partners has been liquidating its Japan fund.  

While attention is on current recovery from the earthquake-tsunami-nuclear meltdown, underlying Japan’s economic problems are long-term policy issues.  

Nevertheless, a few Japanese businesses persistently attract foreign investors. Renaissance and DE Shaw both held the utility, Nippon Telegraph and Telephone, in addition to Nomura. Global macro manager Caxton Associates also bought NTT.

Citadel went for Matsushita Electric Industrial Co., one of the world’s largest consumer electronics firms, whose products sell under the brand names Panasonic, Quasar and JVC, among others.

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