Shiozumi expects yen to strengthen

Legg Mason Equity Japan manager expects trend favouring domestic-oriented small-cap growth to continue

What is your investment process and current outlook on Japanese equities? My investment strategy is always bottom up and growth oriented. I only buy stocks showing very strong profits growth and selling on low P/E multiples. Usually I look for companies with a profits growth rate of more than 20% per annum over a combined four years – two years in the past and two years in the future – and selling on an attractive PEG ratio. Many companies with these characteristics fall into one of two sectors – domestic-oriented service or distribution sectors meaning I rarely invest in financials o...