Legg Mason's Shiozumi: Three key lessons I've learned from 45 years of investing in Japan

'Focus on growth, not value'

Japanese equities have been one of the most volatile markets to invest in over the last two decades, with periods of feast and famine. But Legg Mason subsidiary Shiozumi Asset Management has identified some key rules for investing in the country which have stood the test of time.

Hideo Shiozumi (pictured), manager of the Legg Mason IF Japan Equity fund, which celebrated its 20-year anniversary on 22 October, has spent 45 years investing in the region in total, developing his growth-focused investment approach to a market which has undergone a significant shift from an export dominated economy to one increasingly focused on domestic consumption. Over the past 20 years to 8 December, the £553m Legg Mason IF Japan Equity fund has returned 389.6%, versus the TOPIX return of 72.6%, according to FE. Shiozumi said his investment style was based around three key tenet...