Janus Henderson Japan Opportunities Fund on Tokyo Ohka Kogyo Co. Ltd.
Thesis
Tokyo Ohka Kogyo is held as a Japanese participant in the semiconductor-related AI investment theme. It was a detractor after the AI-linked stock rally reversed, yet Janus Henderson states that it remains convinced by the fundamentals of these businesses. The manager believes Japanese semiconductor materials companies can participate in a durable global AI investment cycle. It continues to manage this exposure with awareness of the sector’s cyclicality.
“structural growth drivers such as the global AI-driven investment cycle could remain resilient.”
Key risks
- Semiconductor spending fluctuations and cyclicality
- Valuation corrections after strong AI-related share-price gains
- Japanese and global interest-rate or geopolitical volatility