What Worked – Value names did really well this week and have actually done well since the end of September. This week low PBR names dominated with an almost 50% IC. A good portion of the low PBR names that did well were in the Bank Sector. Low PBR names that did well were Nomura Holdings (8604) up 12%, Iyo (8385) up 10% and Idemitsu Kosan (5019) up 9%.
Low PE names also did well this week. Low PE names that moved were TADANO (6395) up 10%, Resona Holdings (8308) up 10% and Concordia Financial Group (7186) up 9%. Quality names however continue to underperform. High ROIC names have not done well since the beginning of October. High ROIC names that were down were MonotaRo (3064) down 9%, M3 (2413) down 9% and Hitachi High-Technology (8036) down 8%. As with Value, high Beta names did well this week and have done well since the beginning of October. Panasonic (6752) is up 9% and Mitsubishi UFJ Financial (8306) is up 10%.
Who Moved – 67 names moved on volume this week. A pretty good number for Japan. Only 14 of those names were down this week. On the positive side, Sumitomo Bakelite (4203) was up 11%, Iyo Bank (8385) was up 10% and Sumitomo Mitsui Construction (1821) was up 8%. On the other side, Santen Pharmaceutical (4536) was down 9%, Terumo Corp (4543) was down 4% and Misumi Group (9962) was down 5%.
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