Decline in Assets Under Management and Revenue Due to Cancellations

「To date, the company's contract assets have grown steadily, but its revenue depends on contract assets that generate fees. If contract assets subject to fees decline significantly in the future, or if fee rates are substantially revised, revenue may decrease.」

「To date, the company's contract assets have grown steadily, but its revenue depends on contract assets that generate fees. If contract assets subject to fees decline significantly in the future, revenue may decrease.」

「In market-linked investment trusts, outflows from redemptions for profit-taking and loss-cutting were mixed with inflows into newly established investment trusts. As of the end of June 2022, total assets under management were ¥246.8 billion, an increase of approximately ¥2.2 billion from the end of the previous fiscal year.」

「Amid a rise in global equity markets and a period of yen depreciation against the U.S. dollar, investors made redemptions for profit-taking, while outflows associated with maturity redemptions were also observed. Inflows into newly established privately placed investment trusts for qualified institutional investors remained sluggish.」

「Investors made redemptions for profit-taking, while outflows associated with maturity redemptions were also observed. Inflows into newly established privately placed investment trusts for qualified institutional investors remained sluggish.」

「Investors made redemptions for profit-taking, and outflows associated with maturity redemptions were also observed. Inflows into newly established privately placed investment trusts for qualified institutional investors remained sluggish. In addition, when the Nikkei Stock Average reached high levels, profit-taking redemptions were also seen in publicly offered investment trusts.」

「Amid rising global equity markets and a stronger U.S. dollar against the yen, with the dollar-yen exchange rate temporarily reaching the ¥111 range for the first time in 2 years, outflows resulting from profit-taking redemptions and maturity redemptions, together with sluggish inflows into newly established privately placed investment trusts for qualified institutional investors, reduced total assets under management to ¥284.5 billion as of the end of June 2021, down approximately ¥28.7 billion from the end of the previous fiscal year.」

「The upward trend in assets under management continued thereafter, supported by inflows into funds seeking to track the US dollar and US equities. Assets under management were approximately ¥344.0 billion at the end of December, an increase of ¥33.6 billion from the end of the previous fiscal year.」

「From July onward, inflows into funds investing in developed-market equities and bonds and funds seeking to track the US dollar increased assets under management. As of the end of September, assets under management were approximately ¥320.7 billion, an increase of ¥10.3 billion from the end of the previous fiscal year.」

「Outflows from funds investing in swap transactions and maturity redemptions of funds investing in foreign bonds denominated in foreign currencies reduced total assets under management by ¥11.7 billion from the end of the previous fiscal year to approximately ¥298.6 billion as of the end of June.」

「From October onward, outflows from funds seeking to track or inversely track the US dollar and other factors reduced total assets under management to ¥346.4 billion at the end of December, a decrease of ¥70.9 billion from the end of the previous fiscal year.」

「Assets under management as of the end of September were ¥360.2 billion, down ¥57.1 billion from the end of the previous fiscal year.」

「In addition to outflows from funds seeking to track or inversely track Japanese equities and funds investing in swap transactions, maturity redemptions and other factors relating to the publicly offered investment trust “WTI Crude Oil Futures Fund (Long Position / Short Position / Money Position)” reduced total assets under management by ¥29.5 billion from the end of the previous fiscal year to approximately ¥387.8 billion as of the end of June.」

「From January 2019 onward, there were maturity redemptions and other outflows from funds seeking to track Japanese equities, including funds that had already transitioned to stable management. However, assets under management at the end of the current fiscal year increased by ¥23.2 billion from the end of the previous fiscal year to ¥417.3 billion.」

「However, from October onward, inflows into funds seeking to track Japanese equities and other factors increased total assets under management to ¥426.7 billion at the end of December, a record high for a month-end balance.」

「During the cumulative second quarter period, total assets under management as of the end of September fell by ¥19.9 billion from the end of the previous fiscal year to approximately ¥374.2 billion, due in part to maturity redemptions of funds investing in swap transactions and outflows from funds seeking to track the U.S. dollar.」

「Thereafter, including the maturity redemption of funds investing in swap transactions, total assets under management as of the end of June increased by ¥1.4 billion from the end of the previous fiscal year to approximately ¥395.5 billion.」

「From October onward, inflows were seen into the publicly offered investment trust Yjam Plus!, established in cooperation with Yahoo! JAPAN. However, the Japan Equity High Income (Monthly Distribution) (Brazilian Real Course) fund reached maturity and was redeemed, with net assets of ¥11.4 billion at redemption, while outflows also occurred from bull and bear funds seeking to track or inversely track U.S. Treasury bonds. As a result, total assets under management were approximately ¥357.9 billion at the end of December, down ¥27.5 billion from the end of the previous fiscal year.」

「Investor redemptions were seen in funds investing in swap transactions and funds investing in foreign-currency-denominated bonds. In addition, outflows from the publicly offered investment trust Japan Equity High Income (Monthly Distribution) (Brazilian Real Course) continued, bringing total assets under management to approximately ¥364.2 billion as of the end of September, down ¥21.2 billion from the end of the previous fiscal year.」

「In December, the Company newly launched the publicly offered investment trust “Yjam Plus!”, developed in collaboration with Yahoo! JAPAN, with total initial principal of ¥8.0 billion. However, amid redemptions by investors seeking to realize gains from privately placed investment trusts, assets under management declined slightly from the end of November to ¥378.7 billion at the end of December.」

「From December onward, redemptions, including those for profit-taking by investors, exceeded new and additional investments, and assets under management fell below ¥300 billion at the end of February 2016.」