A management report seminar for the Monex Activist Fund (MAF) was held on 7 October 2026, presenting the fund's recent performance, stock analysis, engagement activities and outlook for the market. The seminar also included discussions of the top holdings, details of engagement and guidelines for action regarding corporate acquisitions.
Monex Asset Management reported on MAF's recent performance and its vision for the future of Japan. The fund explained its policy of emphasizing concentrated investment in carefully selected holdings and engagement, and presented a strategy aimed at unlocking upside in corporate value through stock analysis and dialogue.
The seminar introduced analyses of the top 5 holdings and examples of engagement. ROHM, Japan Electronic and Dai Nippon Printing were among the companies cited, demonstrating an approach aimed at changing management structures and improving corporate value through sustained dialogue over the long term.
Regarding the market environment, the seminar discussed the view that factors including AI and semiconductor-related developments, interest-rate trends and inflation affect Japanese equities. It also considered the relationship between マグリュ's performance and the market, as well as the potential to create opportunities in the future.
The materials also addressed guidelines for action regarding corporate acquisitions, highlighting the difficulty of designing them from the perspective of the role of special committees and protection of minority shareholders. Views were exchanged on the possibility of government intervention and consistency with market rules.
The latter half of the seminar covered the background to the portfolio composition, including bank stocks, the policy for handling rare-spread holdings and the outlook for future engagement. Investors were encouraged to monitor MAF's latest holdings and engagement policy.