Investment
service

Fund Managers

Bayview Asset Management believes "Investment is equivalent to manufacturing" as a management policy unique to boutique house, and we put much of its resources into the investment departments, improving expertise and maintaining quality.

Fund managers are responsible for investment. Our fund managers invest in Japanese stocks, bonds, and multi-assets, while our partners, top-class boutique houses in U.S., invest in overseas stocks and bonds, mainly in the United States.

Our company provides a "platform" to each fund manager to let them focus on investment, optimizing its expertise.

Bayview Asset Management

(写真:岡橋功樹)

Japanese Equity Investment Management
Koki Okahashi

Equity: Long/ Long Short

(写真:谷川崇人)

Japanese Equity Investment Management
Takato Tanikawa

Equity: Long Short

(写真:三須博志)

Japanese Equity Investment Management
Hiroshi Misu

Equity: Long Short

(Photo)

Koki Okahashi

New Alphex Long Short Fund,Highly Seleetive Japan Mid/Small-cap Equity Fund and New Active Plus Fund with original approach combining bottom-up corporate analysis and top-down market analysis

Risk needs to be capilalized and transformed to return.

Koki Okahashi joined a major trading house upon graduating from university where he was engaged in the business of accounting and tax matters in the accounting division. The situation he faced when he was sent on a business trip to Mongolia in order to perform an audit of a local company became the starting point of his career from then on. The company dominated the mobile phone business in Mongolia, and the president was a figure that had been the right hand man of a minister, however, seeing this person being extremely apprehensive of Koki Okahashi who had very little experience as a working member of society made him strongly realize that he was protected by the name of the large Japanese company. Thinking that he would rather be a working professional and get by on his own than be reliant on a company name, he moved to a venture firm providing financial consulting services in 2001. While he worked on establishing a housing loan company, the due diligence for a corporate acquisition, and financial advisory operation of PFI projects, he faced the risk of his company going bust due to the burst of the IT bubble, but he overcame the hardships as a businessman.

In 2005, when Koki Okahashi was invited to found an independent asset management company, he plunged into the world of equity investment management. Inspired by the words that what is necessary for equity investment management is not past experience but curiosity and an intuitive sense, he thought he had a chance despite his lack of investment experience. Furthermore, for him, who had strived to acquire a broad range of knowledge to generate projects at the venture firm, equity investment management as an occupation was highly appealing because it was a profession in which intellectual curiosity itself led to results, and that was why he made the career change.

Koki Okahashi later on identified many promising stocks as an analyst of the Japanese equity long/short fund, the source of excess return (alpha) for which is Mid/Small-cap equity investment, and played an active role as the driving force to keep the investment management team afloat through the Live Door shock in 2006 and the Lehman Shock in 2008. Meanwhile, many institutional investors specializing in Mid/Small-cap stocks disappeared one after the other, making Koki Okahashi one of the very few experts in this field.

Then, in July 2010, his investment management team decided to move to Bayview Asset Management in search of a stable platform. Koki Okahashi, while continuing to rack up an overwhelming track record in stock picks, began to think he wanted to manage a portfolio himself, applying his skills to analyze companies that he had developed by managing equity investments, and became the fund manager for New Alphex Long Short and Highly Selective Japan Mid/Small-cap Equity Fund since July 2014.

Koki Okahashi has a broad perspective acquired from being involved in various businesses other than finance in a large company and venture firm. With such experience as his advantage, Koki Okahashi will take on the new challenge with a strong will to identify excellent Mid/Small-cap companies upholding the Japanese economy before anyone else and to generate alpha exceeding domestic and overseas managers.

[Biography] Koki Okahashi joined Bayview Asset Management Co., Ltd., (BVAM) in July 2010 from Alphex Investments Co. when the latter’s funds under management and management team were transferred to the former. He was promoted to head the Investment Management Group II in March 2014, and then was assigned as fund manager when the Equity Investment Management Team was established. At Alphex, Koki was responsible for corporate research as an analyst for the Japanese equity long/short strategy, a position which he held since the founding of the company in 2005. Koki had started his career in 1995, joining Sumitomo Corporation where he was assigned to the accounting division to support the company’s overseas infrastructure projects and the automobile, media, and electronics businesses with accounting and tax matters. In 2001, he joined a venture company founded by a group of former employees of the Industrial Bank of Japan Ltd. (currently Mizuho Bank Ltd.) to set up Japan’s first mortgage bank, Mortgage Corporation of Japan Ltd., where he engaged in the due diligence of a Japanese company buying out a Chinese steel maker, as well as in the financial advisory operation of PFI projects of municipal governments. Koki received B.A. in business and commerce from Keio University in 1995.

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Takato Tanikawa

Bayview Japan Equity Long Short Fund under bottom-up approach that incorporates investor behavior analysis

The eyes of a bird, an insect, and a fish

Takato Tanikawa first became interested in the financial industry when he was exposed to venture financing as a university student. As he learned how difficult it is for venture firms to raise fund in the course of researching the key elements for venture firms to succeed, he became interested in supporting the financing of start-up firms that would grow in the future, and so, he joined a domestic securities firm.

As a member of the firm’s Japanese equity research and sales team, Tanikawa provided investment information and ideas on individual companies to investment management firms. During the five years of service, he realized that information provided by sell-side analysts are only extension of the past, and in many cases, already incorporated in stock prices. On the other hand, many fund managers he contacted captured changes in the stock market and companies speedily and conducted investment actions based on their own ideas, which fascinated him to buy-side investment management. A fund manager who had a big influence on this growing fascination was Sakuma of Bayview Asset Management.

Unlike fund managers of other companies, Sakuma would not listen to Tanikawa unless Tanikawa explained the stock issues he unearthed from the market with his own words, and even making an appointment was difficult at first. Sakuma, however, gradually started to listen to Tanikawa’s explanations, which were backed by in-depth research and analysis. Sakuma said during a discussion with Tanikawa on a game related company “Without understanding the history of game development process, we cannot accurately judge the company’s capital policy.” Tanikawa was inspired by Sakuma’s insights in the historical background of companies, which many market participants overlooked. This made Tanikawa want to work with Sakuma, and Tanikawa decided to join Bayview Asset Management in 2012. Tanikawa refined his ability to find promising individual stocks as an analyst under Sakuma and recommended stocks by newly incorporating investor behavior analysis, which Tanikawa found extremely important during his experience in the research and sales days. These bore fruit and Tanikawa became the co-fund manager of Bayview Japan Equity Long Short Fund in April 2016.

In the stock market today, investor behavior that has significant impacts on market movements changes every minute, such as that the trading turnover of leveraged ETF exceeding that of large-cap stock. Tanikawa starts taking on challenges as a fund manager, with the belief that when investing in stocks, good returns can be achieved only when investment decisions are made based on not only analysis of individual companies fundamentals, but also from fresh viewpoints that discern stock market trends, with the eyes of a bird (macro viewpoint), an insect (micro viewpoint) and a fish (trend viewpoint).

[Biography] Tanikawa joined Bayview Asset management Co., Ltd. in May 2012. He started his career at Shinko Securities in 2007 (current Mizuho Securities), where he was engaged in research and sales for institutional investors, mainly for Japanese investment firms, at the equity sales department and the institutional investor sales department. Tanikawa received his B.A. in business from Tokyo University of Science in 2007.

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Hiroshi Misu

Bayview Japan Equity Long Short Fund under fundamentals bottom-up approach

Unwavering beliefs and flexible decisions.

It dates back to his college days when Hiroshi Misu first encountered equity investment. He came across Black Monday in 1987 when he studied in the U.S.A. He, as a student not having any knowledge about or experience in equities yet, heard and saw his teachers and the adults around him assuming and telling definitely, as if they had known the truth, that the real cause for the sharp plunge is computer-programmed trading, which made him feel the immeasurable charm of market movements. Upon graduation, he joined Yamaichi Securities, and after experiencing retail and institutional sales for three years at head office, he was seconded to the Yamaichi Securities Singapore Pte. Ltd., where he devoted himself as an Asian equity trader to the activities of the local market, which was full of remarkably growing energies and dynamism, and he became confident that he loved equities.

Upon retuning to Japan, while executing trades of individual stocks as a Japanese-equity trader for domestic institutional investors on a daily basis, he witnessed professional skills of dozens of fund managers in terms of their stock selection and investment decisions, and his aspiration to move to buy-side grew stronger day by day. Then, following the voluntary closure of Yamaichi Securities, Misu joined Taiyo Life, which was one of his clients at the time, and by a curious coincidence, he started to follow the road to his long-cherished dream to be a fund manager. After being engaged in the management of insurance assets as a Japanese equity analyst to start with, he was temporarily transferred for three years to a hedge fund company that specialized in U.S. equity long/short fund management, which marked a major turning point for him.

In the above-mentioned company in San Francisco, where he was the only Japanese, he had the valuable experience of frequently visiting high-tech companies in Silicon Valley as a U.S. technology equity analyst. In addition, he not only gained a full-scale bottom-up investment approach but also had a golden opportunity to engage in the then state-of-the-art equity long/short fund management during the IT bubble and burst period. The maxim, “Do not fall in love with a company. Fall in love with the growth momentum of a company and hate the deceleration thereof,” which was hammered in by his American time-tested artisanal fund manager and was to subsequently form the basis of Misu’s fund management.

After getting back to Japan, Misu started managing Japanese equity funds on a full scale as a fund manager at T&D Asset Management. For the last 12 years, he has steadily accumulated returns through his fund management method, which is based on the idea that individual stock selection by means of the bottom-up approach is the source of excess return. He commits himself to engaging in fund management activities, always keeping it in mind that there always exist insured, employees, or individual investors on the other side of insurance companies, pension funds, or investment trust funds, and so he makes it his motto that “what’s important in managing clients’ assets is unwavering beliefs and flexible decisions.” In addition, he had hoped for an opportunity to fulfill his long-held dream to manage funds having clear features formed by the fund manager who is responsible for, which is not easy for the team management organizations of major fund management companies to appeal. Twenty years have passed since Misu started working in Singapore as a professional in the equity world, and now he has determined to take part in Bayview Asset Management as the stage of the compilation of his career with which he has had interactions for years since the days when he was temporarily stationed in San Francisco.

[Biography] Hiroshi Misu joined Bayview Asset Management Co. Ltd. (BVAM) in July 2014. He started his career in 1991 at Yamaichi Securities Co. where he was engaged in securities sales and equities trading at the Sales Department of the head office, Yamaichi Securities Singapore Pte Ltd., Financial Institution Fund Operation and Equity Trading Group I. In 1998, he joined Taiyo Mutual Life Insurance Company (current Taiyo Life Insurance Company) where he was responsible for the corporate analysis of companies in the technology, materials and public utilities sectors for investment under special accounts. Hiroshi then worked as an analyst mainly covering U.S. technology companies being seconded to the former Elijah Asset Management formed out of a management buyout from Robertson Stephens Investment Management (current RS Investments) in 1999. Since 2003, he has been responsible for growth investment mainly investing in Japanese equities in insurance assets, pension funds and investment trusts, as a fund manager at the Investment Management Division of T&D Taiyo Daido Asset Management Co. (current T&D Asset Management Co.) Hiroshi received a B.A. in literature from Rikkyo University in 1991. He is a charter member of the Securities Analysts Association of Japan (CMA).