AJOT’s activist strategy in Japanese smaller companies is driving change. The approach is constructive and closely aligned with Japan’s ambition to improve the quality of companies listed on the TSE. Although AJOT has already had considerable success, the scale of the opportunity remains significant, with more than 2,000 companies trading below 1x book. Recent performance has been soft, but a review of the portfolio suggests that a number of campaigns are beginning to bear fruit, which should support an acceleration in performance in the second half of 2026. Given its long-term track record and the annual opportunity for a full cash exit, AJOT (trading at a parity versus a 12-month average discount of 1.5%) remains the highest-rated Japanese trust in the market.
