{"list":[{"id":3824212,"hash":"n0o19d2n","type":"List","name":"Japanese companies - Sōgō shōsha rising ","alias":"japanese-companies-sogo-shosha-rising","intro":"Known as trading houses, the sōgō shōsha's have broad reach with infrastructure investments worldwide","description":"

The sōgō shōsha – giant conglomerates operating in – and just as significantly out of – Japan – have been known as international trading houses, extremely diversified and supporting Japanese manufacturers' international transactions, particularly in the textile and chemical industries in the early years of expansion

\r\n

As these manufacturers grew in size, taking on an active role in international procurement and finance, the sōgō shōsha shifted their focus by investing upstream, relying on their deep knowledge of the numerous supply chains they used to trade – with the intent to consolidate their comparative advantage

\r\n

The investment strategy of the firms spun a dense network of approx. 6 000 subsidiaries, mostly by way of minority holdings, across the world, growing in influence by dint of shared technological expertise and financial power

\r\n

Utilities, always an integral part of the supply chains, brought infrastructure investment into focus, on the domestic market and internationally, extending the reach of the conglomerates from equipment to research (such as water desalination) to consumer services

\r\n

Water utilities are a case in point, with concentration on emerging markets (Middle East, Latin America and South East Asia), where industrialization, urbanization and growing middle classes will fast-track growth

\r\n

In a long-term perspective, the investment of Berkshire in 5 of the 8 sōgō shōsha, aiming to reach 9.9% ownership over time, finds a precise justification in the same

\r\n

The sōgō shōsha in Berkshire's portfolio are Itochu , Marubeni , Mitsubishi , Mitsui and Sumitomo

\r\n

Not coincidentally, two sōgō which are not part of Berkshire's portfolio seem to be ignored by international investors and remain poorly traded OTC - $22 billion Toyota Tsuho and more recently established $4.3 billion Sojitz

\r\n

Three large industrial companies are included in the selection as benchmarks - industrial machinery manufacturer Keyence , industrial conglomerate Hitachi Ltd and Shin-Etsu Chemical

\r\n

Since the companies are often very loosely traded on OTC markets, their performance will usually reflect the trend but not the actual performance on their home market, adjusted for currency shifts - their track record on OTC is strictly informative and will justify further research

\r\n

With low trading volume on U.S. OTC markets for the listed shares, performance, volatility and drawdown calculations will be affected - these ratios do not reflect true performance, volatility and drawdown as these same shares are normally traded on their national exchange

\r\n

Our platform of asset information unfortunately does not will include fundamental data information for OTC (over-the-counter) quoted firms

\r\n

To highlight momentum and check trends, selected a short time frame - from two weeks to six months - on the menu (top right)

\r\n

Investors are free to bookmark stocks of interest and to test investments in their vitual portfolio

","dateCreation":1683814576796.0,"datePublish":1692835200000.0,"dateUpdate":1777971860026.0,"dateUpdateComps":1777970284537.0,"image":"https://static.pininvest.com/uploads/images/lists/n0o19d2n/pmao1tfg/default/japanese-companies-sogo-shosha-rising.jpg","imageSrcUsr":"Leo Visions","imageSrcWeb":"Unsplash","imageSrcLink":"https://unsplash.com/photos/a-rock-in-the-middle-of-a-desert-at-night-QyXBQcv7C78","url":"/library/n0o19d2n","category":{"id":2781945,"hash":"3zwoexo3","name":"Asia Pacific (ex-China)","brief":"US listings (incl. OTC) of themes for Asia Pacific (ex-China)","description":"

International themes forAsia Pacific (ex-China) are curated selections of majors companies - listed on US markets or investable on liquid OTC exchanges

\r\n

Directly accessible to American investors and quoted in US dollars, selections highlight technological or industrial advances and growth stories in foreign markets

\r\n

Valuable in the light of portfolio diversification, foreign equities may not offer the same level of accounting transparency as American firms

\r\n

OTC traded shares require additional research on accounting data to corroborate market prices

","image":"https://static.pininvest.com/uploads/images/categories/3zwoexo3/rowj3t2u/asia-pacific-ex-china.jpg","imageSrcUsr":"Tianshu Liu","imageSrcWeb":"Unsplash","imageSrcLink":"https://unsplash.com/fr/photos/torii-gate-japon-SBK40fdKbAg"},"author":{"id":1570474,"hash":"nj9452x3","alias":"pininvest-analysis","name":"Pininvest Analysis","brief":"Experienced professionals, seeking to combine financial acumen and business expertise","image":"https://static.pininvest.com/uploads/images/contributors/nj9452x3/iy4aijon/thumb/pininvest-analysis.png"},"tags":{"sectors":[{"id":1728515,"label":"Conglomerates","key":"conglomerates","issector":true,"isstyle":false},{"id":1898988,"label":"Industrial Goods","key":"industrial-goods","issector":true,"isstyle":false},{"id":4621003,"label":"Utilities","key":"utilities","issector":true,"isstyle":false}],"styles":[],"others":[{"id":245514782,"label":"Berkshire","key":"berkshire","issector":false,"isstyle":false},{"id":21111538,"label":"Emerging Markets","key":"emerging-markets","issector":false,"isstyle":false},{"id":245514847,"label":"General Trading Companies","key":"general-trading-companies","issector":false,"isstyle":false},{"id":5650663,"label":"Japan","key":"japan","issector":false,"isstyle":false},{"id":4621004,"label":"Water","key":"water","issector":false,"isstyle":false}]},"componentsCount":10,"componentsTotal":10,"articlesCount":2,"stats":{"perf":0.4101841212046302,"perfRankLabel":"Strong","perfRankKey":"high","vol":0.18160335801450164,"volRankLabel":"Average Risk","volRankKey":"mid"},"history":[{"date":1779235200000.0,"perf":0.0},{"date":1779321600000.0,"perf":0.0018314457369047465},{"date":1779408000000.0,"perf":-0.011757063379108423},{"date":1779753600000.0,"perf":-0.013533312349473192},{"date":1779840000000.0,"perf":-0.02247445069690368},{"date":1779926400000.0,"perf":-0.03510294119342261},{"date":1780012800000.0,"perf":-0.024845399472180008},{"date":1780272000000.0,"perf":-0.006247698263478152},{"date":1780358400000.0,"perf":-0.027840952413188402},{"date":1780444800000.0,"perf":-0.032805471463160485},{"date":1780531200000.0,"perf":-0.022965858152455887},{"date":1780617600000.0,"perf":-0.028375266620196293},{"date":1780876800000.0,"perf":-0.057445236313520054},{"date":1780963200000.0,"perf":-0.05317443522009335},{"date":1781049600000.0,"perf":-0.11796094706918042},{"date":1781136000000.0,"perf":-0.1408646235883499},{"date":1781222400000.0,"perf":-0.11481162979445159},{"date":1781481600000.0,"perf":-0.11091184984921676},{"date":1781568000000.0,"perf":-0.09475891370344652},{"date":1781654400000.0,"perf":-0.10222238247292331},{"date":1781740800000.0,"perf":-0.11020502139566102},{"date":1781827200000.0,"perf":-0.1003236474691464},{"date":1782172800000.0,"perf":-0.1003236474691464},{"date":1782259200000.0,"perf":-0.1388602293436943},{"date":1782345600000.0,"perf":-0.14532659047972524},{"date":1782432000000.0,"perf":-0.17113151090573975},{"date":1782691200000.0,"perf":-0.1558072247945323},{"date":1782777600000.0,"perf":-0.14276641993398986},{"date":1782864000000.0,"perf":-0.14155433458784994},{"date":1782950400000.0,"perf":-0.1373455806362992}],"viewType":"Sectors","viewLevel":"Level1","showYieldCurve":false,"articles":[{"hash":"wqe2ql08","title":"Japan - Financial Challenges","alias":"japan-financial-challenges","date":1777939200000,"dateUpd":1777968368176,"intro":"Japanese debt seems overwhelming, qualifying unhappily as sole defining factor of the country's outlook but commanding economic strengths, with deeply rooted supply chains, will shift investor perceptions over time","image":"https://static.pininvest.com/uploads/images/articles/wqe2ql08/xnop91zb/default/japan-financial-challenges.jpg","url":"/infos/japan-financial-challenges-wqe2ql08","author":{"id":1570474,"hash":"nj9452x3","alias":"pininvest-analysis","name":"Pininvest Analysis","brief":"Experienced professionals, seeking to combine financial acumen and business expertise","image":"https://static.pininvest.com/uploads/images/contributors/nj9452x3/iy4aijon/thumb/pininvest-analysis.png"},"tag":{"id":0,"label":"Conglomerates","key":"conglomerates","issector":true,"isstyle":false},"tags":{"sectors":[{"id":0,"label":"Conglomerates","key":"conglomerates","issector":true,"isstyle":false},{"id":0,"label":"Industrial Goods","key":"industrial-goods","issector":true,"isstyle":false},{"id":0,"label":"Utilities","key":"utilities","issector":true,"isstyle":false}],"styles":[],"others":[{"id":0,"label":"Berkshire","key":"berkshire","issector":false,"isstyle":false},{"id":0,"label":"Emerging Markets","key":"emerging-markets","issector":false,"isstyle":false},{"id":0,"label":"General Trading Companies","key":"general-trading-companies","issector":false,"isstyle":false},{"id":0,"label":"Japan","key":"japan","issector":false,"isstyle":false},{"id":0,"label":"Water","key":"water","issector":false,"isstyle":false}]},"imageSrcUsr":"Possessed Photography","imageSrcWeb":"Unsplash","imageSrcLink":"https://unsplash.com/fr/photos/un-tas-de-pieces-de-monnaie-assis-sur-une-table-0rf8fQjnmAI"}]}],"total":1,"count":10,"page":1}