Contrarian style takes Shiozumi back to the top

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Legg Mason Japan Equity offering tops peer group after recent small-cap surge.

Legg Mason Japan Equity is comfortably leading its sector over three years to the end of September, more than doubling returns from the second-ranked offering. However, over five years the fund is the worst in the sector, down more than 36%. This recent dramatic shift in performance is down to manager, Hideo Shiozumi’s contrarian investment style, which often leaves him at odds with peers. Among the most experienced Japanese managers running money for UK investors, Shiozumi had a spell working for George Soros. He set up Shiozumi Investment in 1990 and has headed up the Legg Mason po...