Japan fund managers debate merits of running a concentrated portfolio

The Debate

This week's debate looks into the different investing styles of Mike Lindsell and Alan Booker

Japan was the focus of this week's Conjecture. Taking part in the debate were Mike Lindsell, investment adviser to the Close Finsbury Japanese equity fund, and Alan Booker, lead manager of the Legal and General Japan Trust. Could you outline the recent performance of your respective funds? Mike Lindsell (ML): Our recent performance has been harmed, primarily because we are not invested in cyclical real estate and banking shares which probably led the market during the year. It was a bad year for us but we make all our investments on their own merits and are focusing on delivering absolu...