Equity markets worldwide keep nudging record highs despite political anxieties - nuclear explosions in North Korea, Brexit implosions in Europe and Trump outbursts in the US.
Two new European entrants
Fidelity and Man GLG also winners
More 'realistic valuations'
Underperformed other developed markets
Few individual stocks have generated as much excitement this year as the US FANGs: Facebook, Amazon, Netflix, and Google (now Alphabet).
Usage reaching a tipping point
Increased cash weightings
So far this year, we have seen Japan's equity market rising on the back of a supportive global backdrop, a relatively stable currency and healthy corporate earnings growth.
Better outlook for inflation
With many asset classes having been pumped up to high valuations by central bank stimulus, we are concerned that investors are no longer receiving particularly generous rewards for taking market risk.
Japan (Topix) is doing well this year in US dollar terms, up 12% compared to 11% for the S&P 500 and 13% for the MSCI World index.
Three macro trends should shape the Japanese economy over the next couple of years.
Unusually compelling valuations
Masahiro Shuto appointed Japan CEO
Rising female employment rate
Following strong inflows
The issues facing Japan with respect to its ageing population are well documented.
Second in series of launches over 2017/18
Heartwood's Michael Stanes
Managed by Chris Taylor
As shareholder payouts rise to record levels, Tokio Marine Asset Management explores the drivers behind this significant corporate change and why investing in smaller cap names may be the way to maximise access to the trend.
Withdrawal of QE could cause 'considerable fallout'