Theo Wyld to join as analyst from Ruffer LLP

UK-based Japan, India and Emerging Market investment specialist Chikara Investments LLP has hired Theo Wyld as an Analyst on the Japanese equity team responsible for the Chikara Japan Income & Growth Fund and the CC Japan Income & Growth Trust plc.

Theo joins from Ruffer LLP where he was latterly co-manager of the Ruffer Japanese Fund. He started at Ruffer in 2018, initially as an analyst. Prior to this, he spent three years as a research analyst covering UK equities in addition to selected global names at JM Finn. Theo graduated from Durham University with a degree in Mathematics, before completing a masters in the Mathematics of Finance at Columbia University, NYC.

He will join the existing Japanese equity team working with Megumi Takayama, Deputy Portfolio Manager and Analyst, and Richard Aston, Portfolio Manager. Richard manages both the Chikara Japan Income & Growth Fund, launched in January 2013 and the CC Japan Income & Growth Trust plc, launched in December 2015. The strategy targets the growing pool of companies in Japan committed to increasing shareholder returns through stable and sustainable dividend policies, as a result of extensive corporate governance reform.

Efforts to improve the treatment of Japanese shareholders have been gaining momentum since they were first introduced under former PM Shinzo Abe in the early 2010s and now, the “shareholder-first” attitude among Japanese stocks continues to extend beyond the political realm.

More recently, the Tokyo Stock Exchange (TSE) has also introduced measures designed to get listed companies to improve their price-to-book-ratios. The JPX Group has made it clear that it wants stocks to shift their focus onto the cost of capital and profitability based on balance sheets, rather than sales and profit levels on income statements alone. The move is designed to promote more sustainable growth on the TSE and increase corporate value over the mid-to-long term.

Since inception (31/01/13) to date (30/09/24), the Chikara Japan Income and Growth Fund has grown 281% versus the TOPIX Net TR up 259%.^[1]

On the appointment, James Tollemache, CEO of Chikara, said:

“The opportunity in Japan continues to grow at pace. Theo’s specialism in Japanese equities will further help us and our investors capitalise on this trend. He’s joining a skilled and highly experienced team, bringing a deep knowledge of the market that will only enhance our capabilities.”

Richard Aston, Portfolio Manager, added:

“I am very pleased to welcome Theo to the Chikara Japanese equities team. This development ensures we continue to capture the opportunities that the changing dynamics within the domestic economy and ongoing improvements in corporate governance are delivering for investors.”

Alongside the Chikara Japan Income and Growth Fund, and the CC Japan Income and Growth Trust plc, Chikara Investments manages both the Chikara Indian Subcontinent Fund and Chikara Global Emerging Markets Opportunities Fund, as well as a Cayman vehicle for US investors, the Chikara India Equity Fund.