【字幕アリ】億り人Zeppy井村俊哉が聞く!! "化ける" 銘柄発掘のツボを共有、ツウも驚愕する超アグレッシブ運用「スモモン」高梨 裕 氏インタビュー

Hello everyone, I'm Imura, an investor. Today, I'd like to interview Mr. Yu Takanashi, the fund manager of Okasan Asset Management's public offering investment trust (which will change its name to SBI Okasan Asset Management from July 1, 2023), "Small & Mid-Cap Growth Stock Open," affectionately known as "Small Monsters Japan." Mr. Takanashi, thank you for joining me.

Thank you.

"Small Monsters Japan," or "Sumomon" as it's affectionately called. It's quite a cute nickname.

Yes, it's affectionately called that.

I heard from a former institutional investor I'm acquainted with, "You should look at Sumomon, you idiot. Takanashi-san there is incredibly skilled."

Oh, really?

So, I've been studying it through monthly reports and disclosures for mid- and small-cap investment trusts.

I've also personally arranged this discussion because I'm very interested. My initial impression was that you manage the fund with a top-class level of aggression within my scope of observation.

Although we're meeting for the first time, Mr. Takanashi, you strike me as a very sincere and intelligent person. However, when I look at your fund management, it seems completely different! I'd like to hear more about that.

For example, the number of stocks in your portfolio is only around 30.

Yes.

Most funds diversify with 60 to 100 stocks, but you seem to be very selectively choosing a concentrated portfolio.

That's right.

And when I look at the invested stocks, you include recent IPOs, you do growth investing, and you also do value investing. My sense is that you're thinking, "As long as there's alpha, anything goes!" or "As long as we can achieve performance, that's all that matters!"

Furthermore, about 30% of the top 10 holdings change every month, indicating a rather high turnover rate. So, I'm curious about this fund! That's why I invited you here.

I'm here because I wanted to hear about it.

Yes, I'm here. My apologies for talking so much. I've structured our discussion into three parts. First, we'll have you talk about your investment philosophy and strategy. Second, I'd like to delve deeply into the invested stocks. You've given me permission to discuss individual stocks, right?

Yes, within reasonable limits.

Is that okay?

Yes, within reasonable limits.

The monthly reports show the top 10 holdings, and the investment reports, published once a year, list all the stocks held. I have many questions, such as "Why did you buy this stock?" so I'd like to explore them in detail. Finally, as everyone is eagerly awaiting, we'd like you to share your insights on themes and stocks to watch.

So, let's get started. First, please tell us about your investment philosophy and strategy. As an introduction, could you tell us about the characteristics of your management and what you believe you do better than other investors?

Certainly. First, "Okasan Small Monsters Japan" is a fund that specializes in mid- and small-cap growth stocks. What I'd particularly like you to focus on is the phrase "explosive growth" in the prospectus. We invest in companies that can achieve "explosive growth," not just simple growth. That's our investment stance.

In other words, companies that "transform," as they say. Big changes.

Ah! So, "Monsters" in "Small Monsters" refers to that!

It's connected. It might be small now, but it will be different! It will be a monster! Is that what you mean?

Yes, that's right.

Really! So, the message is about transformation?

Yes.

When I searched for you online, Mr. Takanashi, I found articles stating that you look for companies that achieve non-linear, discontinuous growth, rather than continuous growth. That aligns perfectly with what you're saying, doesn't it?

Yes, that's right.

Thinking from that perspective, I can understand why you concentrate on about 30 stocks. If you're looking for discontinuous growth, then there are categories like growth, value, etc. Do you not pay much attention to those classifications?

Honestly, we don't pay much attention to them. Our target is to find stocks that can double in price within three years.

Wait a minute. That's exactly what I always say! Stocks that double in price within three years.

We look at a term of up to five years. If a stock fits within that timeframe, we'll invest in it, whether it's growth, value, or a recent IPO, as long as it has potential, and aim to capture returns.

Hold on. Based on what you've just said, the stocks currently in your portfolio are naturally those that have caught your eye, right?

Yes. They are stocks that we believe have the potential to double in about three years.

Is that so? I see. So, that's the perspective from which we should look at the invested stocks.

You don't pay much attention to classifications. However, on the other hand, I'm a bit curious about the valuation aspect. Value investors, for example, focus heavily on asset value and assess that the current market capitalization is extremely undervalued. Growth investors might look at P/E ratios and think, "The multiple should be higher given the profitability," or "This is too expensive." They evaluate valuations. I haven't been able to grasp how you evaluate valuations, looking at your portfolio. How do you assess whether something is expensive or cheap?

We use various valuation metrics, but primarily, we use P/E ratio.

P/E ratio, I see.

For growth stocks, P/E ratios can often appear expensive. In my case, we look at the earnings per share growth rate, so we tend to use the PEG ratio.

So, if a company is growing at 30%, and its P/E is 30, you consider it not expensive because the PEG ratio is 1? Is that how you think?

Yes, that's how we manage it.

What's your benchmark for PEG? Based on what you've said, if it's around 1, you consider it reasonable, and if it's 2 or more, you judge it to be somewhat expensive.

I see. So, if the PEG is 2 when buying, you might think it's a bit late or expensive, but if you see something with a PEG of 1 and 30% growth, and it looks like that growth will continue next year, you might think, "This is cheap!"

Yes, that's right.

Regarding PEG, the net profit can fluctuate quite a bit, can't it? What do you do in such cases?

In such cases, we also consider looking at the operating profit.

I see. That makes sense. Excluding one-off items, operating profit can also fluctuate, right? For example, increased advertising expenses or significant hiring.

We believe that one-off items need to be judged on a case-by-case basis for each company.

We need to carefully assess the normalized operating profit growth rate. If we just look at P/E or PEG ratio vaguely, we might make mistakes. So, we conduct interviews with companies to determine whether the operating profit is truly normalized or a one-off event.

That's right. Even with operating profit, if it's not a one-off item but an expense that will continue next year, we need to consider that. Conversely, if something is expected to disappear, we'd exclude it and consider the P/E ratio as the actual performance. Is that the idea?

I see, I see. That makes sense. Thank you.

You briefly touched upon it earlier, but regarding turnover, what's the average holding period for stocks? You mentioned that your time horizon is generally three years or more. From what I've observed, it seems like they turn over much faster. I'm not sure, but what's the average?

Around six months.

Six months?

While some are held for over a year or two, the average is around six months.

On average, it would be a bit longer. We have stocks that have been held for two to three years as a fund.

Tamron!

Yes, Tamron is among the top 10. Beyond that, there are stocks held for a long time that don't appear in the monthly reports. Also, as I mentioned earlier, the top holdings seem to change significantly. For mid- and small-cap stocks, their appearance in the top rankings can fluctuate due to stock price movements.

Is that what you mean? That the top holdings change due to price fluctuations, not necessarily due to trading volume changes?

It might appear that the turnover rate is a bit high. Look at this. This is what I've been tracking from the monthly reports. "Sumomon" and other funds are listed here. I've taken pure, unadulterated figures for increases and decreases. Even with those, we see quite a few instances of stocks suddenly entering from the investment report.

There are cases that cannot be explained solely by price fluctuations. What are your criteria for deciding to newly include or sell a stock? I suspect it's difficult to generalize, but can you give us an example of a recent new inclusion or sale?

It's difficult to speak about individual cases.

Regarding the average holding period, since you have stocks held for two years, is it safe to say the average holding period is less than a year? And with 30 stocks, there's more turnover, right?

In terms of selling or buying, we tend to have more new stocks we want to buy.

Ah, there are various ways to discover stocks you want to buy, but company interviews are the most frequent. We talk with management, and as I mentioned earlier, we imagine the profit growth rate three years from now and consider the potential upside from there. When we decide to include a company, we compare it with the existing holdings to see which has a higher upside.

I see! It's not that the stocks we currently hold are bad, but rather that we've found something better. That's how we often change our portfolio holdings.

What Mr. Takanashi means by "better" is that the probability or angle of doubling in price in three years is higher for this new stock.

Yes, the angle is steeper. When we find such a stock, we include it and remove the other. So, you do aim to keep the number of stocks around 30?

Yes, as a characteristic of the fund, we have a policy of concentrated investment. That's why we aim for around 30 stocks.

The reason for having around 30 stocks is to capture individual stock returns while also achieving diversification as much as possible.

I see. It's difficult to achieve that with just a few stocks.

Yes. We aim to achieve both individual returns and diversification. Also, compared to other companies, there aren't many funds with around 30 stocks.

There aren't any.

So, we invest in about 30 stocks to generate returns.

I see. Something that caught my attention in your explanation was the diversification across industries with 30 stocks. So, are your industries somewhat spread out? Is that your intention?

We don't explicitly decide on that. For example, if 60% or 70% of our stocks with significant upside potential are in the information and communications sector, that would be a significant imbalance. Also, my research isn't limited to just growth stocks. In that sense, I focus on "corporate change." By looking at quarterly earnings reports and Shikiho comments, I focus on companies where changes seem to be occurring. As a result, growth, value, and other categories become quite diverse, and we gradually pick stocks with high upside potential. Ultimately, a portfolio that is quite diversified is created.

Ah, I think I understand the image now. So, it naturally ends up being diversified without much effort.

Yes. We continuously select stocks with high expectations and compete them against each other. This naturally leads to a portfolio like this. Occasionally, if we have too many in information and communications, say 50% or 40%, we might feel it's a bit unbalanced.

Yes, that's right. I understand. Do you read Shikiho?

Yes, I do.

Do you focus on the comments?

Yes, I particularly focus on the comments.

Oh. You read them over the weekend after they're released?

Yes.

You use your weekends? Oh my.

You use your weekends! Oh my.

You don't read them during business hours?

Well, it probably takes about ten hours to read them all.

Do you read them from beginning to end?

From the beginning?

I tend to get stuck sometimes. For example, if I see a stock I used to hold and notice it's gone up a lot on the chart, or vice versa. While pausing here and there, I read through the comments to see if there's anything that has changed.

Wow, I see. So, you do that. That's wonderful.

At the end, I wanted to ask about your routine for honing your skills, but you've already mentioned reading Shikiho. Is there anything else you do on a daily basis?

In that sense, as a fund manager, we invest in companies, so we need to know about at least one company thoroughly. That's why, in addition to reading Shikiho, we conduct interviews with companies multiple times a day. We also attend factory tours quite often.

You mentioned you're going to visit K&O Energy for a tour tomorrow, which I'm envious of. We strive to know companies better each day than we did yesterday, so we conduct various investigations.

That's wonderful. I'm envious. Having such an environment. Thank you.

With that, I think everyone has a good idea of your philosophy and how you manage the fund. Next, I'd like to delve deeply into the invested stocks.

First, the "Monthly Report." It's available for anyone to refer to, so if you're interested, please take a look. The monthly report has a "stock quiz" section.

A stock quiz in the monthly report? When you read it, there are qualitative comments. For example, "Due to external environmental changes last month, we bought and sold stocks to respond to them." Something like that is written. For "Sumomon," they pose quizzes that make you think for a moment, like "We've included a travel service stock that will benefit from the recovery of inbound tourism."

Inbound tourism recovery benefits... that must be Vision, right? Global Wi-Fi?

Yes, that's right.

See, I got it!

Another one: "We've included an M&A service stock for which our conviction in mid- to long-term profit growth has increased." Is it M&A Research? Or is that wrong?

Ah, that's incorrect.

Oh, I was wrong. I see. But it's an M&A matching and brokerage company?

Yes, a company that provides M&A services... No, that's not it.

Ah! Yamada Consulting Group!

That's incorrect.

It's incorrect. If this continues, I might guess correctly, which is a bit scary.

It's interesting! It's interesting that you can do this yourself.

My apologies. Also, there's a report saying, "We sold some stocks due to rising raw material costs, which is a negative." "Precision equipment whose impact from rising raw material costs is likely to be prolonged." Is it Topcon? Hmm... probably not.

Ah, I see. It's difficult... I thought it might be this one, but it was a bit off.

Perhaps it's a company that has never appeared in the top 10, so it's hard to imagine.

Yes, yes. Even looking at the investment reports, I thought it might be something similar, but... well, well. But I think everyone is probably thinking along these lines. I've just realized this for the first time.

If you could write the stock names, that would be helpful. It seems like in the past, you used to write them.

Is that so? Looking at other departments, they do write them quite often.

Yes, there are many monthly reports, so it shouldn't be a problem.

Yes. We'll try to get them to write them at the top.

Is that so! At the top. There are considerations with other departments, too. I see. There are various things. Why do you always pose quizzes?

Well, well. I understand. My apologies. Thank you.

Returning to the invested stocks, as we briefly mentioned, Tamron. This was around June, as we're recording this around the end of June (June 26, 2023). On June 20th, there was an announcement of an increased dividend and a share buyback, and the stock price jumped significantly. I suspect that in June, looking at the invested stocks as of the end of May, the performance will be good.

You're smiling.

Yes, it's a tough day today! Today, everyone had such a day. Hirata Kiko also went up, and there was interest in semiconductor stocks. Since these were the top picks as of the end of May, they've probably performed quite well. FP Partners is a stock that has been continuously rising. As for Tamron, as I mentioned, it broke through. I was quite surprised, thinking, "Is it really going to rise this much after being so cheap for so long?" But it did break through. Transaction Media Networks is a recent IPO. Although it fell slightly from its initial listing price, it has been steadily rising. Daiko Electric is involved in smart slots and gaming machines. I sometimes see such stocks in investment trusts. Companies involved in that sector. Although they are a minority, they also rebounded in June and moved back up. So, looking at them, I assumed their performance must be good. My apologies, let me get back to Tamron. You've held it for a long time. What was the story behind holding it?

We started paying attention to it around 2020. So, we've been focusing on it for over two years.

When did you include it?

Around 2020. Around the time of the first or second wave of COVID-19.

So, you've held it for about three years?

Yes, we've held it for a long time.

Is that so? So, while the turnover rate is fast and other stocks are replaced, Tamron has consistently remained in the top holdings. I wanted to know what your thoughts were on Tamron. It's been three years, hasn't it? What was the story when you bought it?

Returning to the fund's characteristics, I believe there are two phases of "explosive growth." One is what people commonly imagine: new services or products emerge, demand follows, and the company grows significantly. These are relatively young companies. The other is what I call "re-growth." Companies that have reached maturity and are finding it difficult to grow their earnings. They reorganize their business structure, including restructuring, which leads to improved profit margins. These are the two angles I consider.

I see. In that sense, Tamron falls into the latter category, the second one: re-growth. Regarding cameras, with the rise of iPhones and smartphones, digital cameras... smartphones can take incredibly good photos. Tamron is a lens company, and with the rise of smartphones, people thought, "Smartphones take amazing photos!" so there was a time when people worried that demand for digital camera lenses might disappear.

Yes, that's right. However, on the other hand, more compact mirrorless cameras are becoming more prevalent in the market. Not just for men, but also for women who take photos as a hobby. We are releasing interchangeable lenses for such markets. And regarding re-growth, in 2020, we restructured our domestic factories. Due to COVID-19 and the rise of smartphones, it was a difficult period, so we reorganized our domestic operations and prepared for renewed growth. That's what we saw in 2020.

I see. From then on, the valuation itself was quite cheap.

Yes, the P/E was around 8, which is quite low, so I wondered.

It was consistently cheap. We transformed the organization into a lean structure, and we could see a growth story. Therefore, we decided it was a stock we could hold for the mid- to long-term. We started holding it around 2020.

So, the growth story is that mirrorless cameras are not being replaced by smartphones, but rather have the potential to become established as a hobby?

One aspect is that. Also, structural reforms like restructuring are progressing, leading to a profitable structure. And this valuation is not expensive?

Yes. However, there have been times when it rose significantly between 2020 and 2023, haven't there? There have been ups and downs. From a chart perspective, you might think, "This is enough," or from a valuation perspective, the P/E is around 8 or 9, but the chart looks a bit high, so maybe it's time to sell. There have been several such moments. Do you sell a portion at those times?

Well, we have regular meetings with companies. When we buy, we generally set a target price.

I see.

However, with mid- and small-cap stocks, the target price can be exceeded by 20% or 30%. In such cases, we always confirm with the company whether the fundamentals have changed.

I see.

As I mentioned earlier, the story is gradually permeating the market. Beyond just camera lenses, there's also automotive cameras, surveillance cameras, and medical applications.

Ah, I see. So, the application areas are expanding.

Yes, the preparation for expanding into new areas is underway. So, new growth stories like that emerge, and the target stock price keeps rising.

So, you set a target price, and when it approaches that price, you re-investigate. You re-examine whether there's anything new from your initial view that offers upside. If you think, "That's interesting," you raise your target price. You repeat this process, which is why you've been able to hold it continuously.

Yes. Have you not sold any portions along the way?

We sell when volatility increases. Rather than the stock price level, Tamron is a company that doesn't move much. However, during earnings announcements, when the stock price movement becomes more volatile, we might reduce our overall position slightly. But generally, we don't significantly reduce it.

I see. You manage your position based on the deviation from the target price.

So, if we consider the initial thinking, you don't hold all invested stocks equally, do you? For example, with 30 stocks, if you held them equally, it would be about 3.3% each. But with Tamron, it seems to have consistently been around 5% of the portfolio. Is it because you believe the expectation is high, so you want to allocate around 5%? Or is it because the stock price has risen, resulting in a 5% allocation? How do you weight them?

Both of the points you raised apply. The expectation aspect, and another point is that when I set a target price, I also set a "reverse target price."

A reverse target price?

What is that? It's about anticipating how much negative impact there could be. For example, even with mirrorless cameras, there's a risk of being overtaken by smartphones. If that happens, how much would this company fall? We anticipate such scenarios. Therefore, the difference between the reverse target price and the target price, particularly the magnitude of the upside, was significant for Tamron. That's why we felt comfortable holding a larger position.

So, you're saying that for stocks that have upside but limited downside, you tend to hold them in higher weightings. That's a natural investment behavior, and it's something you've clarified through research. Because it has value characteristics, even if it were to disappear, its asset value would be assessed, so Tamron wouldn't be sold off drastically. You've identified that.

If the story unfolds as expected and earnings expand in the growth areas, you can capture the upside. With limited downside, you'd rather have it at the higher end.

I see. As the stock price rises, if the initial 5% allocation increases to 6% or more due to a 20% or more price increase, do you then sell a portion to avoid increasing it further?

We do control it by looking at the balance of the overall portfolio. If a stock is still a bit far from its target price, but it reaches 7% or 8%, it becomes difficult to diversify. So, we might sell a portion.

I see. Thank you. I'm extremely satisfied with this explanation. Tamron is wonderful, both in terms of its story. Thank you.

So, are other stocks that appear to have relatively long holding periods similar? Japan Material, for example. FP Partners is a recent IPO, so that's a bit different. What about Hirata Kiko? Are Japan Material and Hirata Kiko also built on similar stories?

Yes, they have clear growth stories. Japan Material, in particular, leans more towards growth. Semiconductor demand is strong, and with the rise of geopolitical risks, there's a need to build semiconductor factories in Japan. TSMC is building a factory in Kumamoto, for example. When a company can capture this demand, and even with machines, you need people. Japan Material provides maintenance and servicing for semiconductor factories. As a group of professionals in that field, their strengths can be fully utilized. That's the story. There's still a lot of discussion about where to build semiconductor factories in the future. The possibility of them decreasing in Japan is unlikely.

Indeed, the context of national policy is also emerging. There's talk of JSR being acquired. Semiconductors are inseparable from national policy.

May I ask one thing? I monitor about 30 to 40 mid- and small-cap stock investment trusts. Japan Material is included in many of them. Yes. Individual investors don't hold it much, but institutional investors seem to be eagerly buying Japan Material. It's a bit mysterious. I understand its strength and characteristics, and its business model is very strong. However, when I look at the valuation, it doesn't seem entirely unpriced.

Looking at the apparent P/E ratio, it can easily reach 30 or more. For a maintenance company, one might think it's already fully valued. So, what's the reason for that? The reason institutional investors favor it, and whether it's already fully valued. These are my two questions.

The reason for high institutional investor ownership likely differs for each company.

Yes, that's true. Within my framework, in addition to the story I mentioned, we regularly confirm with the company through interviews. We find that they have a clear outlook. What I emphasize in concentrated investment is how well the president, CFO, and IR personnel understand the company.

I see! Some people don't have numbers in their heads at all.

Yes, there are such people sometimes.

Really? You know more than they do?

To exaggerate a bit, if a company that has been growing at 10% suddenly grows at 20%, and you ask them what the reason for that 10% growth is, there are companies that can give a clear answer. Japan Material has a pretty solid outlook and a good grasp of the current situation, which provides considerable peace of mind to investors.

Indeed, there is peace of mind. If more factories are managed and maintained, their earnings will increase, and it's unlikely to be cut off. So, earnings will accumulate. The long-term growth story is unlikely to collapse. Therefore, even if the valuation isn't cheap, there's a sense of security in holding it. Regarding valuation, returning to the discussion about profit growth rate, looking three years ahead, even with a 30x valuation, as profits grow, the valuation will likely decrease. In that sense, looking at profits three years from now, the current valuation is not expensive.

So, the probability of earnings three years from now is quite clear. If you look at the EPS three years from now, you'll think, "Looking back, it was cheap then." The future is somewhat visible.

Other institutional investors might be thinking the same way and buying.

I see. Thank you. Yes, yes. I'd like to ask about Hirata Kiko too, but we might run out of time. So, for now, I'll hold back and move on to the next topic. One characteristic of your invested stocks is that you have a lot of recent IPOs, don't you? Secondary offerings are very volatile, so I don't think many aggressive funds engage in them. Yet, about 30% of your current holdings are recent IPOs. I look forward to seeing what you include each month. There's also turnover, so it's interesting to see one disappear and another appear. You don't invest in all recent IPOs, do you? Of course not. Do you attend all roadshows?

Yes, we attend most of them.

How many do you cover? If about 100 companies go public, how many roadshows do you attend?

Basically, all of them.

All of them?

Yes. I've been in charge of IPOs since around 2016.

Is that so?

Yes. Regarding roadshows, it's not just me; when I was part of a team, one of us would always attend. From 2020 to 2022, I attended almost all the roadshows for listed companies.

What? All of them?

By yourself? No way!

I attend most of them that are available.

Is that so? So, your reach is very broad.

Yes. We go to all of them initially.

So, you go to all of them first, without any preconceptions?

Yes. Ah, I see. That's amazing. So, among those you attend, there are obviously some that are interesting and some that aren't. What are your selection criteria?

Around the beginning of 2022, I think the valuation assessment of IPOs changed.

Around when?

2022. Ah, with the Fed's interest rate hikes, long-term interest rates rose, and growth stocks were sold off at the beginning of the year. Before and after that, it was difficult to buy IPOs in the secondary market. Many IPOs were overpriced, and if the initial price rose, there was nothing we could do. However, since 2022, we've been able to invest at reasonable levels in the secondary market.

Yes, that's true. They were really abandoned. The initial price would just go up, and then they would just keep falling. There were many that halved in value before we knew it. So, is that what you mean? You attend all the roadshows, but you identify the ones that seem interesting and then look at their subsequent stock price movements. If you think, "This valuation is really too much," you go and buy it.

Yes. Is that your approach?

First, when we attend a roadshow, we clearly distinguish between those that seem promising and those that don't. We discard the ones that don't seem promising and don't look at them again. Or do you decide based on the chart? How do you proceed?

How do you make the initial judgment?

Yes, yes. In my case, I look at all new listings. I consider the business model and view it from the same perspective. I think, "Will this grow normally in three years?" If I think, "This won't make it in three years," I stop looking at it. Regardless of how much it's sold off, I'm not interested. I pool the ones that I find interesting from a business model perspective. Then, if the chart looks good, or if the next earnings report looks promising, I go and buy them. Is that how you do it?

Yes.

Is it the same?

Almost the same. We make an initial judgment based on what we hear.

So, it's about consulting the chart and valuation.

Yes, it's the same. You look at the chart, and after conducting further research, you think, "Maybe this is about right. Perhaps in three years, this much profit will be generated." Then you include it?

Yes.

Could you give me a specific example? FP Partners has been a leading performer. How did you evaluate it and include it?

When I heard about FP Partners' IPO roadshow, I felt the president's passion.

He's apparently very good.

Yes, I heard that. The business model is an insurance agency, but the difference is that they gather customers through partnerships. So, the ability to consistently acquire customers is a strength. Also, while their main business is insurance sales, they are expanding their scope. Personal insurance is a long-term life plan, isn't it? They are proposing various things beyond just insurance.

Yes.

Beyond insurance products? You mean other than insurance?

Yes. For example, non-life insurance. Also, including real estate and other aspects of life planning proposals. That's where we saw potential.

I see. And when did you include it? How long after listing?

We participated in the primary offering at the time of the IPO, so we invested then.

That's great, I'm envious. However, I remember not getting much of it.

Ah, just like individual investors, there's a chance of not getting it.

Bookbuilding. You didn't get much?

Yes. I thought, "Damn it!" And as I mentioned earlier, there are more companies whose secondary market prices are at reasonable levels. Around 2022, multiples were falling, and IPOs weren't as popular.

I see. It was at a valuation that was easy to buy at. Around 10 times, or perhaps less than 20 times.

Yes, around that level.

Yes. There was a time after listing when the valuation was quite reasonable. You bought it then? The president's vision is good, and sales have been steadily growing recently, which is also a positive. Considering the scalability, at the current valuation of around 10 times, or slightly less than 20 times, isn't it cheap? Is that how you invested?

Yes. It's not double, but it's getting close, isn't it? Double! In about a year, right?

About double, yes.

Wow, impressive! Is that so? So, even if you don't get it in bookbuilding, you can still achieve returns by buying it in the secondary market within about a year.

I see! You've got me there. Damn it.

Ah, I understand. Thank you. I'd like to ask about one more IPO. Sankyu Stores, Daiei Kankyo, FIXER. These are also... one more. Transaction Media Networks. It's a payment terminal, isn't it? You're likely comparing it with competitors like GMO Financial Gate. Transaction Media's growth rate isn't as clear. In terms of quality alone, ignoring valuation, GMO would be the clear choice. The decision between which stock is better likely depends on the valuation. In that context, what led you to choose Transaction Media?

I heard about it at the IPO roadshow, and I confirmed the president's vision.

That's the first thing. We've also had meetings with Transaction Media after its listing, around April. We've contacted the company about twice already.

That much!

To confirm whether there have been any changes from its pre-listing state. Beyond the vision, the potential of the payment business is significant.

I'm not sure how much I can say...

Yes, yes. I see. Well, beyond stable terminal revenue, the weight of transaction fees was significant.

Ah, I see. This aspect is significant for inbound tourism.

Ah, I see! Yes. Payment by Chinese and other Asian tourists is becoming increasingly digitized. Normally, you pay, and the transaction is complete. So, how does the revenue from these transactions come in? When I consider the flow of money, I think this company will have a significant tailwind.

I see! So, you're giving it the "inbound tourism" angle.

Yes.

Ah, I see. But GMO also has that, right?

Yes. But then it comes down to valuation. The inbound tourism angle is the same for GMO, so why not go with that? Also, I've been watching IPOs for many years. The effect of listing is quite significant.

Is that so?

Yes. The possibility of changing even the growth rate of earnings?

Yes. The possibility of change. For example, "attracting talent." Everyone says that has clearly changed. It has changed, and the trust associated with being listed has become significant. As a result, expanding brand recognition has become much easier. As I mentioned earlier, "explosive growth," listing is one trigger.

I didn't think that far. So, you always keep in mind that listing can be a hook for discontinuous growth in earnings?

Yes. I keep that in mind. I didn't before.

Is that so? By the way, if you can think of one, could you tell me an example of a company whose trajectory changed after listing? It's difficult, isn't it?

It's difficult to think of one off the top of my head. If one came to mind, it would be good, but it doesn't. My apologies. But I understand your thinking very well. Payment terminals... the weight of inbound transactions, and in terms of quality, GMO's current growth rate is higher, but Transaction Media's valuation is cheaper, and there might be changes in earnings due to listing. The president is also very sharp, and he has a clear vision. I understand why you invested.

I see, I see. Well understood. Thank you.

There's still one more company I'd like to ask about. It's related to IPOs, but it's an invested stock. Global Wi-Fi. You mentioned vision. Vision is certainly good at the time of inbound tourism. However, they also conduct PCR testing services. With COVID-19 moving to category 5, this will be a factor in declining sales. Personally, I'm concerned that this might drag down the overall performance. How do you assess that?

It's currently among the top holdings. Including PCR testing, it was a special demand, wasn't it?

Yes, that will disappear.

Yes, regarding that, the peak was in the previous fiscal year. This fiscal year, that part will likely decrease.

Oh.

However, I personally see positive effects outweighing those negatives. The reason I like this company is that during COVID-19, when most people stopped traveling abroad, Wi-Fi services were severely impacted. Amidst that, they managed to reduce fixed costs by offering unmanned facilities that could be rented.

Wow.

They managed to continue the business while controlling expenses. This company is also actively incorporating AI internally. I personally like the culture of gradually adopting new things.

So, you highly value the company's culture and organization?

Yes. Indeed, at that time, to go aggressively into PCR testing and generate earnings is quite remarkable.

Yes. The president is someone who rose to a high position in Kōtsū Kōshin, and his skills... I apologize, I can't recall his name. The organization has also changed recently.

Is that so? It's changing again. But I understand your thinking. The underlying reason is that you highly value this company and its organization. While there was special demand, the peak was last year. It might remain in the first half of this year, but it will decline. However, with the recovery of inbound tourism, it can offset that. Isn't that the case?

Yes. As I mentioned earlier, with fixed cost reductions, when things return to normal, profits will be even higher.

Indeed! So, the organization has become like that.

The possibility of margins being higher than before COVID-19.

Yes.

It's not just returning to normal.

It's not just returning to normal.

I see! When looking at reopening-related stocks, you're considering that. Indeed. That point will be very educational for everyone. Indeed. When you think about just returning to normal, you'd probably do some calculations and use a pencil. But in reality, what changes have occurred within the company? If fixed costs have been drastically reduced, and those are things that won't return, then companies whose profit margins have increased beyond pre-COVID levels are quite common. Are you looking at it from that perspective?

Yes. Are we seeing something beyond normalized earnings?

Yes. Is that what you mean by discontinuous?

Hmm, that's good. That's also very educational. From a perspective standpoint.

Yes.

With this, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that time, we'd like you to tell us.

One more point. Perhaps in the short term, but regarding the re-growth of internet companies, especially those that grew significantly due to the COVID-19 special demand, they have since seen their growth slow down. However, we are now seeing signs of re-growth. The tailwind from COVID-19 has definitely disappeared, so we assume there have been some internal changes. We are currently conducting interviews around June, focusing on such points.

The trend of capital investment is around 30 trillion yen this fiscal year, isn't it? Within that, software investment, in the context of DX, is growing by about 20% year-on-year. So, are you re-evaluating areas like SIers, software, and cloud?

Yes. Last year, the special demand was peeled away, and growth rates stagnated. I think there will be a time when they are re-evaluated.

Yes, yes. That seems plausible.

Thank you.

We've had a very in-depth discussion, probably the most about stocks. I'm a bit worried about how much of this will be used.

I'm a bit worried, but... we've heard many things.

Thank you.

With that, we've delved deeply into the invested stocks. Finally, let's discuss themes and stocks to watch. We've talked a lot about stocks already, but this is the final push. First, themes and major trends. It could be industries, or movements in areas like payment systems, or how the invoice system will work, leading to attention in certain areas. Do you have any themes you're interested in?

In the mid- to long-term, there are quite a few. To state them upfront, in the mid- to long-term, there are three major themes: declining birthrate and aging population, environment, and IP content.

Wow. Declining birthrate and aging population might be easy to understand. It's easy to imagine. For the environment, think of EVs, and the concept of reuse and recycling. For IP content, with large-cap companies like Nintendo, their recent movie received very high praise in the US. There are many hidden mid- and small-cap companies in character businesses.

Wait, um... Did you hold Tsuburaya Fields Holdings? Or not?

Um... it's difficult to say...

Um... Regarding the declining birthrate and aging population, what about...? It's not in the top holdings, is it?

It might not be. I couldn't quite guess this one. For EVs, isn't that Hirata Kiko? I thought so. Yes. For reuse, you held Geo Holdings for a while, didn't you?

Geo Holdings... there are very few investment trusts that hold it. Normally, given its earnings scale and market capitalization, it should be accessible, but everyone seems to be avoiding it. Perhaps for various reasons. Do you not consider that?

You don't consider it?

We consider various factors, but ultimately, we evaluate the potential.

Indeed! I believe there is potential, but we do consider it. We weigh the pros and cons.

Is it a matter of weighing the pros and cons?

Yes, weighing the pros and cons. Have you met the president?

No, we haven't.

You haven't. But it's a matter of weighing the pros and cons?

Yes, weighing the pros and cons. I suspect that's why many institutional investors avoid it, but "Sumomon" holds it! I was quite surprised by that.

For IP, what about that area?

It's difficult to speak about individual cases.

Is it difficult?

Yes. However, the fund is currently investing in various areas.

Is that so? As these stocks rise in price, they may appear in the top holdings.

So, we just have to wait and see. Please don't make it a quiz. When they appear, we'll ask you about IP stocks with growth potential.

Really?

Yes. At that