Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Thematic (Sector/Industry)

<ul><li>I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.</li><li>But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.</li><li>Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets</li></ul>

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

Japan

Taiyo Kisokogyo Co., Ltd. is a civil engineering company based in Nagoya. The Company constructs underground pipes and tunnels for water, sewage, gas, electricity, and communication systems.  Taiyo Kisokogyo also performs ground improvement, foundation, and ground reinforcement works.

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