What Worked Japan - 03 Jun 2016 - Value continues to underperform - PE worst factor over the last 6 months

What Worked – Value continued to get beaten up this week. In the Value category, over the last 6 months only Dividend Yield has a positive IC and FY1 PE is the overall worst performing factor over the same period. This week Nippon Steel & Sumitomo was down 8%, Unipres Corp was down 8% and Mitsubishi Gas Chemical was down 8%. There was also a slight selloff in high Beta names and names with a high % of Institutional Investors. High Beta names that were hurt this week were Shinsei Bank down 7%, Cosmo Energy down 6% and T&D Holdings down 6%. On the positive side, there was a slight move into Quality this week. High ROIC names that did well this week were Park24 was up 10%, Pilot Corp was up 8% and Sugi Holdings was up 7%.

Who Moved – 27 names moved on volume this week. On the positive side, Itochu Techno-Solutions was up 6%, Gunma Bank was up 5% and Sega Sammy was up 3%. On the other side, Nishi Nippon Railroad was down 8%, Asahi Glass was down 7% and Seven Bank was down 5%.

Summary

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