What Worked Japan - 28 Oct 2016 - Value continued to work and has down well over the last month

What Worked – Value continued to work this week and has done really well over the last month. This week, PE did particularly well. Low PE names that stood out were ORIX (8591) up 15%, Jafco (8595) up 14% and Maeda Corp (1824) up 10%. High Beta names have also done well over the last month. Mitsubishi Materials (5711) is up 10%, Taiheiyo Cement (5233) is up 9% and NEXON (3659) is up 8% this week.

After a great run in growth names from October 2015 up to July of this year, growth including this week has not done well since. High growth names that were hurt this week were M3 (2413) down 7%, Sohgo Securities (2331) down 7% and MonotaRO (3064) down 5%. Since, August mean reversion has dominated the technical signals. The Stochastic Oscillator factor has only had one positive week since the end of August, meaning names up over the previous month went down each week.

Who Moved – We had 27 names moved on volume this week. On the positive side, ORIX (8591) is up 15%, Jafco (8595) is up 14% and Nidec (6594) is up 11%. On the other side, M3 (2413) is down 7%, IHI Corp is down 6% and Mitsubishi Tanabe Pharma (4508) is down 4%.


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