For the above fund, since inception, July 9, 2008.
e-fundresearch: Which benchmark do you adhere to?
Masuda: TOPIX Index.
e-fundresearch: Are you also responsible for other funds at the moment?
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e-fundresearch: What is the total volume that you manage in all your funds?
Masuda: USD 350 mn.
e-fundresearch: Regarding the performance: which performance did you achieve since the beginning of the year and in the years 2006-2010? Absolutely and relatively to the relevant benchmark?
Masuda: HSBC International Select Fund – MultiAlpha Japan Equity.
e-fundresearch: How content are you with your own performance in the last years and this year?
Masuda: I am proud of the performance.
e-fundresearch: How are you able to deliver added value for your investors with your performance?
Masuda: Making careful judgment with appropriate risk management.
e-fundresearch: How long have you been a fund manager already?
Masuda: Almost 16 years.
e-fundresearch: What were your biggest successes and your biggest disappointments in your career as fund manager?
Masuda: I am proud for having been able to deliver satisfactory results for the funds in charge. The biggest disappointment is the Japanese equity, the asset class that I have been involved for a long time, failed to produce returns that meet investors’ expectation for more than two decades.
e-fundresearch: What kind of capital market situation do we have at the moment? How do you act in this environment?
Masuda: Equity markets over the world seem to incorporate a rather high level of risk premium, following the recent global financial crisis. Japanese equity, in particular, looks disappointing with additional concerns about the impact of the disasters on the economy. Current level of Japanese equities reflects multiple factors which are expanding risk premium. Long-term investors may exploit the benefit from normalization of risk-taking over time.
e-fundresearch: What are the special challenges in this environment?
Masuda: Information is now much easier to obtain and became quickly available to many with the diffusion of internet and other tools. Globalization made companies around the globe more connected than ever, and the same applies to financial markets. As a result, the markets and fund management industry are now more competitive than the past.
e-fundresearch: What objectives do you have till the end of the year and in the mid term for the upcoming 3 to 5 years?
Masuda: My objectives are 1) to manage the fund to achieve its targets, 2) manage the Investment Department to achieve its goals.
e-fundresearch: Do you model yourself on someone? Any ideals?
e-fundresearch: What motivates you in your job?
Masuda: Make intellectual decisions to deliver outperformance.
e-fundresearch: What else do you want to achieve or do you have any further aims as a fund manager?
Masuda: Good management of investment team.
e-fundresearch: What other profession would you have taken interest in, apart from becoming a fund manager?
Masuda: I used to work for investment banking (financial corporate advisory) before joining the fund management industry. I enjoyed the job very much.
e-fundresearch: Thank you for the interview!