Zennor Asset Management launches Himawari Fund targeting Japan’s top 350 companies
22 JUN, 2026
By Joanna Piwko from RankiaPro Europe
Specialist investment boutique Zennor Asset Management is broadening its product offering with the launch of a new large-cap fund focused on Japan.
The Zennor Japan Himawari Fund has been designed to capture the untapped potential of high-quality, cash-rich companies at the upper end of the Japanese market. The Fund seeks to deliver strong long-term capital growth by investing primarily in Japan's 350 largest listed companies. Operating without benchmark constraints, the portfolio managers will select between 25 and 55 stocks exhibiting clear signs of undervaluation across three distinct categories: overlooked assets, mispriced cash flows, and underearners. Selection will be complemented by the team's deep experience in Japanese markets, with a particular focus on identifying catalysts capable of driving meaningful share price appreciation.
A fund built on Japan's balance-sheet opportunity
The Fund will be co-managed by Zennor's CIO and Senior Partner David Mitchinson alongside Portfolio Manager Nicolò Vezzoso, who joined the firm in late 2025 from Italian asset manager Anima, where he oversaw equity strategies with combined assets exceeding USD 4 billion, with Japan as a central focus.
Commenting on the launch, Nicolò Vezzoso said: In Japanese, Himawari means sunflower — a symbol of positivity and optimism. For us, it represents the opportunity to improve capital allocation, surface hidden value, and convert balance-sheet strength into accelerated earnings growth. Japan remains undervalued and under-owned, and its companies are facing growing pressure to streamline their balance sheets and enhance market valuations — many of which are brimming with cash and non-core assets.
Expanding Zennor's Product Range
Zennor currently manages close to USD 2 billion in assets, supported by a board of directors with decades of Japan investment experience. The Himawari Fund marks the firm's latest step in expanding its product range since its founding by James Salter and David Mitchinson in 2020. Previous launches include the IUP Zennor Japan Fund (February 2021), the WS Japan Equity Income Fund (April 2023), and the micro-cap-focused Zennor Japan Special Situations Fund (July 2024).
Local Knowledge as a Decisive Edge
James Salter, Founder of Zennor Asset Management, added: Corporate culture in Japan is built on quiet, sustained relationships grounded in Shinrai — a concept of enduring trust. Local knowledge, cultural fluency, and consistency of approach are decisive advantages in this market, where research coverage beyond the very largest names can be limited in both depth and quality. We believe this large-cap strategy is the ideal complement to our existing funds, while also meaningfully expanding our overall capacity.
