Our Investment Approach

“The Time to buy stocks is when they are on sale, and not when they are highly priced”

Warren Buffett


Our process has an absolute return ethos looking for deep discounts to intrinsic value and with limited downside risk due to robust balance sheets coupled with a clear catalyst.  Our primary sources of ideas come from three conceptual buckets – Overlooked Assets, Mispriced Cashflows and Under Earners.

Our investment philosophy is to: 

  • Be a pragmatic, active investment manager, unconstrained by benchmarks
  • Invest in businesses that trade at a significant discount to their intrinsic value
  • Insist on a clear catalyst to drive performance
  • Be patient, keep reviewing and questioning everything we do

With fifty years’ experience managing Japanese equities, we combine a common-sense approach with detailed analysis to deliver sustainable returns for all our clients. 

Embedding a strong Stewardship and Sustainability culture 

We are committed to embedding Sustainability values into both our investment process and our own business culture. We aim to develop and maintain a diverse workforce and we are committed to providing equal employment opportunities and a workplace in which mutual trust and respect is paramount. Our own business sources carbon free energy.  

We currently manage two products, the Zennor Japan Fund and the Zennor Japan Equity Income Fund.

Vermeer Partners, the London-based wealth management boutique


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The funds are not offered for sale in the USA, its territories or possessions nor to any US persons including citizens of the United States, nor in any jurisdiction in which the fund is not authorised to be publicly sold. The funds are available only in jurisdictions where their promotion and sale are permitted.

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Risk Warnings

Please remember that the value of investments and the income from them can fluctuate (this may partly be the result of exchange rate fluctuations) and you may not get back the full amount invested. Past performance is not a guide to the future. Where Zennor has expressed its own views and opinions, these may change.

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