Global Ex-USA managers have almost eliminated a
decade-long Japan underweight
- Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting allocations to 13.64% and cutting the relative gap to -0.22%, though only 48.6% are overweight.
- The rebuild is changing Japan’s ownership profile, with Industrials, Technology and Financials prominent and strong rotation towards semiconductor and industrial names including Kioxia, Sumitomo Electric, Lasertec and Advantest.
- Global Ex-USA managers have moved towards benchmark far more aggressively than EAFE or Global peers, shifting the debate from returning to Japan towards what could drive a decisive overweight.
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