Three of our top five contributing stocks came from Japan. The Fund’s top contributor was Nihon M&A Center, Inc. (TSE:2127), a company that connects sellers and buyers of small businesses. Nihon M&A has been benefiting from the demographic trends of baby boomers retiring and looking to sell their businesses. It is one of the few firms servicing such small businesses, and management has enhanced the company’s market position by hosting informational seminars for sellers, and by building relationships with banks, accounting firms and other lead-generating sources. Nihon M&A also has a robust information-technology backbone, which allows multiple parties to submit information and leads, further enhancing its platform.
From Watsatch International Group's third quarter 2017 shareholder letter.
