The 2014 All-Japan Research Team: REITs, No. 3: Junichi Tazawa
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The 2014 All-Japan Research Team: REITs, No. 3: Junichi Tazawa

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Analyst debut: 2013 Barclays analyst Junichi Tazawa advances from runner-up to seize the No. 3 position. “Jun thinks like an investor, taking the long view,” remarks one portfolio manager. “Following his advice boosts our performance.” Tazawa’s sector portfolio includes 25 Japanese real estate investment trusts, and clients say he is notably sharp on the office-properties space. In particular, they report, he was prescient in recommending that investors overweight Orix JReit and Mori Hills REIT Investment Corp. Back in April 2011 the researcher assumed coverage of Orix, with the shares at ¥89,500, citing the high occupancy rates it was enjoying. The following September he began reporting on Mori Hills, at ¥68,900, crediting its sale of low-income properties and acquisition of prime real estate. Both Tokyo-based commercial-property holders have indeed subsequently outperformed other J-REITs, and Tazawa continues to recommend them. Although Orix’s stock was up just 1.9 percent over the 12 months through mid-March, at ¥123,400, that still bested the sector’s 6.6 percent drop. Mori Hills’ shares have performed even better, rising by 9.8 percent over that period, to ¥134,000.

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