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Naoya Nishimura

Naoya Nishimura

Executive Director, Equity Solutions Research

​​Naoya Nishimura is an equity researcher who focuses on equity-portfolio-construction analysis. He is responsible for delivering research solutions to institutional investors in the APAC region. ​Previously, he was an investment strategist and portfolio manager at T&D Asset Management and Resona Bank. He started his career at Sumitomo Mitsui Banking Corporation. ​Naoya holds a B.S. from Kyoto University and an MBA in finance from Hitotsubashi University. He is a CFA® charterholder.

Research and Insights

Articles by Naoya Nishimura

    Have Corporate Reforms in Japan Unlocked Shareholder Value?

    6 mins read Blog | Mar 14, 2024 | Naoya Nishimura, Moeko Porter

    Regulatory reform has been one of the forces boosting the Japanese equity market’s performance over the last two years — but capital efficiency and margins still disappoint. Improving these metrics may be key to further improvement in the market.  

    Underperforming Growth Managers Showed Skill

    2 mins read Quick Take | Sep 21, 2023 | Naoya Nishimura, Abhishek Gupta

    Over the last several years, most active growth managers underweighted the “Magnificent Seven.” Nearly two-thirds of growth managers, however, partially or more than offset the resulting performance drag with active bets on other stocks.

    Style Bets, Not Stock Picks, Drove Returns in 2022

    5 mins read Blog | May 25, 2023 | Abhishek Gupta, Naoya Nishimura

    In 2022, unlike in the prior two years, stock selection took a backseat to style factors and industry bets as performance drivers. Top-performing funds gained from all three exposures, while bottom-performing funds lost on all counts.

    A New Era for the Bank of Japan?

    6 mins read Blog | Mar 15, 2023 | Naoya Nishimura

    Haruhiko Kuroda is stepping down after a decade as governor of the Bank of Japan, and the soon-to-be-appointed Kazuo Ueda has the potential to shake things up. What could the new regime mean for investors?

    Abenomics’ Impact on Japanese Firms and Global Investors

    5 mins read Blog | Jul 13, 2022 | Naoya Nishimura, Anil Rao, Moeko Porter

    As the world mourns former Japanese Prime Minister Shinzo Abe, we ask: What was his impact on Japanese firms and global investors? To help answer, we look at two key initiatives: competitiveness and profitability, and corporate governance.

    Climate Indexes May Have Benefited from Clean Tech Since the Start of the War

    2 mins read Quick Take | Apr 5, 2022 | Peter Zangari

    Given the recent spike in energy prices we ask: How have higher energy prices affected the performance of climate indexes, which normally have less exposure to traditional energy companies?

    Including Microcaps in Benchmark Indexes: Japan vs. US

    7 mins read Blog | Apr 7, 2021 | Naoya Nishimura

    Selecting an equity benchmark may mean balancing market coverage and investability. For example, exhaustive coverage may include microcap stocks, with lower liquidity and investment capacity. But excluding them may reduce low-size-premium exposure.

    Would Integrating ESG in Chinese Equities Have Worked?

    Blog | Jul 7, 2020 | Naoya Nishimura, Shuo Xu

    ESG ratings have reflected financial risk and returns in developed-market and emerging-market equities. But was this true in China, where ESG considerations are still in their infancy?

    Best practices for Japanese equity indexes

    Blog | Apr 28, 2020 | Naoya Nishimura

    Planned reforms in the stock exchange of Japan sparked a debate on investability and market representativeness of the country’s domestic benchmark index. We investigated three approaches to market-cap-weighted equity indexes.

    What it may mean for Japanese stocks if easy money ends

    Blog | Nov 22, 2018 | Naoya Nishimura

    Some observers are concerned that when the Bank of Japan (BOJ) eventually ends its ultra-easy monetary policy, it could hurt the Japanese stock market. Part of this concern stems from the fact that the BOJ’s unconventional monetary policy involves purchasing Japanese exchange-traded funds (ETFs).

    Is Japan’s “lost decade” Over?

    Blog | Aug 14, 2018 | Naoya Nishimura

    The Japanese equity market’s spectacular crash in the early 1990s is referred to as the “lost decade.” Recently, this period has been extended to include the decade that followed. Despite this, most Japanese investors continue to favor an outsized domestic equity allocation. This home bias has come with a huge opportunity cost. Since the end of 1987, the cumulative return of global stocks was over 1,400% in yen terms, while the cumulative return of Japanese stocks was only 49%.