IN-DEPTH: Q&A with Palliser Capital
An interview with James Smith, chief investment officer with Palliser Capital, a global multi-strategy fund with a bias to Asia and Europe on the 2023 season and its ongoing engagement focus.
It was a busy year for us, as it was for many, after a turbulent year in 2022 with a lot of macro forces. Behind the scenes, we had a lot going on, in particular in places like Japan. But in terms of things that made their way into the public domain, we had some U.K. activism. More recently, we've had some thoughts that have gone into the public domain via the Sohn conference that we attended last year and a Korean company that seems to be doing very well in terms of reception, and the shares have traded pretty well.
In Europe and in particular in the U.K., we have observed a willingness from the larger institutions to engage and to listen. Often, once it's into a Glass Lewis or an ISS process, it’s easier for them, but the willingness to engage and listen is notable and I think that’s really encouraging.
As regards Asia, what we've observed is policymakers beginning to try and get focused on the “Korea discount” issue and really assess how we fix this.
While in the Japanese market - this real thrust for change that regulators and other bodies like the Tokyo Stock Exchange are really pushing for. This is a theme that I think is going to remain very interesting for investors - change in Japan. The thrust for improvement, whether it is companies restoring their valuations above book value, or other things.
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