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Hiroshi Ueda

Fund Manager: Hiroshi Ueda

Classification: Equity

Company: Spiritus Investments Co.,Ltd.

Company Profile

Spiritus Investments is an independent, boutique investment advisory firm founded in February 2010 by Hiroshi Ueda and Yoshihiko Ochiai to specialize in Japanese growth equity investment management. The firm has provided investment advice relating Japanese equity for pension funds and a fund wrap since June 2010.

Previously, the founders worked at Morgan Stanley Asset & Investment Trust Management Co., Limited. Hiroshi Ueda, portfolio manager, has experienced over 9,000 company contacts and has managed the growth portfolio for more than 25 years.

The firm has advisory license in Japan and membership of Japan Investment Advisers Association.


We focus on Japanese stocks with earnings growing, which will be priced in eventually. And we believe that we can find growing companies even in the mature Japanese market. Through significant knowledge and experience, we evaluate quality and sustainability of earnings growth, and select stocks we can hold over a long time horizon.

We place an emphasis on the following two growth categories.

      (1) Emerging Growth

  • Young companies at the stage of rapid growth in terms of sales and earnings. Characterized by small size and high-risk high-return investing.

  • Focus on growth opportunities. Main driving force of performance at risk on environment


     (2)Earnings Quality

  • Companies that preserves healthy earnings structure and sustainable earnings growth typically by securing a high share in niche market. Characterized by small size, low beta, and low risk.

  • Focus on the degree of certainty about earnings growth. Performance driver at sluggish stock market.

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