RFM, a hedge fund focused on Japanese equities, has attracted more than $800 million from investors as global interest in the country¡¯s stock market has increased, according to people familiar with the matter.
The fund was founded earlier this year by Teruhiko Nishimura, who previously worked as a portfolio manager at Pictet Asset Management Japan and Dymon Asia Capital Japan.
Foreign investors have bought ?5.4 trillion ($34.6 billion) of Japanese stocks this year, the largest net inflow since 2013. An $800 million launch is large for a Japan-focused hedge fund.
The benchmark Nikkei 225 index has surged almost 27% in 2025. Returns have been boosted by corporate governance reforms that have pushed companies to improve capital efficiency and shareholder returns.
Rising geopolitical tensions between United States and China have also helped to encourage U.S. investors to shift capital to Japan from China.
The trend has coincided with a rise in new Japan-focused hedge funds, as experienced managers strike out on their own.
Earlier this year, former Point72 Asset Management Japan head Tomohiro Yamaguchi launched the Japan-focused hedge fund Invictus Investment Partners, teaming up with former Citadel portfolio manager Takeo Serizawa. The fund is based in Hong Kong.
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