Silchester International Investors is quiet no more.
For almost three decades, Stephen Butt’s company mostly stayed behind the scenes, a long-term investor in the tradition of Warren Buffett that saw little reason to draw attention to itself.
While Silchester says nothing has changed in how it operates, analysts see the investor’s moves — and companies’ responses — as another example of how the country’s stock market is evolving. An overhaul of corporate governance rules started about a decade ago is making chief executive officers more receptive to shareholders, and that’s one big reason why the Nikkei 225 Stock Average finally surpassed its historic peak reached in 1989.
Kyoto Financial had never received a shareholder proposal in its 81-year history. It consulted lawyers and other experts before deciding to oppose it. Silchester, which has held Kyoto Financial’s shares since 2006, responded in a public statement, calling the lender’s stance “naive and lacking financial acumen.”
A spokesperson for Obayashi declined to comment on its communications with shareholders. In a statement in May, the company said its board opposed Silchester’s proposal because it would obstruct Obayashi’s growth strategy. Regardless, Silchester’s Japan stocks are rising fast. The yen’s plunge is boosting exporters’ profits. Inflation is finally taking hold. And some of the biggest names in investing, from BlackRock Inc. chief Larry Fink to Buffett himself, have been making pilgrimages to Tokyo and talking up the market.“It’s a deep value investor,” said Masatoshi Kikuchi, pan-Asian chief equity strategist at brokerage Mizuho Securities in Tokyo.
Graham’s writings are a “treasure trove” for any serious investor, Butt said, based on a brief for the event organized by the UK branch of the CFA Institute. Butt and his wife, Caroline, set up the Calleva Foundation, a charity that supports medical research at Oxford and academic research at the National History Museum and other institutions.The investor became a major Credit Suisse shareholder in 2018 and still held a stake three years later when the troubled Swiss lender’s stock had slumped. Credit Suisse was taken over by UBS Group AG last year.
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