IIP is a Hong Kong-based asset management firm focused on
Japanese stocks and fundamentals-driven investing.
Investment Philosophy
At Invictus, we believe that markets are not universally efficient, and more importantly, no two markets are alike — regardless of size, liquidity, or perceived development. Japan is no exception. Its unique corporate culture, governance dynamics, capital allocation patterns, and investor psychology demand a process that is specifically designed for this environment.
Our investment philosophy is grounded in deep, bottom-up fundamental research and a long/short strategy focused on mispriced opportunities across Japanese equities. We take pride in having built a research and risk framework tailored specifically to Japan — not borrowed from global models, but designed for the nuances and inefficiencies that define this market. That is our edge.
We believe that successful investing requires intellectual independence, patience, and the conviction to act against consensus. We seek durable value, misunderstood stories, and underappreciated risks.
And ultimately, we believe investing is about people. That’s why we prioritize direct conversations with management and industry experts, not just spreadsheets and screens. Integrity, alignment, and long-term decision-making sit at the core of every investment we make.
About Invictus Investment Partners
Invictus Investment Partners is a Hong Kong-based hedge fund focused mainly on Japanese equities.
We are an independent, research-driven investment firm committed to generating consistent, risk-adjusted returns through a disciplined and differentiated approach to fundamental investing.
We believe that the Japanese equity market continues to offer structural inefficiencies and opportunities for active managers with local knowledge, deep research capabilities, and a long-term mindset.
Our team brings together extensive experience across the buy-side and sell-side, with a shared passion for uncovering underappreciated companies and identifying short candidates through rigorous bottom-up analysis.
We maintain a strong emphasis on alignment of interests with our investors, operational integrity, and risk management. Our culture values intellectual curiosity, humility, and analytical rigor.
Our Strategy
Our investment strategy is rooted in deep fundamental research with a bottom-up approach. We focus mainly on listed Japanese equities, seeking to identify mispriced companies through intensive due diligence, financial modeling, management access, and industry analysis.
We run a long/short equity strategy with a low net exposure, designed to minimize market beta while maximizing alpha generation. On the long side, we look for undervalued businesses with strong fundamentals, improving capital allocation, and catalysts for re-rating. On the short side, we target structurally challenged companies, poor governance, or overhyped narratives unsupported by data.
Our portfolio construction is a generalist approach with dedicated sector-focused specialists. Our analysts are expected to develop deep domain knowledge and independent conviction, not rely on consensus or index benchmarking.
Our process is built to be repeatable, scalable, risk-aware, and adaptive to evolving market conditions — aiming to deliver attractive returns across market cycles.
