The Investment Adviser

Rising Sun Management Limited

Rising Sun Management (“Rising Sun”) is the investment adviser to NAVF and is led by James Rosenwald III. James Rosenwald has over 40 years’ experience investing in Asia and is co-founder and managing partner of Dalton Investments, LLC (“Dalton”). Dalton is a value focused investment management firm with expertise in Asia equities and global equities. Headquartered in Santa Monica, California, with affiliate offices in Tokyo and Mumbai, Dalton manages (as at 30 June 2019) $3.4 billion in actively management long only and long-short strategies for pensions, endowments, foundations, financial institutions and family offices. Dalton has a strong track record investing in Japanese equities.

Rising Sun Management has entered into an agreement whereby the Tokyo office of Dalton Advisory KK, which will provide investment research services.

James Rosenwald is assisted by Gifford Combs, Paul ffolkes Davis and Kazutaka Mizuochi as key members of the Investment Adviser.