The world's top hedge fund manager warns that Japan's automotive sector must consolidate to survive intensifying global competition and trade barriers, according to Bloomberg News, citing Stephen Harget of Man Group.
The group, which oversees the outperforming Japan CoreAlpha Fund, believes mergers could help Japanese automakers counter China's aggressive expansion and share rising R&D costs, said the news wire.
Harget said consolidation offers the best path forward when an industry faces existential threats, noting Japan's unusually fragmented auto sector with numerous listed manufacturers, the report added.
Harget's fund - beating 94% of peers with 12% three-year returns - maintains major stakes in Toyota (TYO:7201), Nissan (TYO:7203) and Honda (TYO:7267) despite the auto index plunging 21% last year, added Bloomberg.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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