Kempen Capital Management Issues Open Letter to Fujitec’s Board of Directors

Kempen expresses concerns over disappointing mid-term plan and inadequate corporate governance at Fujitec

AMSTERDAM–(BUSINESS WIRE)–Today, Kempen Capital Management N.V. (Kempen) issued an open letter to Fujitec’s Board of Directors in which we express our concerns over the disappointing mid-term plan and inadequate corporate governance at Fujitec Co., Ltd. (Fujitec). Funds managed and accounts advised by Kempen currently own approximately 3.5% of the outstanding shares of Fujitec.

Kempen started investing in Fujitec in August 2014 through its Global Small-cap strategy and ever since has been in frequent contact with the company. The underperformance versus peers and the structural undervaluation of the company’s stock led us to provide numerous suggestions to improve shareholder communications, capital efficiency, corporate governance and the geographical footprint.

Jan Willem Berghuis, Head of Small-Caps at Kempen: ‘As a long-term engaged shareholder, we take our role and responsibility very seriously. We consider it our fiduciary duty to share and discuss key observations and make suggestions to drive long-term sustainable value for all Fujitec stakeholders. While steps have been taken to address some of the issues that we raised, the mid-term plan released by Fujitec on 22 December 2021 nevertheless failed to adequately address our main concerns. We continue to believe that Fujitec is an intrinsically good business with an even greater potential, if its leadership team would embrace the opportunities to enhance operational efficiency, capital efficiency and corporate governance. Consequently, we are taking the step of publicly voicing our concerns, and call on the Board of Directors to take action.’

A copy of the open letter can be found here:

English version
Japanese version



This document has been prepared by Kempen Capital Management N.V. (Kempen) for the benefit and use of the original recipients. It does not constitute, and should not be construed as, an offer or solicitation to enter into any transaction regarding any financial instrument, nor should it form the basis of or be relied on in connection with any such transaction. This document does not constitute, and should not be construed as, tax, legal, regulatory, accountancy or other specialist or technical advice, or investment advice or personal recommendations, any trading strategy or advice (from an investment perspective) to any person on the suitability of any transaction.

The information in this document is based on information that Kempen considers reliable, but which it did not verify. No representation or warranty is made as to, nor should reliance be placed on, any of that information contained herein being accurate or complete. Neither Kempen, nor any of its parent or subsidiary undertakings, or any such person’s directors, officers or employees, accepts any responsibility or liability for any losses or damages that may result from the lack of accuracy or incompleteness of this information. Such persons also do not accept any responsibility or liability for (accounting) calculations and assumptions on which any statements, views, valuations or opinions expressed by Kempen in this document may be based.

This document speaks of its date and opinions and views expressed are Kempen’s opinions and views as of such date only. Kempen assumes no obligation to notify or inform any party of any developments or changes occurring after the date of this document that might render its contents untrue or inaccurate in whole or in part.

Any possible transaction or investment referred to herein may involve significant risk. This document has been prepared without regard to the individual circumstances and objectives of persons other than the original recipients who receive it. Other recipients should, without relying on this document, make their own independent decisions regarding to any possible transaction or investment and, if necessary, seek professional advice.

Kempen accepts no liability whatsoever for any reproduction or redistribution, in whole or in part, of this document, by any person other than Kempen.

The distribution of this document in certain jurisdictions may be restricted by law, and recipients into whose possession this comes should inform themselves about, and observe, any such restrictions.

Kempen Capital Management N.V. (Kempen) is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. As asset manager KCM may have investments, generally for the benefit of third parties, in financial instruments, like those mentioned in this document and it may at any time decide to execute buy or sell transactions in these financial instruments. Kempen currently has invested in shares of the company mentioned.

About Kempen Capital Management

Kempen Capital Management is a specialist asset manager with a focused approach and a clear investment philosophy. We believe in long-term stewardship for our clients and other stakeholders. Kempen provides sustainable returns, fiduciary management services, manager selection, portfolio construction and monitoring, alongside a number of actively-managed investment strategies. As of 30 June 2021, Kempen Capital Management had a total of €88.3 billion in client assets under management.

Kempen Capital Management, part of Van Lanschot Kempen NV, is a specialist and independent wealth manager. Kempen Capital Management NV is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. Kempen Capital Management (UK) Ltd is licensed as a manager and subject to supervision by the Financial Conduct Authority.

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Further details

For further details, please contact Van Lanschot Kempen media relations:
Daan Joosen
+31 (6) 13 70 28 47


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