The CGS Fund seeks to generate investment alpha through hands-on engagement that drives fundamental improvements in FCF generation capacity of portfolio companies, leveraging our professional experiences in global investment management as well as in corporate management.

Currently in Japan, public companies tend to focus excessively on growing profits on P&L, resulting in a lack of strategic emphasis on enhancing cash flow – the true source of corporate value. As a consequence, we have seen many cases in the Japanese market that profit growth on P&L does not translate into an increase in market capitalization, which we think is our investment opportunity.

Our portfolio companies can fundamentally enhance their cash flow generation capacity and drive growth in market capitalization by going beyond P&L and establishing appropriate B/S strategies and disciplined capital allocation from a capital markets perspective.

This process leverages the extensive expertise, frameworks, and experience that we have cultivated through investment management, analysis, and business operations both in Japan and internationally.

The investment team consists of four experts with extensive experience in global investment management and public company management.
Each member is a seasoned professional with a proven track record in their respective fields, primarily in investment management and corporate operations, and plays a central role in the hands-on engagement strategy of the CGS Fund.

Chief Investment Officer

信実 克哉

Katsuya Nobuzane

Katsuya is an investor and corporate advisor with over 15 years of professional experience in investment industry. He began his buyside career in San Francisco working for Dodge & Cox, a leading U.S. mutual fund, where he gained an extensive experience of fundamental investment research. In 2016, he returned to Japan after joining Fidelity Management & Research (FMR), the largest active investment firm in the world. At FMR, he had been responsible for investing in a wide range of sectors including capital goods, business services, semiconductors and electronic components, consumer goods, retail, and consumer goods. He also engaged in various strategic discussions on business and financial strategy with management teams of public companies upon executing long-term investments. During his time at FMR, he was awarded the Metrics Honor Roll three times, an accolade given to top long-term investment performers across global offices.
In 2024, he co-founded Capital Growth Strategies with two other partners and assumed the role of Managing Director. The CGS team began providing financial advisory and equity research services to public companies based on in-depth valuation analysis. In 2025, the team launched the CGS Fund, an engagement investment strategy focused on improving the financial strategies of portfolio companies, and he was appointed Chief Investment Officer.

Sustainable profit growth over the long term, along with the maximization of FCF generation per profit growth (i.e., valuation per 1% profit growth), is the most critical driver of market capitalization expansion.