2026 Sprucegrove Investment Seminar

On Friday, September 18, the Ontario Trade and Investment Office in Tokyo, with the support of the Canadian Chamber of Commerce in Japan (CCCJ), hosted the 2026 Sprucegrove Investment Seminar, “Quality Across Borders – Navigating Concentration and Structural Change,” at the Embassy of Canada to Japan.

The morning opened with remarks from Ai Nakagawa, CCCJ Governor and Treasurer, setting the stage for a wide-ranging discussion on global markets, Japan’s evolving investment landscape and the principles that can support long-term value creation.

The keynote, delivered by John Mackay and Hiroshi Ito of Paradaim, examined the changing landscape of corporate governance and engagement investing in Japan. Their presentation considered the evolution of Japanese corporate ownership and the growing role of financial investors, while highlighting the shift from balance-sheet-focused strategies towards longer-term value creation, including improvements in ROE and earnings growth. They also discussed recent changes to Japan's corporate governance framework and the increasing importance of technology and AI in corporate strategy.

The discussion then turned to global markets, with Arjun Kumar, CEO and Portfolio Manager, and Tasleem Jamal, Executive Vice President and Head of Marketing & Client Services at Sprucegrove Investment Management Limited, sharing their perspective on the forces shaping investment opportunities today. Their presentation covered the growing concentration of global markets, the impact of technological change and the challenges of navigating an increasingly complex investment environment. They also looked beyond the most visible beneficiaries of these trends to consider where broader opportunities may emerge.

At the heart of Sprucegrove’s approach is its “safety in quality” investment philosophy, centred on five characteristics: above-average and consistent profitability, sustainable competitive advantages, financial strength, opportunities to grow the business and capable management. Together, these principles provide a framework for identifying resilient businesses and taking a long-term view in changing market conditions.

The seminar concluded with remarks from Christian Howes, Representative, Government of Ontario Trade and Investment Office in Tokyo, followed by a networking lunch.

Thank you to all of the speakers, the Ontario Trade and Investment Office in Tokyo, Sprucegrove Investment Management, Paradaim and everyone who joined us and contributed to such an engaging discussion.