Corax Asset Management

Jonathan Jones, the founding Chief Investment Officer, is the lead portfolio manager and makes all final investment decisions. He is supported by senior portfolio manager Kenichi Kato and a small research team. Jones' prior experience includes over a decade as a portfolio manager at Lansdowne Partners, a firm known for deep fundamental equity analysis.

Yes, the firm's mandate covers exclusively Japanese-listed equities. The investment thesis is that Japan offers persistent structural inefficiencies — particularly in mid-cap industrials and financials — that are underserved by global generalist funds and can be exploited through rigorous primary, on-the-ground research.

Corax operates a concentrated, long-biased long-short equity strategy. The portfolio typically holds 20 to 35 long positions and a smaller number of short positions, with gross exposure historically between 120% and 160%. The process is fundamentally driven, with an emphasis on direct company engagement and primary field research across Japan.

Corax is structured as a hedge fund manager running a single long-short equity strategy. The firm operates with a partnership model and the fund is capacity-constrained — the strategy is designed to remain small enough to invest meaningfully in mid-cap Japanese equities without moving the market.

Corax has not publicly disclosed its assets under management. Based on fund structure, capacity constraints, and investor communications, the strategy is estimated to manage between $100 million and $500 million (Altss estimate). The firm has indicated a hard close well below $1 billion to preserve its mid-cap research edge.