Shinichi Masuda
About Shinichi Masuda
Shinichi Masuda is Vice President of Japan Smaller Capitalization Fund, Inc. (JOF) and has served in this role since September 2022. He was 54 as of October 10, 2024 and 55 as of October 14, 2025, and his principal background includes senior roles at Nomura Asset Management U.S.A. Inc. (NAM‑U.S.A.), Nomura Asset Management Co., Ltd. (NAM), and Nomura Bank (Luxembourg) S.A. . Fund-level performance context: as of August 31, 2024, JOF’s annualized returns were 15.9% (NAV) and 12.5% (market) over 1 year, 5.4% and 4.4% over 5 years, and 6.8% and 5.8% over 10 years, respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nomura Asset Management Co., Ltd. (NAM) | Chief Project Manager, Asset Management Research Center | 2020–2022 | Led research-center project management, likely supporting investment process and product research . |
| Nomura Asset Management Co., Ltd. (NAM) | Managing Director, Product Planning & Development Dept. | 2018–2020 | Oversaw product planning and development, impacting fund lineup and go-to-market . |
| Nomura Bank (Luxembourg) S.A. | General Manager/Deputy General Manager | 2012–2018 | Senior operational/administrative leadership at Luxembourg banking operations . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Nomura Asset Management U.S.A. Inc. (NAM‑U.S.A.) | Chief Administrative Officer | Since Sep 2022 | Current role concurrent with JOF officer duties . |
Fixed Compensation
- JOF discloses director compensation only; officer-specific compensation (salary/bonus/equity) is not provided in the Fund’s DEF 14A filings for 2023, 2024, or 2025 and is not presented in N‑CSR/S filings reviewed .
- Director fee framework (context): $30,000 annual fee per Independent Director plus meeting fees ($3,300 in-person/virtual, $2,200 telephonic) and chair stipends ($10,000 Board; $5,000 Audit; $2,500 Nominating; $2,500 Governance & Compliance). FY 2024 total Independent Director fees/expenses: $229,101; FY 2025: $232,336 .
Performance Compensation
- No disclosure of performance-based compensation metrics, targets, weightings, or payouts for JOF officers (including Masuda) in DEF 14A 2023/2024/2025 or N‑CSR/S reviewed; filings focus on director compensation and officer biographies .
Equity Ownership & Alignment
| Metric | Value | As-Of | Source |
|---|---|---|---|
| Directors & officers as a group ownership of JOF | Less than 1% of outstanding shares | Sep 26, 2024 | |
| NAM‑U.S.A. (manager) ownership of JOF | Less than 1% of outstanding shares | Sep 26, 2024 | |
| Officers as a group ownership of Nomura Holdings, Inc. | Less than 1% of outstanding shares | Sep 26, 2024 |
Top reported beneficial owners (shareholder base concentration):
| Beneficial Owner | Shares | Ownership % | Date |
|---|---|---|---|
| Allspring Global Investments entities | 5,714,329 | 20.17% | Sep 30, 2024 |
| 1607 Capital Partners, LLC | 5,053,077 | 17.80% | Dec 31, 2023 |
| City of London Investment Mgmt | 4,500,984 | 15.90% | Dec 31, 2023 |
| Lazard Asset Management LLC | 3,377,135 | 11.92% | Dec 31, 2023 |
Additional governance context:
- Section 16(a) compliance statements indicate officers/directors complied with beneficial ownership reporting; one Director’s Form 4 was filed late due to a filing code delay (latest fiscal year) .
Employment Terms
| Item | Detail | Source |
|---|---|---|
| Position | Vice President of JOF | |
| Start date | September 2022 | |
| Term | Officers are annually elected/appointed by the Directors and hold office during each annual term until resignation, removal, or disqualification | |
| Office address | Worldwide Plaza, 309 West 49th Street, New York, NY 10019-7316 |
Performance & Track Record (Fund-level)
Annual results and end-of-period metrics provide context during/around Masuda’s tenure:
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Market price end-of-period ($) | 8.03 | 8.99 | 7.63 | 6.77 | 7.82 |
| Total investment return (%) | -2.6% | 16.3% | -8.6% | -10.6% | 19.6% |
| Net assets end-of-period ($000) | 250,887 | 289,762 | 254,647 | 229,951 | 269,183 |
Recent annualized returns as of Aug 31, 2024:
| Metric | 6 Months | 1 Year | 5 Years | 10 Years |
|---|---|---|---|---|
| NAV return | 5.0% | 15.9% | 5.4% | 6.8% |
| Market price return | 2.7% | 12.5% | 4.4% | 5.8% |
| Russell/Nomura Small Cap Index | 5.8% | 13.5% | 4.8% | 5.5% |
Investment Implications
- Alignment: Insider ownership is de minimis (<1% for directors/officers and for the manager), reducing direct pay-for-performance alignment via personal stake; monitoring of large holders (e.g., Allspring 20.17%, 1607 17.80%) is more indicative of trading/liquidity dynamics and potential activism or corporate actions in CEFs .
- Compensation transparency: Officer-level salary/bonus/equity and performance metrics are not disclosed by JOF, limiting assessment of Masuda’s pay-for-performance incentives or vesting-related selling pressure from Fund equity awards .
- Tenure/retention: Officers are appointed annually and serve until resignation/removal/disqualification; Masuda’s ongoing external role as CAO at NAM‑U.S.A. suggests continuity in Fund operations, but contractual severance/CoC terms for officers are not disclosed at the Fund level .
- Trading signals: Section 16(a) compliance and absence of officer-level ownership disclosures imply limited direct insider trading signaling for Masuda at the Fund; shareholder base concentration may drive discount/premium dynamics and corporate actions affecting performance more than individual officer transactions .
- Performance context: Fund returns recovered strongly in FY 2024 (market TR 19.6%) after two negative years, with multi-year NAV outperformance versus the Russell/Nomura Small Cap index, providing constructive backdrop for operational execution, though this is portfolio/performance management context and not tied to officer compensation metrics .
Notes on Missing Disclosures
- No data found on: base salary, target/actual bonus, RSUs/PSUs/options, vesting schedules, severance/CoC terms, clawbacks, pledging/hedging, ownership guidelines/compliance for Masuda in JOF filings reviewed (DEF 14A 2023/2024/2025; N‑CSRS 2023/2024) .