MISUMI Group, Inc. (TSE:9962) was the Fund’s second-best contributor in Japan. MISUMI is the world’s largest manufacturer of dies, and also manufactures other items for factory floors such as bolts, nuts, etc. MISUMI manufactures nearly all parts in-house, and scale gives it a cost advantage versus competitors. With a heavy investment in rapid logistics between Japan, China and Vietnam, MISUMI has also entered the maintenance, repair and operations (MRO) business.
From Watsatch International Group's third quarter 2017 shareholder letter.
