Nippon Active Value Fund plc is an investment trust that seeks to deliver attractive long-term capital growth through activist investment in undervalued small and mid-cap Japanese companies. It focuses on quoted firms with the majority of operations, revenue, or net assets in Japan, or those included in the TOPIX index, particularly those where cash, liquid investments, real estate, or tradable securities form a significant portion of market capitalization and lack controlling shareholders. Advised by Rising Sun Management, led by experienced professionals like James Rosenwald, Gifford Combs, and Chairman Paul Ffolkes Davis, the fund employs hands-on strategies including direct engagement with management, board representation, shareholder proposals, and tender offers to drive corporate reforms and unlock value. Launched in February 2020, it maintains a concentrated portfolio of up to 35 holdings, weighted toward companies up to US$3 billion market cap, benefiting from Japan's evolving corporate governance landscape, such as increased shareholder activism and cross-shareholding reductions. This approach targets uncorrelated returns by improving capital allocation, profitability, and shareholder alignment in under-researched firms with strong cash reserves.