Investor Communications: An Analysis of Feedback from Information receiver to
Information sender in respect of Management Reports of Investment Funds
野村誠二 （GAM 証券投資顧問株式会社）
Seiji Nomura (GAM Japan Limited）
The author intends to analyze in this paper communications between fund managers and investors （the word of investors used in this report means ordinary investors who don’t have special knowledge of financial products） from a point of the management report for investment trust funds. The management report is statutory disclosure document and shall be provided to investors periodically, i.e. after the end of each fiscal period. In general the management report shall be sent to investors from fund managers unilaterally and, in this respect, the management report is unilateral communication tool in nature. However, the management report is sole statutory information source for investors to make investment judgment or decision during its investment period. Thus, the management report should bear multilateral communication function in order that investors shall make long-term investments in equities etc. through investment trust funds. As a result, it shall meet with our goal that management of invested companies should increase its business valuation from long-term perspective. In this respect, we need to change nature of the management report to mutual communication tool from unilateral one to attain the above goal.