Investing in Japan’s next chapter
August 27, 2026
Japan’s new fiscal roadmap shifts from short-term stimulus to long-term investment in productivity and growth with a focus on physical AI, advanced health care and soft power.
We are uniquely focused on constructing the best global,
Thematic approach
Portfolios are constructed according to asymmetric, uncorrelated, economic and global market themes rather than a stock’s relative valuation within its industry sector.
A big universe of
small cap companies
Our investment universe includes all companies with market capitalizations ranging from approximately US $300 million to US $8 billion. In the search for companies with unrecognized growth potential, we use various screening methodologies across global databases to identify those companies that offer strong financial productivity, a historical pattern of earnings growth, and management teams with a significant ownership stake.
Knowing
what to buy
We submit each company to a thorough assessment of its business model. Screening on measures such as profitability, revenue growth, and balance sheet strength help narrow the universe.
We identify, through fundamental analysis, management interviews, and on-site visits, companies with features such as dominant market share, sustainable competitive advantage, and clearly defined growth strategies. We use discounted cash flow analysis to determine implied margins, capital intensity, and growth rates. Finally, we conduct an asset-based valuation analysis on each selected name.
Knowing
when to buy
In determining investment opportunities, we identify stocks
trading at a significant discount to intrinsic value.
We also identify the catalysts expected to drive realization of their true value.
From our best ideas, we build diversified portfolios of 50-70 stocks.
Knowing
when to sell
Knowing when to sell a security is critical to realizing and protecting accumulated gains. We maintain the purity of our small cap portfolios by adopting a strong sell discipline.
Positions may be sold if: a company’s market capitalization exceeds the upper limit of the benchmark; there is a change in strategy, a loss of competitive advantage or an excessive valuation; or we identify a better investment opportunity.
Risk management
By their nature, smaller companies tend to have higher levels of stock-specific risk. We manage this risk in three key ways:
1. rigorous research and due diligence when adding a stock to a portfolio;
2. blending stocks according to uncorrelated, asymmetric investment themes; and
3. inclusion of secular or cyclical companies identified through bottom-up analysis as having unrecognized growth and/or that add diversification to a portfolio.
Insights
Read More
From kidnapping to cybersecurity – there’s a policy for that
July 30, 2026
From cybersecurity and political risk to fine art, marine cargo and niche business coverage, specialty insurance exists to price risks that standard insurers often cannot.
Beyond the label: How SFDR 2.0 could redefine sustainable funds
July 16, 2026
SFDR 2.0 may still be under negotiation, but its direction is already worth watching. Developments today could shape sustainability-focused investment strategies in the years ahead.
The silver economy: A secular opportunity
July 2, 2026
As populations age across developed markets, companies serving the needs of older demographics – from health care and long-term care to financial services and mobility – may be well positioned for durable growth.
Fixing the strategic small cap underweight: Part 2
June 25, 2026
What recent small-cap performance means for portfolio allocation decisions and why common objections to the asset class may need to be revisited.
Fixing the strategic underweight: Part 1
June 18, 2026
Small caps have outperformed large caps on both sides of the Atlantic – even amid rising rates, oil volatility and negative economic surprises.
From sea to shore: Vessel engines enter the AI infrastructure race
June 4, 2026
As speed-to-power becomes increasingly important to the rapid growth of AI and data centres, developers are turning to alternative solutions.
Necessity, the mother of invention
May 21, 2026
China’s semiconductor ambitions are becoming an increasingly important part of the global investment story.
Narrow strength, rising risk
May 7, 2026
Earnings are proving resilient – but leadership is narrowing, and macro risks are rising.
Infrastructure investment: The tools, materials and makers powering civil works
April 23, 2026
Infrastructure spending is accelerating and the most durable opportunities often sit in civil works and maintenance.
Sedimentary, my dear Watson: Lime and limestone applications across industries
April 9, 2026
Lime and limestone uses are often overlooked, but they actually sit at the centre of Europe’s industrial system.
From renewable buildout to grid integration: What Europe needs to support its energy transition
March 23, 2026
A look at the “picks-and-shovels” layer of the energy transition: the cable and grid systems required to deliver, scale and monetize renewable electricity in Europe.
Sleep on this: From better rest to better returns
March 12, 2026
As spending shifts toward wellness, travel and lifestyle balance, the growing sleep economy is emerging as a compelling long‑term investment theme.
Japan: A tech paradox
February 26, 2026
Accelerated by the pandemic, Japan’s shift from legacy systems to cloud-based solutions highlights opportunities and challenges within the country’s IT landscape.
Capstone Copper: Positioned to benefit from a structurally tight copper market
February 12, 2026
Copper markets are entering a structurally tight phase while Chile’s evolving policy backdrop is improving the outlook for long-life, capital-intensive mining assets.
For additional information on Global Alpha Capital Management Ltd., please contact:
Jean-Philippe Lemay
Managing Director,
Head of Institutional Sales,
Global
Eric Hasenauer
Senior Vice President,
Co-Head of Institutional Sales,
USA
John Ricketts
Senior Vice President,
Co-Head of Institutional Sales,
USA
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Global Alpha Capital Management Ltd.
December 20, 2021