Announcement of Change in Fund Managers and Management Structure for the 'Hifumi Fund' and 'Hifumi Cross-Over' Series

Leos Capital Works Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Mitsuyoshi Yuzawa), an SBI Group company managing the 'Hifumi' series of investment trusts, announces changes to the management structure of the Hifumi Fund series (Hifumi Fund, Hifumi Plus, Hifumi Nenkin) and the Hifumi Cross-Over series (Hifumi Cross-Over Pro, Hifumi Cross-Over Nenkin), effective June 16, 2026, as part of strengthening investment capabilities under a new management framework. The Hifumi Fund series will be managed by Makoto Naito as lead fund manager, together with Kenji Ohara, forming a two-person management team. The Hifumi Cross-Over series will be managed by Ryoka Matsumoto as lead fund manager, together with Shota Watanabe, also in a two-person structure.

Details of Changes in Fund Managers and Management Structure

Fund Name

Before Change

After Change

Hifumi Fund Series

Hideto Fujino (Lead Fund Manager)

Makoto Naito

Makoto Naito (Lead Fund Manager)

Kenji Ohara

Hifumi Cross-Over Series

Hideto Fujino (Lead Fund Manager)

Ryoka Matsumoto

Ryoka Matsumoto (Lead Fund Manager)

Shota Watanabe

※ Hideto Fujino, who has served as lead fund manager for both funds (former President and CEO), will retire effective June 15, 2026.

Video on the New Management Structure

https://youtu.be/1oL1LKxP078

Message from Makoto Naito, Lead Fund Manager and Senior Fund Manager, Hifumi Fund Series

Thank you for your continued support of Hifumi. I am deeply honored and feel a great sense of responsibility in taking over the management of Hifumi. I am committed every day to delivering strong, long-term investment results. Going forward, I will remain focused on performance and strive to share with you the excellence of the companies we invest in, through our hallmark 'face-to-face management' and 'on-the-ground research.' We will continue to be a fund that investors can confidently hold and steadily invest in over the long term.

Senior Fund Manager

Makoto Naito

[Background] Graduated from Doshisha University and completed a master's program in Mathematics at the Graduate School of Science, Tohoku University. Joined Sumitomo Mitsui Trust Bank. In 2018, transferred to Sumitomo Mitsui Trust Asset Management, where he worked on quantitative analysis and the development and management of quantitative funds. Joined Leos Capital Works in January 2022. Completed the doctoral program at the Graduate School of Business Administration, Tokyo Metropolitan University, in 2026.

Message from Kenji Ohara, Senior Fund Manager, Hifumi Fund Series

The Hifumi Fund series aims to achieve consistent outperformance by identifying the intrinsic value and growth potential of companies and detecting early signs of change, even amid significant shifts in market conditions.

As one of Japan’s largest institutional investors, we also have the opportunity to support positive change in companies and markets through dialogue and investment. While maintaining a relentless focus on investment performance, we aim to continue being a force that enhances the value of portfolio companies and brings new value and transformation to the market.

Senior Fund Manager

Kenji Ohara

[Background] After graduating from university in 2004, joined IBM Business Consulting Services (now IBM), then moved to Sumitomo Mitsui Asset Management (now Sumitomo Mitsui DS Asset Management). Served as a fund manager for Japanese equities and international equities, including an assignment to the London office. Joined Leos Capital Works in March 2024 and has been conducting company research in the Domestic Equity Strategy Department.

Message from Ryoka Matsumoto, Lead Fund Manager and Senior Fund Manager, Hifumi Cross-Over Series

The Hifumi Cross-Over Pro holds significant social importance.

By investing in outstanding Japanese companies before they go public, we can contribute together with our investors to building a better future.

Building on the expertise gained from listed stock management, and combining the insights and networks accumulated through research and investment in unlisted companies, we will do our utmost to deliver the appeal and brilliant returns of investment across the boundary between unlisted and listed markets.

Senior Fund Manager

Ryoka Matsumoto

[Background] Graduated from the Faculty of Economics, University of Tokyo, in 2022, and joined Leos Capital Works as a new graduate. Conducted research in the Small-Cap Equity Strategy Department, focusing on IPO candidates and domestic-demand-driven companies. Has been responsible for managing Hifumi Cross-Over Pro since September 2024.

Message from Shota Watanabe, Senior Fund Manager, Hifumi Cross-Over Series

Since its founding in 2003, Leos has consistently supported emerging companies. The Hifumi Cross-Over series is a fund that invests in ambitious companies from their pre-listing stage. We will continue to partner with companies that can contribute to Japan’s future society, helping them leverage capital markets as a foundation for discontinuous growth.

Senior Fund Manager

Shota Watanabe

[Background] Joined Daiwa Securities Investment Trust (now Daiwa Asset Management) in 1997, serving as an analyst and fund manager for Japanese equities. Participated in launching the Daiwa SMA project from 2003, managing Japanese small and mid-cap growth stocks. Joined Leos Capital Works in 2006.

About the 'Hifumi Fund'

The Hifumi Fund is a direct-sales-only investment trust sold directly by Leos Capital Works to investors, part of the 'Hifumi' series with over ¥1 trillion in assets under management. Guided by the concept of 'revitalizing Japan from the roots,' it primarily invests in Japanese growth companies. Since its launch in 2008, for 18 years, it has practiced investment based on 'on-the-ground research,' identifying growth companies through direct engagement, and adopting a flexible 'grow while protecting' strategy that adapts to market changes. As of June 12, 2026, its net asset value stands at ¥216 billion.

We support long-term asset formation for investors through 'face-to-face management,' where fund managers directly communicate their investment philosophy and future direction, and the 'Asset Formation Support Group,' which effectively returns trust fees based on holding periods. Hifumi Plus, available through securities companies and banks, and Hifumi Nenkin, designed for defined contribution pension plans, follow the same investment policy and management approach. The total net assets of the 'Hifumi Fund Series,' comprising these three funds, amounted to ¥1.1192 trillion as of June 12, 2026.

The monthly performance report for the Hifumi Fund, 'Hifumi no Ayumi,' can be viewed at:

https://hifumi.rheos.jp/fund/toushin/report/

About 'Hifumi Cross-Over Pro'

'Hifumi Cross-Over Pro' is an investment trust that invests in both unlisted and listed companies, enabling crossover investment beyond the traditional boundaries of 'listing.' Launched in September 2024, this publicly offered trust allows investment in both unlisted and listed stocks through the NISA framework.

While expanding access to unlisted investment opportunities—previously limited to a select group of investors—to the general public, it also addresses structural challenges faced by Japanese startups, such as 'difficulty raising funds before listing' and 'declining long-term shareholders after listing.'