Jiro Yasu, CFA

Mr. Yasu founded Tokyo-based VARECS Partners, Ltd. in 2006. Jiro has served as portfolio manager for the VPL-I Trust since 2006. Over that time he has conducted extensive fundamental research on Japanese small cap companies while developing a network of deep relationships with public company executives. Previously, he worked at First Eagle Investment Management, LLC in New York as a member of the product development team, multi-manager portfolio management team, and its Asian equity investment team. Prior to First Eagle, he was an equity sales trader covering Japanese and U.S. accounts at Daiwa Securities America. Jiro holds a BA in Economics with a specialty in Econometrics from Keio University.

Jeff Musial, CFA

Mr. Musial joined VARECS Partners in 2021 as Senior Analyst. He joined from Burgundy Asset Management in Toronto where he was the Vice President of Asian Equities, focused on Japan. Prior to that, he worked in Asian Equities at RBC Global Asset Management in Hong Kong. Mr. Musial has been a CFA charterholder since 2015, and holds an International MBA from the Schulich School of Business in Canada. He also holds a BA in Psychology from the University of Western Ontario, and attended Nanjing University on a 1-year Mandarin studies scholarship.

Yoshitaka Fukunaga, CFA

Mr. Fukunaga joined VARECS Partners as an Investment Analyst in 2020 and is currently a Senior Analyst. Prior to VARECS, he worked at J.P. Morgan Securities Japan in the Equity Capital Markets division since 2018. He holds a BA in Economics from the University of Tokyo.

Ken Watanabe

Mr. Watanabe joined VARECS Partners as an Investment Analyst in 2026. Prior to VARECS, he worked as a Japanese equity analyst at SPARX Asset Management since 2021. Prior to that, he worked in Research & Development at Mitsubishi Heavy Industries, Ltd. and Clariant Catalysts. He holds an MS in Engineering from the University of Tokyo and a BSc in Chemistry from Nagoya University.

Ryutaro Shiratori

Mr. Shiratori joined VARECS Partners in March 2026 as an Investment Analyst. Prior to VARECS, he worked at QuestHub from 2022 to 2026, most recently as a Manager, advising on shareholder activism and unsolicited takeover proposals.

Yosuke Yano

Mr. Yano joined VARECS as an Investment Analyst in 2009. He also assists with risk monitoring. Prior to VARECS, Yosuke was a proprietary trader at Jyujiya Securities Co., Ltd. investing in Japanese equities since 2003. He holds his MBA from Hitotsubashi University and BA in Accounting from Chuo University. He is a Chartered Member of the Securities Analysts Association of Japan (CMA).

Yoshinori Kushibe

Mr. Kushibe joined VARECS Partners as Chief Compliance Officer in 2023. Prior to VARECS, he worked for Compliance and Risk Management of NN Investment Partners (Japan) Co., Ltd who merged with Goldman Sachs Asset Management Co., Ltd for 12 years. Prior to that, he worked as a fund manager of Japanese equity funds in NN Investment Partners (Japan) Co., Ltd and Resona Bank, Limited. He holds BSc in Applied Chemistry from Keio University. He is a Chartered Member of the Securities Analysts Association of Japan (CMA).