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.

Patrick Rial, CFA, CAIA

Mr. Rial joined VARECS Partners in 2015 as Senior Analyst. He joined from J.P. Morgan Securities Japan where he worked in equity strategy and small cap research. Prior to J.P. Morgan, he was a product manager at Morgan Stanley MUFG Securities. Mr. Rial began his career as a financial journalist covering Japanese equity markets. He has been a CFA charterholder since 2011 and a CAIA holder since 2018. He holds a BA in economics and history from Georgetown University.

Yosuke Yano

Mr. Yano joined VARECS as an Investment Analyst in 2009. He also assists with trading and 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).