The largest contributor for the year was Daiwa Securities Group (TSE:8601), Japan's second largest broker, which returned 88%. During the quarter Daiwa released its fiscal first-half results, showing its highest pre-tax profits since the company started reporting such figures in 1995. Revenues rose across the board in retail, wholesale and asset management and are on track to meet the company's full-year estimates. Of special note, the wholesale banking division became profitable for the first time since 2009. We expected wholesale banking revenues to be strong due to equity trading and commission activity, but were surprised by the advance in fixed income revenues which surpassed peers.
From the Oakmark Global Select Fund fourth quarter 2013 commentary.
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