Joe Bauernfreund, lead portfolio manager of the AVI Japan Opportunity Trust Plc, tells Proactive's Andrew Scott the idea behind the trust is to provide investors with capital growth through undervalued, cash-rich and over-capitalised Japanese equities. The Trust will invest in a concentrated portfolio of 20-30 small to medium-sized stocks. Bauernfreund says they're looking to raise £100-200mln in its upcoming IPO.