JCVPartners_JapanDisruptiveInnovation

	A	B	C	D	E	F	G	H	I	J	K	L	M	N
1	Japan Disruptive Innovation Index											Prices as of :	February 25, 2022
2	Code	Name	Disruptive Innovation Sector	EV (JPY B)	Mkt Cap (JPY B)	LTM Sales (JPY B)	Sales Growth % (LTM)	Sales Growth % (LQ)	EBITDA Margin (LQ)	Rule of 40 (Sales Growth + EBITDA Margin)	EV/REV (LTM)	5D Return (%)	1M Return (%)	YTD Return (%)

3	6532	BAYCURRENT CONS	DX	645	666	57.6	34%	30%	40%	70%	11.2	9%	-9%	-3%
4	4483	JMDC INC	0	353	350	20.8	38%	32%	34%	67%	17.0	-3%	-15%	-28%
5	4686	JUSTSYSTEMS CORP	Medtech	294	359	42.0	6%	9%	45%	55%	7.0	6%	-9%	4%
6	7476	AS ONE CORP	EC	273	286	86.6	11%	-1%	13%	13%	3.1	0%	-7%	-10%
7	3923	RAKUS CO LTD	EC	267	272	19.2	35%	35%	9%	44%	13.9	-5%	-18%	-52%
8	4194	VISIONAL INC	0	226	252	36.2	NA	NA	17%	NA	6.2	-4%	-19%	-28%
9	3994	MONEY FORWARD IN	0	202	229	16.9	37%	37%	-28%	9%	11.9	-9%	-28%	-38%
10	4478	FREEE KK	DX	162	207	12.5	48%	45%	-15%	30%	13.0	-3%	-24%	-42%
11	4443	SANSAN INC	0	147	157	19.1	24%	25%	11%	36%	7.7	1%	-17%	-50%
12	2492	INFOMART CORP	0	146	152	10.1	13%	11%	17%	29%	14.5	-11%	-16%	-38%
13	3962	CHANGE INC	Ed Tech	107	133	15.8	9%	2%	62%	64%	6.8	5%	-11%	-4%
14	2326	DIGITAL ARTS INC	Security	90	104	8.8	40%	29%	55%	84%	10.2	-1%	-6%	-12%
15	6027	BENGO4.COM INC	DX	74	75	6.5	32%	33%	24%	57%	11.3	-2%	-21%	-44%
16	4384	RAKSUL INC	FinTech	73	75	31.9	38%	8%	1%	10%	2.3	-2%	-21%	-54%
17	4180	APPIER GROUP INC	AI	71	87	12.7	NA	40%	2%	42%	5.6	-3%	-20%	-35%
18	4480	MEDLEY INC	Medtech	69	80	10.9	59%	74%	7%	81%	6.4	0%	-13%	4%
19	7342	WEALTHNAVI INC	DX	66	82	4.6	NA	91%	-10%	82%	14.3	-4%	-23%	-15%
20	4776	CYBOZU INC	DX	65	67	18.5	18%	18%	-4%	14%	3.5	2%	-14%	-30%
21	2484	DEMAE-CAN CO LTD	EC	64	74	41.3	144%	99%	-108%	-9%	1.5	1%	-27%	-39%
22	2170	LINK AND MOTIVAT	AI	62	52	32.6	-7%	-42%	11%	-31%	1.9	1%	-16%	-17%
23	3788	GMO GLOBALSIGN H	Security	60	65	14.0	5%	16%	19%	35%	4.3	4%	-13%	32%
24	4053	SUN* INC	0	58	63	8.0	50%	65%	14%	79%	7.2	2%	-12%	-21%
25	6095	MEDPEER INC	Medtech	55	61	7.8	24%	21%	25%	46%	7.1	-11%	-35%	-22%
26	3993	PKSHA TECHNOLOGY	0	50	57	9.3	21%	25%	27%	51%	5.4	3%	-14%	-26%
27	3694	OPTIM CORP	0	47	48	8.1	15%	7%	21%	28%	5.8	-1%	-22%	-35%
28	6194	ATRAE	Ed Tech	44	48	5.1	46%	70%	30%	100%	8.6	1%	-4%	-26%
29	4165	PLAID INC	AI	43	46	5.4	NA	NA	-8%	NA	8.0	-1%	-28%	-44%
30	3902	MEDICAL DATA VIS	0	37	40	5.7	24%	21%	34%	55%	6.5	-2%	-19%	-20%
31	3914	JIG-SAW INC	0	36	37	2.8	25%	23%	26%	49%	13.1	0%	-20%	-14%
32	3681	V-CUBE INC	0	33	26	11.7	16%	8%	NA	NA	2.8	17%	0%	1%
33	2150	CARENET INC	Medtech	32	39	8.0	51%	12%	23%	35%	4.0	-1%	-13%	-22%
34	3901	MARKLINES CO LTD	-	31	35	3.5	31%	37%	41%	78%	8.9	4%	-11%	-4%
35	4475	HENNGE KK	AI	31	34	5.0	16%	16%	15%	31%	6.2	0%	-9%	-46%
36	3031	RACCOON HOLDINGS	0	28	32	4.6	11%	12%	30%	41%	6.0	7%	13%	1%
37	2477	TEMAIRAZU INC	DX	28	33	1.6	NA	-3%	72%	68%	17.4	9%	6%	-2%
38	3983	ORO CO LTD	AI	28	33	5.8	10%	2%	41%	43%	4.8	2%	-14%	-30%
39	4449	GIFTEE INC	FinTech	27	30	3.7	21%	-39%	5%	-33%	7.2	0%	-24%	-48%
40	3655	BRAINPAD INC	AI	23	26	7.5	13%	28%	19%	47%	3.1	6%	-9%	-23%
41	3939	KANAMIC NETWORK	0	23	25	2.1	4%	-3%	46%	44%	11.1	2%	-4%	4%
42	3925	DOUBLE STANDARD	AI	22	25	6.9	68%	22%	26%	48%	3.3	1%	-15%	-38%
43	4435	KAONAVI INC	Medtech	22	24	4.2	31%	32%	13%	44%	5.3	1%	-18%	-30%
44	3984	USER LOCAL INC	0	22	27	2.4	28%	29%	48%	77%	9.1	0%	-9%	-8%
45	3906	ALBERT INC	AI	20	23	3.3	23%	19%	19%	38%	5.9	4%	-11%	22%
46	6047	GUNOSY INC	0	20	26	9.1	-1%	2%	2%	4%	2.2	-8%	0%	29%
47	4168	YAPPLI INC	FinTech	19	21	3.3	37%	38%	-29%	9%	5.8	-10%	-33%	-55%
48	4493	CYBER SECURITY C	Security	18	19	1.8	52%	59%	4%	63%	9.9	-2%	-21%	18%
49	4056	NEURAL POCKET IN	DX	18	18	1.0	32%	80%	28%	109%	17.3	-5%	-17%	-13%
50	4479	MAKUAKE INC	0	18	23	4.8	13%	-2%	-2%	-3%	3.7	-12%	-23%	-57%
51	4431	SMAREGI INC	0	16	20	3.8	30%	31%	23%	54%	4.4	-4%	-34%	-52%
52	3991	WANTEDLY INC	DX	16	18	4.1	32%	30%	20%	50%	3.9	-3%	3%	27%
53	4448	CHATWORK CO LTD	DX	16	19	3.1	NA	70%	-28%	42%	5.1	-5%	-17%	-51%
54	4425	KUDAN INC	Ed Tech	16	17	0.3	-12%	282%	-155%	127%	60.0	-2%	-15%	-32%
55	4192	SPIDERPLUS & CO	0	16	19	2.2	12%	14%	-22%	-7%	7.0	-10%	-29%	-57%
56	4477	BASE INC	EC	15	39	9.9	20%	20%	-17%	3%	1.5	-10%	-32%	-43%
57	4488	AI INSIDE INC	AI	15	18	3.8	0%	-41%	19%	-22%	3.9	0%	-19%	-26%
58	6572	RPA HOLDINGS INC	-	14	23	16.8	50%	39%	6%	45%	0.8	10%	-2%	3%
59	4058	TOYOKUMO INC	Security	13	15	1.6	NA	42%	11%	53%	8.4	1%	-15%	-28%
60	3921	NEOJAPAN INC	0	13	17	5.9	11%	10%	22%	33%	2.2	4%	-8%	-19%
61	4482	WILLS INC	RENEWABLES	12	14	3.4	39%	33%	10%	43%	3.7	-2%	-15%	-26%
62	3900	CROWDWORKS INC	FinTech	12	16	8.6	NA	49%	13%	62%	1.4	0%	-18%	-12%
63	3969	ATLED CORP	DX	11	15	2.1	10%	-8%	51%	43%	5.3	0%	-14%	-15%
64	4495	I3 SYSTEMS INC	0	11	13	2.1	NA	35%	41%	76%	5.1	-13%	-21%	-37%
65	4382	HEROZ INC	Security	11	14	1.5	-1%	-1%	11%	10%	6.9	0%	-15%	-28%
66	6182	METAREAL CORP	0	10	11	4.2	4%	3%	6%	9%	2.5	-1%	-7%	-32%
67	7068	FEEDFORCE GROUP	EC	10	11	2.8	15%	4%	35%	39%	3.5	-7%	-15%	-26%
68	4496	COMMERCE ONE HOL	EC	8	9	2.9	22%	16%	25%	41%	2.6	1%	-14%	-18%
69	4441	TOBILA SYSTEMS I	0	8	8	1.5	14%	17%	43%	60%	5.1	-3%	-9%	-5%
70	3692	FFRI SECURITY IN	Security	7	8	1.8	16%	34%	13%	47%	3.6	-1%	-18%	-24%
71	3998	SURALA NET CO LT	DX	6	7	2.0	18%	6%	27%	33%	2.9	0%	-15%	-38%
72	4397	TEAMSPIRIT INC	Ed Tech	5	7	3.0	13%	7%	0%	7%	1.5	-2%	-26%	-28%
73	7356	RETTY INC	-	4	4	1.8	NA	-18%	-38%	-56%	2.0	-8%	-21%	-38%
74	7353	KIYO LEARNING CO	DX	3	5	2.3	49%	32%	15%	47%	1.2	3%	-16%	-32%
75	4011	HEADWATERS CO LT	0	3	3	1.2	NA	20%	12%	32%	2.1	-3%	-23%	-26%
76	4017	CREEMA LTD	EC	3	5	2.3	NA	17%	NA	NA	1.1	-8%	-36%	-48%
77	4013	KINJIRO CO LTD	DX	0	8	3.3	NA	0%	13%	13%	0.1	0%	-14%	-25%
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81		Median					22%	21%	15%	43%	5.4	0%	-15%	-26%
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