Top value manager Charles de Vaulx continues to see opportunity in one of the world’s most unloved markets: Japan.

“Japan is by far one of the cheapest markets in the world,“ de Vaulx tells The New York Times. “It’s so universally hated, yet it might be one of the world’s best-performing markets over the next five years.”

De Vaulx, who has about 15% of his assets under management in Japan and is considering adding to that, says that “so many Japanese companies are well managed from an industrial standpoint.” He says good stock-picking is key to succeeding in the Japanese market, however. The Times notes that his firm, International Value Advisors, has invested in some “relatively obscure” firms.