・ In the 90’s most equity asset management had been in relative return funds, in other words based upon the performance against the benchmark.     ・ Relative return funds still dominate the market .Since, from the perspective of the asset management side,　no risks are involved concerning the ups and downs of the market, which are difficult to predict and the disposition of easier risk management.     ・ However what are the demands of the investor? The answer is absolute return. One of the main conditions for relative return is “though there may be fluctuation in the short term, the equity market will rise in the mid term. The duration of “mid term” is also an important factor. 10 years or 20 years may well express the term but demand is inevitably in “posting stable absolute returns annually”.     ・ In April 2003, Myojo Asset Management was founded to offer absolute return funds, a result of encountering the contradiction between the demands of the investor and relative return funds after the collapse of the world’s equity markets in 2000.