A brutal year for Asia ex-Japan funds sees heavy losses for most managers


One of the funds that navigated the difficult markets with considerable success was Riley Paterson Asian Opportunities Fund, which finished the year up 7.78% after a 0.15% drop in December.

The fund takes a top-down, macro-driven approach and was well-positioned as markets fell off in the second half of the year, running a meaningful net short bias throughout. In particular manager Stewart Paterson singled out India and Turkey, countries with large current account deficits which he knew would be dependent on the rest of the world for financing, and thus likely to see asset prices coming under severe