Japan managers eke out gains but lag regional peers

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January saw Japan participating in the global stock market rally, TOPIX rising by 3.7% on the month.

It was a good month for Sector Zen, which gained 4.87% taking three-month numbers to 5.48%. The long book contributed 7.5% in total, thanks to gains in a number of deep-value plays. Yonkyu, a small fishery stock whose ownership structure is open to an eventual MBO, was up more than 20% for the second consecutive month and was one of the best stocks in the portfolio. Overall, the fund manager describes six of the month’s top-10 contributors to performance as ‘Ben