Japan equity managers struggle as TOPIX hits the buffers in April

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After strong performance during the first three months of the year, the Japanese market saw a large pullback in April, with TOPIX ending the month down 5.9%. During the month company earnings reports were met with disappointment from investors and even the BOJ’s announcement on the 27th failed to shift the gloom, leading to a further sell-off.

Nearly all funds in the sector were negative, although most beat the index, and a few managed to post gains. These included UMJ Kotoshiro, up 4.48% on the month to take three-month numbers to 13.19%, and Four Seasons Trust Spring