August saw TOPIX down 0.6% in local currency terms, while the key market event was the implosion at Sharp Corporation, whose equity price plummeted after it forecast a net loss of $3.2 billion (Y250 billion).
BDT Invest Japanese Focus was down 0.96% to leave three-month numbers at 2.83%. The best-performing stocks in the portfolio included consumer lender Acom, which rose 10% thanks to an industry-wide recovery from the problems of the excess interest rate issue, and Suruga Bank which also rose nearly 10%.
Keyence and Tokyo Gas performed well, largely due to their appeal as defensive stocks. Of