Japan managers get wrong footed by brief mid-March TOPIX rally

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In September, TOPIX staged a brief mid-month rally but this petered out and the index finished the month up just 0.8%. Returns from Japanese long/shorts over the third quarter were thus very mixed.

UMJ Kotoshiro had a three-month return of 4.29% after a 4.29% September, while a 1.69% monthly figure took SFP Value Realization’s third-quarter numbers to 1.68%.

Sector Zen was up 1.04% on the month, taking third-quarter numbers to -6.03%. Within the portfolio, the Osaka-based real estate developer Daibiru rose 26% and contributed almost 0.5% to the overall return. Dainichi, Toshiba Plant, Matsuya, Toshiba Tec and Modec