Managers cover shorts as global markets are buoyed by QE3


It was a good month for many of the funds in the Asia inc Japan sector, as the announcement of QE3 and positive steps by the ECB fuelled the rally in Asia. Overall, third-quarter numbers were encouraging.

ARA Asian Asset Income was up 4.99% on the month taking three-month figures to 17.58%, while a 9.53% September gain took Hamon Oriental’s third-quarter return to 8.95%.

TIG Ayer Asia was up 2.28% on the month to put third-quarter returns at 1.33%. During the month, manager Jim Ayer covered most of his short positions in basic materials producers and added to