The MSCI Japan was up 0.8% in October, but this figure masked considerable volatility with choppy conditions early in the month giving way to a mid-month rally.
A number of negative factors are still affecting sentiment, including fears over the health of the global economy and the ongoing Sen-kaku/Diaoyu dispute between Japan and China. Returns from long/short funds were mixed.
One of the best performers in the sector was Arcus Zensen, which gained 4.17% to leave three-month numbers at 2.61%. Within the portfolio the biggest contribution to returns came from a holding in EAccess. Telecom major Softbank announced