March was a mixed month for equity-focused Asia hedge fund managers. The AsiaHedge Composite median nudged up a flattish 0.59% during the month compared to the negative 4.96% return of the MSCI Pacific Free Net.
The upside for the index was muted by underperformance from Chinese and Indian equity funds relative to their benchmarks.
While Japan-focused funds posted returns that were the worst across all funds in March – yen-denominated equity funds slipped 2.99% – investors can take comfort that it was far superior to the TOPIX’s 7.61% meltdown.
US dollar-denominated Japan equity