March was one of the most testing months for Japan investors in recent memory, with the market dominated by the sequence of tragic events that unfolded after the earthquake. After plunging mid-month the MSCI Japan staged a recovery to end March down 9%. The Japan long/short median was fairly resilient at -2.04%.
Myojo Riodas was down 21.85% on the month to take three-month numbers to -6.88%. Immediately after the earthquake the managers changed some weightings in individual names and temporarily reduced the net position to 60%. Of others that were hit relatively hard, Apex North Asia was down