A tough May saw the MSCI Japan down by 1.5%, the third consecutive monthly fall for the index. While the market started the month with some optimism this soon petered out, as worries about the US and Chinese economies, and the continuing strength of the yen, all took their toll.
Within the Japan long/short sector, performance was generally lacklustre, although a few funds posted decent returns.
Akamatsu Fund was up 2.22%, taking three-month returns to -1.12%. The fund made money out of both its long and short books, with best performers including longs in Teikoku Piston Ring, Siix,