Six-month figures highlight wide dispersion for Japan long/shorts

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After the first six months of 2011 returns from Japan long/shorts are highly diverse, reflecting what has so far been a very challenging market environment.

June was a relatively good month, with TOPIX rising 1.37%, despite the ongoing political stasis in the country.

It was a good month for Ginga Service Sector Fund which was up 2.52% to take six-month numbers to a solid 10.31%. In the unclear market conditions managers Toru Hashizume and Yhu Kuni have used hedge baskets to control portfolio risk while concentrating on individual stock selections through continuous rebalancing to derive medium term alpha