The Japanese market was not spared from the global turmoil in August. After plunging nearly 14% in the first two weeks, the TOPIX recovered somewhat to finish the month down 8.38%. Not surprisingly in this environment, performance from Japan long/shorts was very mixed.
Stock selection was key for Hayate Japan which was up 7.92% to take three-month numbers to 13.55%. Domestic players such as retail companies and IT related firms contributed most to the long side, while exporters in electronics and the machinery sector contributed well on the short side.
Ginga Explorer Fund was off by 0.16% to