PK Japan profits on cautious outlook

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A strategy of avoiding or shorting of global cyclicals and focus on cashed-up steady growers on the long side paid off for the PK Japan USD A Shares fund in September, with the fund up 2.97% for the month and 0.29% year-to-date. PK Investment Management’s Paul Kirkby has a strong conviction that world growth will disappoint for some time as a result of the balance sheet recession in the major economies. Caution on the global outlook led to profits in the derivatives book, where the fund has held some hedges against global markets risk for the last few