In a brutal month for global markets, TOPIX proved surprisingly resilient, falling just 1.2%. Although results from Japan long/shorts were widely dispersed, those who were overweight domestic demand-related sectors seemed to do best.
Riverwest Japan Strategy Fund was up 1.06% to leave year to date numbers at 2.71%. The fund had been cautiously positioned in light of the uncertain macro picture, with a skew in the long book towards post-quake demand-related sectors and the ‘other financing business’ sector, and underweighted the machinery sector where the managers saw weak order volume.
Ginga Explorer Fund was up 3.06% taking YTD