While other developed stock markets rallied in October, Japan had a relatively quiet month with the TOPIX rising just 0.38%.
Riverwest Japan Strategy Fund was up 0.92% on the month taking three-month figures to 3.09%. The managers increased their long beta position during the month after the release of better US economic indicators.
Ginga Service Sector Fund was up 0.01%, leaving three-month numbers at 2.49%. The fund generated positive returns with its top long positions, but the short side was hit by rapid reversals in a short time frame after sentiment improved.
Nezu Japan Fund was up 1.82%