December saw TOPIX staging a strong rebound after declining in October and November. The late rally rounded off what was, in a global context, a disappointing year for Japanese equities, with the USD index up 5.2% for 2009 compared to a rise of 30% for the MSCI World.
Long/shorts saw mixed performance on the year, with wide-ranging returns. At the top end, Arcus Zensen finished the year up 43.5%, the fund's best ever year, after a gain of 1% on the month. Manager Robert Macrae saw positive contributions from exporters and auto stocks such as Nissan Motor, Fuji Heavy