Good navigation between different markets helped the Marshall Wace Asia ex-Japan TOPS fund gain an estimated 5.21% in December, and the fund was up 25.02% for the full year. The fund had exposure to Korea and Taiwan, which both performed strongly, and was reasonably neutral in Hong Kong and China, says Marshall Wace's Des Anderson. Most of the gains came from holdings in materials, insurance and retail.
For the Marshall Wace Japan TOPS Fund, December brought an estimated 1.57% gain, which sees the fund up 26.69% in 2009. Japan has always had a reputation for potential alpha, and the