Although TOPIX was off just 0.7% in January the market was unsettled, rising in the first half of the month before giving back gains in the second.
AlphaGen Tenro had a strong month, rising by 5.4% to take three-month gains to 8.67%. During the month good contributions came from both the long and the short book, as managers John Stewart and Robert Tull correctly timed the intra-month sector rotation. Top-performing long positions included Nintendo and Mazda Motor.
Boyer Allan Japan was up 3.23% on the month to take three-month returns to 5.94% and DB Torus Japan saw an estimated 1.17%