Japan contributed the lion's share of the 6.99% gains made by the Optimal Asia Pacific Fund in March. Eight out of the top 10 contributors were Japanese. The fund's high level of net exposure - 57.6% for the month - was a plus and a forex forward in place helped offset the effect of the weak yen against the dollar, says Optimal Fund Management's Warwick Johnson.
Of the fund's net exposure, more than half was in Japan. The fund's forex hedging of the yen was a boost, while the Australian dollar hedge was a small negative. While Japan