Although TOPIX moved only slightly in April- up 0.84% – a number of hedge funds showed good alpha-generation, posting decent gains for the month.
Hachiman Japan was up 7.17% taking three-month numbers to 15.62%. Gains came from both the long and short books, the former benefitting from positions in Leopalace and Haseko, while the latter did well thanks to a steel manufacturer and an apparel retailer.
Sector Zen gained 6.32% to take three-month numbers to 18.66%, while GAM Japan was up 3.82% to put three-month figures at 12.26%. Whitney Select Japan Fund gained an estimated 5.02% to take three-month numbers