Over a tough Q2 only a handful of Japan long/shorts posted positive numbers. June saw further falls for many, against the backdrop of a market that was down 4.4%.
A June return of 0.38% put Blue Sky Japan's June three-month figures at 6.61%. Lindsell Train was up 2.57% on the month to take three-month returns to 5.1%. During June, the fund benefited partly from the rising yen, but individual long positions in stable businesses such as Kao, Astellas and Takeda also contributed.
During the month, one holding, Meiko Network, reported better-than-expected half-year numbers, while manager Michael Lindsell added