The Marshall Wace Japan, Asia ex-Japan and Asia Diversified TOPS strategies all performed well in January, returning 1.62%, 3.25% and 2.56%, respectively. The Asia Diversified TOPS strategy invests 40% of its capital in the Japan TOPS Trust and 60% in the Asia Ex-Japan TOPS Trust.
Short positions in consumer durables, apparel and real estate generated the largest gains for the Japan TOPS application. The strategy continues to maintain a very liquid portfolio - as a monthly average, 99.64% of the fund's assets could be liquidated within one trading day.
China was the biggest single contributor to the January performance