Performance

Japan ends volatile month on an upswing

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As global markets rallied strongly during March Japanese equities staged their own final-week surge and TOPIX ended the month up 3.4%, with mid-cap stocks leading the way. In this volatile environment returns from long/short funds were mixed.

Martin Currie AR Japan was up 4.9% on the month to bring first-quarter returns to 1.74%. Managers John-Paul Temperley and Keith Donaldson generated strong alpha via their long book through cyclical names such as JTEKT, Nitto Denko and Makino Milling.

Arcus Zensen was up 2.9% on the month bringing the first quarter returns to a solid 5.59%. The portfolio was boosted