Although TOPIX continued on its upward run with a gain of 8.3% in April, most of this was established in the first three days. The market moved sideways for the remainder.
For those who were long in the right places - automotive in particular - there were good gains to be had.
Robert Macrae's Arcus Zensen was up 6.4% for the month, bringing three-month numbers to 10.25%. The fund saw a recovery in several of its major companies trading at low valuations, including some of its more volatile positions such as Nissan - which Macrae believes was oversold last