FPP Japan keeps its cash in hand


June was another month for keeping the powder dry as far as the managers of the FPP Japan fund were concerned - only 21.6% of the fund's net asset value was invested on the long side, shorts accounted for 5.7% and the rest was in cash. At the end of June the fund had only 13 long positions and 5 shorts.

Portfolio managers Richard Whittall and Alexander Griffin came away from recent visits to Japan with the view that the chances of a revival in earnings remain slim, while the market is in a V-shaped recovery, and is