After the first six months of 2009 returns from Japan long/shorts are very mixed. However, many have made the most of the bull run and are now sitting on very strong year-to-date numbers. Many funds with smaller companies exposure have done well in recent months.
Sector Zen was up 7.21% in June bringing first-half numbers to 39.1% and Bonsai Microcap posted a first-half return of 30.11%, fuelled in part by a June return of 6.5%.
Arcus Zensen was up 7.2% on the month to bring six-month returns to 33.08%. The June rally buoyed up some of the fund's undervalued holdings,