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New Managers August 2014

FUND PROFILES: Hayate Japan Equity Long/short fund, Polar Star's commodity hedge funds

Japan hedge fund outperforms by focusing on inefficiencies and irrationalities

Here is a long/short equity fund that focuses on small caps in Japan and is doing so with accomplishment.

After returning almost 99% last year, the Hayate Japan Equity Long/short fund won a number of awards from Eurekahedge and the Global Emerging Manager Awards (GEMA). And while the fund is up 5.6% YTD (to June), Japanese hedge funds on average seem flat so far this year - after having enjoyed 2013 as a year of plenty. The HFRX Japan Index is up 0.67% YTD (to end June), after returning 32.77% in 2013 (8% in 2012, -6.8% in 2011 and 8.3% in 2010). The Eurekahedge Japan Hedge Fund Index is up 0.79% YTD (est., to end July), after returning 27.8% in 2013 (5.6% in 2012, -1% in 2011 and 8% in 2010).

The Hayate fund, which was launched in March 2006, gained 98.7% in 2013, 12% in 2012, 9.5% in 2011 and 2% in 2010. Its only down year was 2007 (-3.2%). In terms of assets under management, it had about $50 million at the end of 2013.

Tokyo's benchmark index, the Nikkei, surged by 56.7% in 2013 (following a rally of 23% in 2012), its biggest annual rise in over 40 years, after a series of government initiatives helped boost investor confidence, weaken the yen (by almost 18% against the US$) and encourage economic expansion, according CNN. But apparently Japan's GDP shrunk by an annualized 6.8% in the second quarter this year, its worst contraction since 2011. Japan stocks are not very upbeat either in 2014. According to Bloomberg, year-to-date, the Nikkei 225 is down 5.7% (+11.5% in the last year), the TOPIX is down 1.9% (+11.2% in the last year), the TSE Mothers is down almost 3% (having recovered in the last few days, and up 3% in the last year), and the JASDAQ is down 0.26% (up 21.8% in the last year). And the US Dollar to Japanese Yen Excha......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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