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Opalesque Exclusive: Trident Pacific points to Japanese earnings growth, fund up 9.57% YTD
Sydney based Trident Pacific Capital, who the Trident Pacific Japan Absolute (Cayman) fund, a long/short Japanese "concentrated directional" equities hedge fund, points to the profit growth of Japanese companies. Trident notes that at the end of the fiscal first quarter earnings reporting, the largest 400 Japanese listed corporations (ex financials) forecast recurring profit growth of 12.1% for the full year. This compares to forecasted recurring profit growth of 8.9% during the June survey.
Trident also said the Yen carry trade continued unwinding. The Yen strengthened to 116.24 against the US $ at month end. Japanese exporters on average assume an exchange rate of around Yen/US $ 114 in their earnings forecast for the full year.
Trident Pacific Japan Absolute (Cayman) fund is up 0.62% for August, its YTD stands at 9.57%. Corporate website: Source
Japan hedge funds have worst month in 7 years
From Bloomberg.com: Hedge funds investing in Japan had their worst monthly performance for seven years in August, as global stock-indexes fell on fallout from U.S. subprime mortgage defaults, according to Eurekahedge.
The Eurekahedge Japan Hedge Fund Index, which tracks 124 funds investing in Japan, fell 3.4 percent in August -- the biggest drop since it started in January 2000, according to Eurek...................... To view our full article Click here
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