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By Benedicte Gravrand, Opalesque London: This year, up until the end of July, the fund rose 1.84% whereas the Eurekahedge Japan HF index stood at -5.6% YTD and Topix fell a significant 10.7%. The $180.4m hedge fund has volatility running at less than half that of the market’s 20%.

The Henderson Japan Absolute Return Fund was launched in July 2000 by co-managers William Garnett and Jeremy Hall who, between them, have over 34 years experience managing Japanese equities at Henderson. The 8-year old fund has returned 88.8% in US $ terms (to July’08). By contrast, the Tokyo Stock Exchange First Section Index (TOPIX) fell by 7.4% over that period.

The Eurekahedge Japan Hedge Fund Index annualised 6.5% from its January 2000 inception to July 2008, and went down 2.31% (est.) in August (-7.87% YTD, +65.80% since inception).

“Bull markets were pleasant things that happened to other investors” Co-managers William Garnett and Jeremy Hall told Opalesque in an email communication that unlike elsewhere over much of the past decade, Japanese equity long-short managers had had to operate in an environment where market direction tended to be negative rather than positive. Bull markets were pleasant things that happened to other investors. However, diminishing expectations for global growth are now drawing attention to their experience. Interestingly, the team sees concentrated portfolios of stocks across all market caps as a......................

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