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By Matthias Knab: The Wolver Hill Japan Multi-Strategy Offshore Fund, which is advised by Tokyo-based Rogers Investment Advisors, has clocked in a remarkable 3.37% net return for December 2008, bringing 2008 performance to 5.65%. Already in 2007, the fund strongly outperformed the TOPIX 150 index and the Eurekahedge Japan hedge fund index. The fund was launch in November 2006 and returned 12.72% net since then.

Ed Rogers, CEO of Rogers Investment Advisors explained to Opalesque that the outperformance was due to the outstanding performance of his top five managers, each of whom had returns of greater than +10% for 2008. These managers represent a diversified set of strategies including Statistical Arbitrage, Event Driven, Convertible Bond Arbitrage and Equity Long/Short trading. Ed Rogers added it is important to note that over 25% of the Japanese funds reporting to Eurekahedge had positive returns in 2008.

The TOPIX index was down 46.9% in 2008 (and -12.22% in 2007), while the the Eurekahedge Japan hedge fund index gave up 11.5% in 2008.

In December 2008, Japan reported the lowest business sentiment in 3 decades, and on the FX fron the economy could be hurt by a stronger Yen.

This does not stop the optimists to voice their support for the Japanese hedge fund industry. In November, Credit Suisse's head of alpha strategies Boris Arabadjiev, said that Japanese long-short strategies have weathered reasonably well the market turmoil and that this relat......................

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