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By Benedicte Gravrand, Opalesque London:
2005 is remembered as the last good year for Japan hedge funds. The Eurekahedge Japan Hedge Fund Index returned +22.72% that year (after having returned positive numbers since 2000), and has been negative ever since. Last year, the index was down 11.57%, and it now stands at -0.88% (est.) YTD to end-April-09 - compared to the Eurekahedge Asian Hedge Fund Index which is at +3.92% YTD. Since January 2000, the Japan index has annualised +4.62% whereas the Asia index has annualised +8.47%.
Japan's economy has shrunk significantly, according to recent numbers: GDP fell an annualised 15% in Q1-09 (4% on a non-annualized basis), the economy contracted 3.5% (the most since records began in 1955) and exports plunged 26%. "There was a collapse across the board," a senior economist told Bloomberg.com. Still, he added, there's "light at the end of the tunnel" and the economy will resume growing this quarter as companies replenish inventories and stimulus plans at home and abroad take effect.
We also heard last month that the hedge fund TCI had cut $1bln of short positions in Japanese stocks in two months and that ...................... To view our full article Click here
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