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From Sagar Chakraverty, Opalesque Asia:
Japan, the land of rising run, innovations, and technologies, is increasingly struggling for growth after the global crisis. But one hedge fund manager sees silver lining around the grey clouds.
SPARX Asset Management is Asia's number one hedge fund manager and a centre for Asian investment intelligence, with total AUM of approximately $6.5bn. Of this amount, 41% is managed by SPARX, 36% is managed by COSMO (a Korean investment firm that is 60%-owned by SPARX), and 23% is managed by Hong-Kong-based PMA, one of the largest multi-strategy hedge funds in Asia ex-Japan.
SPARX is optimistic about recent initiation of the recovery process. Much of this recovery depends on demand from developed markets. The firm believes that a supportive environment is ahead for L/S investors in Japan.
SPARX' Japan L/S equity strategy manages nearly $815m (or 76bn yen) as of 31-March, and in March returned +4.24% in the USD class (3.80%YTD) and +4.37% in the JPY class (3.88%YTD). The performance was boosted by economic improvements in Japan and a weaker yen in response to monetary easing, which has helped Japan's manufacturing sector. Since inception in Aug-97, the fund has returned 394.92%.
Improvements in macro conditions early in 2010 encouraged the firm to increase its long exposure and buy back some short positions. As a result, the fund's net market exposure is 52.75% of NAV (long: 81 and short: 37) as of 31-March.
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