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Komfie Manalo, Opalesque Asia:

The Japanese stock market rallied in July as foreign investors continued to be net buyers, with an improved view on Japanese stocks; TOPIX and the Nikkei were up 2.1% and 3.0% respectively for the month, according to Singapore-based hedge fund consultant GFIA.

According to GFIA, Japanese managers generally tracked the indices; UMJ Kotoshiro went up 2.1% with contributions coming from single stock selection. The portfolio manager has reduced the net exposure to 25% as the long and short portfolios are starting to indicate similar beta figures. Similarly, Monterey (0.9%) has also being lowering its gross and net exposure by reducing the long bias side amidst the earnings seasons.

"Simplex J Flag inched 0.9% upwards and ended the month with a long biased portfolio. Shin-Ka (2.4%) continues to allocate to the external demand stocks and sell the internal demand names with the season’s earnings in mind. The strategy has worked well, resulting in the fund gaining 2.4% in July. Japan’s high trading volumes and volatility provided a good trading environment for the Akito Fund (2.7%). Market neutral Arena Capital Offshore Fund (0.8%) continued its third consecutive positive streaks in July, driven by good earnings results from the companies in their buckets," the report said.

Four Seasons Spring Fund (0.5%), a strategy that seeks for "change" as catalysts, is positioning itself for the various changes that are happening in Japan, e.g. the p......................

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