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Alternative Market Briefing

Myriad Asset shutters Japan-focused hedge fund on weak outlook

Friday, May 06, 2016

Komfie Manalo, Opalesque Asia:

Hong Kong-based hedge fund firm Myriad Asset Management led by Carl Huttenlocher has announced plans to shut down its Japan-focused hedge fund, Japan Reflation Fund, less than a year after its launch because of uncertainties regarding the so-called Abenomics.

According to Bloomberg, the $4bn Myriad Asset has revised its outlook on Japan and is less optimistic that Prime Minister Shinzo Abe can turnaround the nation’s economy and stop deflation through various stimulus programs.

The report cited an unnamed source claiming that Myriad has started to liquidate the $420m Japan Reflation Fund since the end of last year and returned investors money.

Myriad outlook on Japan reflects the bearish stance of global investors, including BlackRock which has ended its bullish calls on Abe’s economic measures, with economic indicators deteriorating, backfiring of a stimulus plan by the Bank of Japan and the surge in the yen.

As of May 4, the benchmark Topix is the fourth-worst performing primary stock according to Bloomberg in local currency terms as it fell almost 16%. Foreign investors have been selling Japanese equities, the report added.

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