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Komfie Manalo, Opalesque Asia: APS Asset Management, the Singapore-based fund management firm said that its APS Japan Alpha Fund gained 2.55% in July, outperforming the benchmark by 0.44 percentage points. Year-to-date, the fund jumped 23.63%, outperforming the benchmark by 11.12 percentage points.
APS said in its monthly report to investors, "In July, we continued to exploit 'perception gaps' between APS' and the market's assessment of specific stocks. We initiated positions in stocks such as Cocokara Fine, where our rigorous research found that they were trading far below their intrinsic value. On the other hand, we trimmed positions that met or approached our target price and we will continue to sell off stocks with narrowing 'perception gaps'."
Eiken Chemical, manufacturer and seller of various types of clinical diagnostics and equipment, was the biggest contributor to the fund's performance in July as the company reported solid quarterly results with 66% sales growth in its overseas business which has been the company's focus.
Importantly the US fecal immunochemical testing business improved from flattish growth last year to double digit growth currently thanks to the company's effective marketing strategies which improved investors' sentiment. "We continue to believe that the overseas business expansion will materially drive the company's sales and profits going forward," the fund added.
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