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B. G., Opalesque Geneva:

SPARX Asset Management's Japan Long-Short Fund (USD class) returned 15.98% in 2019, against the TOPIX's 13.7%.

"In Q4 2019, the Japanese stock market continued its substantial rise, due to high global stock prices resulting from progress in US-China trade talks and to the yen trending weaker in exchange markets," says the fund's December report seen by Opalesque. "Improving economic indicators in the US, China, and other countries have given the market a sense of security. In Q4 2019, the Nikkei Stock Average rose by +8.74%. Under these circumstances, the Fund's performance rose by 4.54%."

Stock prices rose in the IT and telecom, machinery, and service industries, contributing positively to the long book performance. The primary contributors were Maruwa Co. (semiconductors), Amvis Holdings (medical hospice centers), and Tri Chemical Laboratories (semiconductors).

Conversely, falling share prices primarily for TKP Corporation (convention and event management services and other businesses), Twenty-four seven (personal training, gyms, English-language schools), and Studio Atao (bags and purses) dragged down the fund's performance.

The fund has annualized 8.3% since its June 1997 inception, against the TOPIX's -2.6% (and the TOPIX ($ hedged)'s 3%).

"The Japanese stock market grew to set a record high for the year, and its year-end value was......................

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