The Henderson Japan Absolute Return Fund was launched in July 2000 by co-managers William Garnett and Jeremy Hall who, between them, have over 34 years experience managing Japanese equities at Henderson. The 8-year old fund has returned 88.8% in US $ terms (to July’08). By contrast, the Tokyo Stock Exchange First Section Index (TOPIX) fell by 7.4% over that period.
The Eurekahedge Japan Hedge Fund Index annualised 6.5% from its January 2000 inception to July 2008, and went down 2.31% (est.) in August (-7.87% YTD, +65.80% since inception).
“Bull markets were pleasant things that happened to other investors”
Co-managers William Garnett and Jeremy Hall told Opalesque in an email communication that unlike elsewhere over much of the past decade, Japanese equity long-short managers had had to operate in an environment where market direction tended to be negative rather than positive. Bull markets were pleasant things that happened to other investors. However, diminishing expectations for global growth are now drawing attention to their experience. Interestingly, the team sees concentrated portfolios of stocks across all market caps as a key way of delivering stable returns in turbulent times. They added: “It is better to know a few stocks very well than to rely on the law of averages in longer portfolios.”
The Henderson Japan investment philosophy is to invest in quality companies, defined as those with high or improving returns of capital, at reasonable valuations.
Economic outlook for Japan: not immune but no return to the 90s Garnett and Hall gave their outlook on Japan to Opalesque. The near-term economic outlook for Japan is one of continuing slowdown in line with the global ec......................
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Henderson Japan Absolute Return Fund up 1.84% YTD...
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