23 Feb 2010 - Performance Report: Optimal Japan Absolute Long Fund

By: Australian Fund Monitors

Report Date	22 February 2010
Manager	Optimal Fund Management
Fund Name	Optimal Japan Absolute Long Fund
Strategy	Equity Long
Latest Return Date	January 2010
Latest Return	2.58%
Latest 6 Months	-1.92%
Latest 12 Months	8.72%
Latest 24 Months	-15.60%
Annualised Since Inception	1.29%
Inception Date	01 September 2004
FUM (millions)	US$210
Fund Overview	Invests in the Japanese equity market with the objective of maximising investor returns. This includes hedging the portfolio. USD denominated and being unhedged is exposed to fluctuations in the Japanese Yen.
Manager Comments	Optimal Japan's Absolute Long Fund generated a positive return of 2.58% in January as many funds with a focus on Japan outperformed funds with an Australian bias. The manager believes that Japanese companies have taken steps to improve their cash flow in order to justify loans from weakened banks or raise fresh equity from markets. Returns on capital bottomed in 1995 and had been improving until the disruption of the 2008-09 economic crisis. Therefore Optimal is of the opinion that returns could be heading higher on a sustained basis with the forecasts from many Japanese companies showing profits recovering to their March 2008 peak levels in the year ending March 2012.
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