Japanese funds are doing well and fund managers are optimistic on the market, suggests research conducted by Standard & Poor's.
Defensively positioned Japanese funds suffered in the first quarter of 2004, but rallied in the second quarter, while cyclicals appear to have performed well in the first quarter and then underperformed in the second. Smaller cap funds also outperformed, returning 47.1% over the year, according to S&P statistics. As a result, fund manager optimism is improving, compared with previous months when fund manager investment briefings suggested Japanese bank debts still posed a threat to profitability of stocks. Osamu Tokuno, manager of Invesco's Japan Enterprise fun -rated second out of...
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