LESLEY Kaye, GAM's investment director, admitted its Japan funds had struggled this year after the yen weakened against the US dollar - but he remains optimistic for the future.
The fall in the value of the currency came as a surprise to the fund house, she revealed, and sparked a rally in exporters such as Toyota, Canon and Ricoh – an area in which GAM is underweight. Kaye blamed recent change in the CPI index calculations as another reason for underperformance, but said the yen was not the only thing to hit GAM Star Japan Equity, Japan, Japan Equity Hedge, Star Asia-Pacific Equity and Pacific funds. She cited a lack of exposure to rallying pharmaceuticals. However, going forward, the picture was far more promising. Although there were fears the Bank of ...
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