JANE SARAH GLENDONRASHMI KWATRA MAGGIE BETH CAMPBELL SALEHAKATHY OSMANI SUTHERLAND LAN SARAH BETTY GEE TARA DOYLE LAURIN KLEIMAN ANNA MALEVA- JANE BUCHAN LUCIA ARIENTIANNA HULL ELLEN WANG TARA SKINNER MOLLYSONIA BLINCOW CLAIRE MUSGRAVE ANKUR DOMINIQUE SONIA GARDNER RACHEL GRACE D’ANTONIO GU BEI SAVILLESARAH LISA SCHIRF TATZIANA PARAGUACUTO-MAHEO ELIF AKTUNG MARINA MOLLY BLINCOW ANKUR KESWANI SARA TIRSCHWELLLESLIE LEIGH BIDDLE FRASER KAREN ANDERBERGMARINA LUTOVA MEYERS MICHELLE KELNER ABIGAIL DOMINIQUE MIELLE AMY ZIPPERJANE CASTLECAROLINE GRACE GREEN- LO LEIGH FRASER BEI SAVILLESARAH DAHAN ALISON SANGER LAUREL ZEYNEP MERIC-SMITH NADIACATHERINE PAPAGIANNIS TAN LESLIE BIDDLE ELIF AKTUNG GRACE LO ABIGAIL BELL ZEYNEP MICHELLE KELNER CAROLINE GREENWALDNADIACATHERINE PAPAGIANNIS TAN LAUREL FITZPATRICK ALEXANDRA JUNG SARAH JANE CASTLE TANIA CAROL REIF WARD TANIA CAROLREIF WARD ALISON SANGER ALEXANDRA JUNG BETH CAMPBELLSARAHRASHMI GLENDON KWATRA RASHMI ABIGAIL BELL AMY ZIPPER MAGGIE ARVEDLUND BETH LAUREL FITZPATRICKZEYNEP MERIC-SMITH JENNIFER DUNN RASHMI KWATRA SALEHA OSMANI BETTY GEE SALEHA SALEHA OSMANI MURIELLE MAMAN KATHY SUTHERLAND KATHY ALEXANDRA JUNG SARAH GLENDON MAGGIE ARVEDLUND BETTY GEE MURIELLE MAMAN TANIA REIF KATHY SUTHERLAND JENNIFER DUNNGIORGIA POZZOLI JANE BUCHAN TARA SARAHDOYLE ILLINGWORTHGIORGIA POZZOLI LUCIA TARAARIENTI DOYLE BETH CAMPBELL LAN WANG SIMONDLAURIN KLEIMANLUCIA ARIENTI LAN WANGJANE BUCHANSIMOND LAN CAROL WARD LAURIN KLEIMAN SARAH BETTY GEE JENNIFER DUNN SARAH ILLINGWORTH TARA SKINNER MAGGIE ARVEDLUND LAURIN KLEIMAN TARA SKINNER MURIELLE MAMAN LUCIATARA ARIENTI DOYLE CLAIRE MUSGRAVE SONIA GARDNERCLAIRE MUSGRAVE ANNA MALEVA- CLAIRETARA MUSGRAVE SKINNER ANNA MALEVA-OTTO SONIA GARDNER ANNA HULL GIORGIA POZZOLIJANE BUCHAN ANNA MALEVA-OTTO ELLEN WANG SARAH ILLINGWORTH ELLENMOLLY WANG BLINCOW ELLEN WANG ANNA HULL SONIA TARA DOYLE ANNA HULL MOLLY BLINCOW MOLLY BLINCOW ANKUR KESWANI LISA SCHIRF RACHEL D’ANTONIO ANKUR LAN WANG SIMOND LISA KARENSCHIRF RACHELANDERBERG D’ANTONIO ANKUR KESWANIKAREN ANDERBERG LUCIA ARIENTI SONIA GARDNER GRACE GU LEIGH FRASER DOMINIQUE LISA SCHIRF BEI SAVILLE ANKUR KESWANI LEIGH FRASER GRACE GU SARAH ANNA HULL GRACE GU TATZIANA PARAGUACUTO-MAHEO ELIF AKTUNG ANNA MALEVA-OTTO KAREN RACHEL ANDERBERG D’ANTONIO DOMINIQUE MIELLE MARINA MOLLY BLINCOW TATZIANA PARAGUACUTO-MAHEOLESLIE BIDDLE DOMINIQUEBEI SAVILLE MIELLE LESLIELEIGH BIDDLE FRASER DOMINIQUE MIELLE BEI SAVILLESARAH DAHAN TATZIANASARA LESLIEPARAGUACUTO-MAHEOTIRSCHWELL BIDDLE ELIF AKTUNGSARAH DAHAN SARA TIRSCHWELL ELLEN WANG SARA TIRSCHWELL ELIF AKTUNG RACHEL D'ANTONIO LEIGH FRASER BEI SAVILLE MARINA LUTOVA MEYERS GRACE GU MARINA LUTOVA MEYERS MICHELLE KELNER MICHELLE KELNER MICHELLE KELNER CAROLINEGRACE GREEN- LO ABIGAIL MARINA LUTOVA MEYERS ALISON AMY SANGER ZIPPERJANE CASTLE KAREN ANDERBERG ELIF AKTUNGSARAH DAHAN LAUREL MICHELLE KELNER ABIGAIL BELL LAUREL FITZPATRICK NADIACATHERINE PAPAGIANNIS TAN TATZIANA PARAGUACUTO-MAHEOLESLIE BIDDLE CAROLINE GREENWALD AMY ZIPPERJANE CASTLE GRACE LO ABIGAIL BELL ZEYNEP MERIC-SMITH GRACE LO LAUREL FITZPATRICK AMY ZIPPERJANE CASTLE ABIGAIL BELL ALISON SANGER NADIACATHERINE PAPAGIANNIS TAN ZEYNEP CATHERINE TAN ALISON SANGER GRACE LO CATHERINE TAN CAROLINE GREENWALD ALEXANDRA JUNG SARAH DAHAN CAROLINE GREENWALDNADIA PAPAGIANNIS SARAH SARA TIRSCHWELL ALISON SANGER ZEYNEP MERIC-SMITH NADIA PAPAGIANNIS ZEYNEP MERIC-SMITH LAUREL FITZPATRICKTANIACAROL REIF WARD CAROL WARD MARINA LUTOVA MEYERS ZEYNEP MERIC-SMITH ALEXANDRA JUNG SARAH GLENDON TANIA REIF ELIF AKTUNG AMY JANEZIPPER CASTLE ALEXANDRA JUNG ALEXANDRA JUNG BETH CAMPBELL RASHMI KWATRA RASHMI CASTLE LAUREL FITZPATRICK TANIACAROL REIF WARD MAGGIE ARVEDLUND BETH ABIGAIL BELL TANIACAROL REIF WARD JENNIFER DUNN JENNIFER DUNN CAROLINE GREENWALD ALEXANDRA JUNG SARAH GLENDON BETH CAMPBELL SALEHA OSMANI SALEHA GRACE LO TANIA REIF JENNIFER DUNN BETH CAMPBELL RASHMI KWATRA MURIELLE MAMAN KATHY SUTHERLAND BETTY GEE KATHY RASHMI KWATRAMAGGIE ARVEDLUND SARAH GLENDON SALEHA OSMANI MURIELLE MAMAN NADIA PAPAGIANNIS RASHMI KWATRAMAGGIE ARVEDLUND MAGGIE ARVEDLUND BETTY GEE CATHERINE TAN CAROL WARDSARAH GLENDON SALEHA OSMANI KATHY SUTHERLAND KATHY SUTHERLAND JENNIFER DUNN KATHY SUTHERLANDMURIELLE MAMAN SALEHA OSMANI GIORGIA POZZOLIJANE BUCHAN ARVEDLUND MURIELLE MAMAN TARA SARAHDOYLE ILLINGWORTH GIORGIA POZZOLI LUCIA TARAARIENTI DOYLE MURIELLE MAMANBETH CAMPBELL TARA DOYLE LAN WANG SIMONDLAURIN KLEIMAN LUCIA ARIENTI LAN WANGJANE BUCHANSIMONDLAURIN KLEIMAN JENNIFER DUNN BETTY GEE SARAH ILLINGWORTH TARA SARAH DOYLE ILLINGWORTH GIORGIA POZZOLIJANE BETTYBUCHAN GEE OTTO GIORGIA POZZOLIJANE BUCHAN SARAH ILLINGWORTHLAN WANG SIMOND SARAH ILLINGWORTH TARA SKINNER BETTY GEE LUCIA ARIENTI LAN WANG SIMOND LAURIN KLEIMAN TARA DOYLE CLAIRE TARA MUSGRAVE SKINNER wo years ago SONIAwe wrote GARDNER in this publication about our GIORGIA POZZOLI LAURIN KLEIMAN LUCIA ARIENTI LUCIA ARIENTI CLAIRE MUSGRAVE ANNA MALEVA- WANG SIMOND LAURIN KLEIMAN CLAIRE TARA MUSGRAVE SKINNER SONIA GARDNER ANNA HULLconviction in Japanese hedge funds, due to their TARA SKINNER TARA SKINNER ANNA MALEVA-OTTO ELLEN WANG JANE BUCHAN CLAIRE MUSGRAVE ELLENMOLLY WANG BLINCOW ANNA MALEVA-OTTO ANNA HULL ANNA HULL CLAIRE MUSGRAVE ANNA HULL ANNA HULL track record of generating consistent alpha and GARDNER SONIA GARDNER ANKUR KESWANI RACHEL D’ANTONIO MOLLY BLINCOW RACHEL D’ANTONIO KESWANI ANNA MALEVA-OTTO RACHEL D’ANTONIO ANNA MALEVA-OTTOELLEN WANG LISA SCHIRF managing risk during ANKUR down KESWANILISA periods KARENSCHIRF inANDERBERG the markets. MIELLE ELLEN WANG MOLLYSONIA BLINCOW GARDNER KAREN ANDERBERG GRACE GU RACHEL D’ANTONIO MOLLY BLINCOW LISA SCHIRF Similarly, we LEIGHexplained FRASER how these managers had, LISA SCHIRF LISA SCHIRF ANKUR KESWANI GRACE GU KAREN ANDERBERG GRACE GU RACHEL D’ANTONIO LEIGH FRASER over the course of almost two decades, acquired GRACE GU GRACE GU DOMINIQUE MIELLE DAHAN ANKUR KESWANI KAREN ANDERBERG KAREN ANDERBERGTATZIANA PARAGUACUTO-MAHEOLESLIE BIDDLE a unique set of skills which DOMINIQUE had helped MIELLE them to WALD DOMINIQUE MIELLE SARA TIRSCHWELL BEI SAVILLESARAH DAHAN TATZIANASARA PARAGUACUTO-MAHEOLESLIETIRSCHWELL BIDDLE BEI ELIFSAVILLE AKTUNGSARAH DAHAN LEIGH FRASER SARAH DAHAN ELIF AKTUNG navigate through tough market conditions MARINAand LUTOVA MEYERS LUTOVA MEYERS LESLIE BIDDLE MICHELLE KELNER TATZIANA PARAGUACUTO-MAHEOLESLIE BIDDLE DOMINIQUE BEI SAVILLE MIELLE TATZIANA PARAGUACUTO-MAHEO LEIGH FRASER BEI SAVILLE MARINA LUTOVA MEYERS deliver attractive MICHELLElong-term KELNER risk adjusted returns. SARA TIRSCHWELL SARA TIRSCHWELL MARINA LUTOVA MEYERS BELL ELIF AKTUNG ELIF AKTUNGSARAH DAHAN We discussedLAUREL how FITZPATRICKthe size and depth of the MARINA LUTOVA MEYERS MICHELLE KELNER ABIGAIL BELL FITZPATRICK JANE CASTLECAROLINE JapaneseGREENWALDABIGAIL stock BELLmarkets, coupledAMY with ZIPPERJANE low CASTLE research GRACE LO JANE CASTLE LAUREL FITZPATRICK AMY ZIPPER ALISON SANGER MICHELLE KELNER GRACE LOCATHERINE TAN ALISON SANGER coverageCATHERINE compared TAN to other developed markets,CAROLINE GREENWALD MERIC-SMITH CAROLINE GREENWALDABIGAIL BELL CAROLINE GREENWALDNADIA PAPAGIANNIS ZEYNEP MERIC-SMITH GRACE LO ALISON SANGER NADIA PAPAGIANNIS ZEYNEP MERIC-SMITH ALISON SANGER ZEYNEP MERIC-SMITH provide the right investment framework for home- AMY ZIPPER GRACE LO CATHERINE TAN AMY JANEZIPPER CASTLE ALEXANDRA JUNG NADIA PAPAGIANNISLAUREL FITZPATRICK grown hedge fund ALEXANDRA managers JUNG to develop an edge CAMPBELL CAROL WARD GLENDON TANIA CAROL REIF WARD over foreign institutionalJENNIFER DUNN allocators TANIA REIF as well as local ALEXANDRA JUNG SARAH GLENDON BETH CAMPBELLRASHMI KWATRA KWATRA TANIA REIF RASHMI KWATRA JENNIFER DUNN BETH CAMPBELLretail investors, and how these managers were able OSMANI MAGGIE ARVEDLUND SARAH GLENDON SARAH GLENDONSALEHA OSMANI RASHMIto uncover KWATRAMAGGIE mispricing ARVEDLUND opportunities. SUTHERLAND CAROL WARD KATHY SUTHERLAND SALEHA KATHY OSMANI SUTHERLAND MAGGIE ARVEDLUND MURIELLE MAMAN BETH CAMPBELL TARA DOYLE MURIELLE MAMAN JENNIFER DUNNMURIELLE MAMAN BETTY GEE returns of +2.5% with a volatility of 5% for the period ILLINGWORTH TARASARAH DOYLE ILLINGWORTH We also looked into how aGIORGIA range POZZOLIofJANE idiosyncratic BETTYBUCHAN GEE GIORGIA POZZOLIJANE BUCHAN SARAH ILLINGWORTH from June 2015 to December 2016. Over the same OTTO BETTY GEE LUCIA ARIENTI LAN WANG SIMOND factors such as cultural differencesLAN WANGand the SIMOND LAURINlanguage KLEIMAN GIORGIA POZZOLI LAURIN KLEIMAN LUCIA ARIENTI timeframe a long only investor in the Topix Index WANG SIMOND TARA SKINNER LAURINbarrier KLEIMANTARA have SKINNER made it harder for foreign investors to JANE BUCHAN CLAIRE MUSGRAVE participate in the market, and have allowed local would have lost -11% and suffered a volatility of 20%. ANNA HULL CLAIRE MUSGRAVE GARDNER managers to be alpha ANNA generators. HULL Our conclusion at While the Topix Index gained 134% during the period KESWANI ANNA MALEVA-OTTO SONIA GARDNER RACHEL D’ANTONIOANNA MALEVA-OTTO ELLEN WANG ELLENMOLLY WANG BLINCOW of January 2012 through May 2015, Japanese hedge MIELLE RACHEL D’ANTONIO MOLLY BLINCOW the time was that while the changed macro SONIA outlook GARDNER LISA SCHIRF LISA SCHIRF funds measured by the Eurekahedge Japan Hedge GRACE GU for Japan had triggered increased flows from ANKUR global KESWANI KAREN ANDERBERG GRACE GU Fund Index, gained 50% but with a volatility of only DAHAN ANKURlong KESWANI onlyKAREN allocators, ANDERBERG investors should challenge 6% compared with 17% for the Topix Index, and they