Gartmore launches Japan Absolute Return fund

Gartmore has launched its Japan Absolute Return fund managed by John Stewart.

The fund is a Ucits III onshore version of the AlphaGen Hokuto, a Japan Equity long/short strategy managed by Stewart and his team from the Gartmore Tokyo office. Hokuto was launched under Stewart in November 2000 and has delivered an annualised net return of 6.8% since inception, compared to an annualised return of -2.1% from the Nikkei 225. The portfolio will focus on large cap companies typically over ¥100bn and will hold about 100 names with a top position of 5%. Gartmore had hoped to merge the £25.1m Gartmore Japan Opportunities fund into the new vehicle but the move was vetoe...