Atlantis Japan underperformed the TOPIX Index over the year to the end of April 2016, returning -6.4% against -4.6% for the Index in US dollar terms (-1% vs +1% in sterling terms). The statement says performance relative to TOPIX was
negatively affected by the maintenance of net gearing during most of the year and the concentration on growth which had temporarily fallen out of favour with the market. At the end of the period they were holding cash against their borrowings and net gearing was negligible. There is no information on the contribution of individual stoks to the fund’s performance in the statement.
AJG : Atlantis Japan underperforms