Asia-focused hedge fund Central Asset Investments (CAI) has cut its entire exposure to Japan, including stakes in blue chip companies such as Canon and Toyota Motor Corp Chief Executive Eddie Tam, whose CAI Global Fund rose 48 percent last year to become one of the top-10 multi-strategy hedge funds tracked by Lipper in the world, said on Friday about 15 percent of his portfolio was in Japan before the earthquake.
He did not disclose his exact assets but said the fund was approaching $250 million, up from $70 million at the end of 2009. Tam, who founded the firm in 2005, said even as the yen and Japan'a Nikkei benchmark stock index had staged a technical rebound, and many hedge funds and long-only funds were net buyers on Monday, the markets could drift back.