The Bank of Bermuda Asia Hedge Composite put on 6.5% in 2004.
Australia and Japan were the high flyers in 2004. Australia put on nearly 20% after a strong December while Japan long/short yen gained 11%. Both of the regional strategies did poorly in 2004, virtually matching each other for performance at about 6.6%. A comparatively strong December performance boosted Asia including Japan returns.
Other strong performances were notched in Emerging Markets (12.78%), Japan long/short USD (7.58%), Asia ex-Japan USD (6.69%) and Asia inc-Japan USD( 6.63%).