After cutting a sometimes lonely figure as a staunch bear amid Japan’s stock-market rally, Shannon McConaghy has been vindicated.
The $48 million Japan-focused hedge fund he manages for London-based Horseman Capital Management Ltd. returned 10 percent in the first 10 months of the year, a gain that would have ranked it second best among Japan long-short equity hedge funds tracked by Eurekahedge Pte. Such funds have lost 4.2 percent on average this year and only a third have made money.
