Odey Japan & General, the $38m (€42m) long-short Japanese equity fund which was launched in October by Odey Asset Management, has returned 8.5% in US dollar terms.

The returns for the fund's first six months compare with the Topix index negative return of -18.9%. Overall, the Credit Suisse First Boston/Tremont Hedge Fund index has been flat since the start of the year, while the S&P 500 and the Dow Jones Industrial index returned -12.1% and -8.4% respectively.