Two Investment Association (IA) sectors for investing solely in the Japanese equity market were the best performing in November.
The IA Japanese Smaller Companies sector was the absolute best performer, returning 1.5 per cent in November while the IA Japan sector returned 1.25 per cent over the month.
The worst performing fund sectors were the three related to European equities.
The IA European Smaller Companies sector returned minus 1.71 per cent in November, the IA Europe Excluding UK sector lost 1.23 per cent in the month, and the IA Europe Including UK sector lost 1.1 per cent.
In contrast, the IA UK All Companies sector lost 0.98 per cent.
Adrian Lowcock, investment director at Architas, said: "Japan's recent strong trend continued into November although returns from all sectors were much more muted compared to the previous month.
"Japan continues to benefit from political stability following (current prime minister of Japan) Shinzo Abe's election victory and by strong corporate earnings growth which has outstripped other developed economies."
| Fund | Percentage Return |
| Argonaut FP Argonaut Absolute Return | 6.07 |
| Legg Mason IF Japan Equity | 5.66 |
| First State Japan Focus | 5.26 |
| RWC Nissay Japan Focus | 4.97 |
| Baillie Gifford Japanese Smaller Companies | 4.87 |
| Polar Capital UK Absolute Equity | 4.67 |
| Charlemagne Magna Africa | 4.43 |
| Lindsell Train Japanese Equity TR | 4.09 |
| Baring Korea Trust | 4.02 |
| Elite Webb Capital Smaller Cos Inc & Growth | 4 |
The best performing fund over the past month was the £85m Argonaut Absolute Return fund, which returned 6 per cent in November.
This is run by Barry Norris, the founder of Argonaut who formerly ran funds at Baillie Gifford and Neptune.
The next best performer was Legg Mason Japan Equity.
david.thorpe@ft.com
