Save the Date....

April 1 marks the beginning of the new fiscal year for Japan. Though hard to quantify, portfolio reallocation in Japan may be evident in price movements between now and mid-April, especially considering the large gains in Japanese equity markets that investors will attempt to lock-in.

Similarly, US investors may liquidate investments to raise cash for April 15. Anecdotally, many hedge funds have a window open prior to April 15 during which limited partners may request distributions.