Woodbine Gains from Long Japanese Equities, Short Yen

Woodbine Capital is another fund which has short position in yen and has longs in Japanese equities, the investment theme is prevalent among several hedge funds and is one that Kyle Bass of Hayman Capital advises against.  Bass calls this kind of investing 'macro tourism',where one is shorting yen and is long on Japan's equities. From what we see there are a lot of macro tourists taking a ride in Japan. We just covered Q1 returns of TT International, which has gained from long USD vs JPY and several Japanese equities in March.