Akamatsu Fund is a value based, research driven, long-short equity hedge fund focusing on smaller cap names outside the largest 250 companies in Japan. The investment objective of the Fund is to achieve quarterly and annual absolute capital appreciation in Yen and US Dollar terms. Its three partners, Bill Gallagher, Philip Kay and Giles Renaud, have known each other professionally and socially for over 20 years and worked together for much of that time. At the Asian Masters of Hedge Awards in Singapore in May 2007, the Fund was presented with the Special Achievement Award, having previously won the Best New Japan Hedge Fund Launch 2005. AUM combines both share classes. The Fund is managed by PCE Investors limited, an alternative asset management business with strong focus on risk management.