Gold funds were standout winners in August as investors' appetite for risk waned amid concerns of a tapering of monetary stimulus in the US and potential military action in Syria.
Hedge fund manager Hugh Hendry moved to play the summer EM sell-off by pitting 'good' emerging markets against struggling peers.
Improving factory data and a sliding yen helped lift Japanese shares overnight, amid a positive session for Asian markets in general.
The return of Japan's Prime Minister Shinzo Abe has boosted the country's stock market and lifted inflation, but which managers have benefited most so far, and which have lagged behind?
Japan's Nikkei has soared while the yen has tumbled against the dollar, amid speculation the government is considering a corporate tax cut.
Japan equity managers are buying back into domestic companies and cutting their exposure to export-led firms as the slowdown in China and a flat yen weigh on sentiment.
Japan Q2 GDP has come in well short of expectations as annualised growth of just 2.6% deals a blow to 'Abenomics' advocates.