Newport Fund Management of San Francisco has introduced the Newport Asia Pacific Fund which will invest in companies throughout Asia. The fund will be co-managed by David Smith and Christopher Legallet. Smith will concentrate on Japan while Legallet will focus on all other countries in the Pacific Rim.

"While there is still a great deal of uncertainty in the region, many Asian corporations are restructuring with a focus on enhancing shareholder value," Legallet said in a statement. "With the valuation of U.S. stocks at all-time highs, many investors are seeking to diversify outside the country."

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