Sell in May？With May starting in just ten days，Figure 1 highlights that historically the percentage of negative returns in May over the last ten years varies from 62% for Japan to 77% for ASEAN.Over the past six years in particular，the average fall in MSCI Asia Pacific ex-Japan（MXAPJ）was 4.5% in May.Apart from seasonals，Figure 2 highlights that MXAPJ’s P/B has risen to 1.63x-which is not far off the highs since 2012 ranging from 1.69x to 1.77x.