Long-biased funds are back on track

Wed Oct 1, 2003



Following a dramatic summer of gains, investors might be regretting their decision to dismiss long-biased funds

Equity managers are back. And a group who have struggled through the bear market are now notching up impressive performance and starting to pose awkward questions for investors who had dismissed them as 'has-been' long-only players. Today, they appear to be full of life while many of the so-called 'real' hedge fund managers, like Steve Mandel, Lee Ainslie and Andrea Halvorsen, are looking distinctly out of form.

As the legends struggle, those unashamedly long-biased funds are on a charge. Ardsley, Cumberland Associates, Galleon Technology, Pequot International, Forstmann Leff and Mark Kingdon's Kingdon Capital have all caught the equity rally just right, with dramatic bounds in performance over the summer that are forcing investors to change the way they view these funds.

Given the fickle nature of hedge fund investing, it is the heroes of...

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