T he upswing in U.S. equity markets during the last quarter
of 2003 continued throughout the first three weeks of January.
U.S. long/short equity managers capitalized on those gains, but
a large sell-off in the last week of the month hurt those who
were overexposed. The average U.S. equity fund gained 1.3%,
according to the Absolute Return U.S. Equity median. This falls
short of the...