The U.S. equity markets experienced their first down month
in 2004, with the S&P 500 posting a 1.5% loss the Nasdaq
down 1.75%. However, long/short equity managers fared
reasonably well, although many funds simply broke even. Funds
with a largely long bias, that seem to have been lulled into
complacency by the equity market's rise, may have been hurt by
its correction in March....