The ongoing lackluster performance of the U.S. equity markets, coupled with little directional bias, has made it difficult for long/short managers to seek out alpha throughout 2004, and August was no different. While the S&P 500 was slightly positive for the month, with a 0.23% gain, it was not enough to help many long-biased managers. The index is still slightly negative for the year-to-date, with a 0.69% loss.
Some funds managed to soldier...