The surge during the last quarter of 2004 did not continue
throughout January, as many asset classes struggled and
volatility remained frustratingly low for managers.
Disappointing earnings reports, coupled with interest-rate hike
concerns, also contributed to the difficult market conditions.
There were few asset classes for managers to hide in, least of
all stocks, as the S&P finished the month down 2.53%.
Still, many top managers earned their 20% fees, managing