Shorts thrive as longs suffer a dismal April

Wed Jun 1, 2005



April's dismal equity markets had a predictable effect on equity-focused hedge funds, with many long-biased funds posting losses and short-sellers racking up big gains for the month. The S&P 500 lost 2.01% in April; while most hedge fund indices posted losses in the long/short category for April, they still outperformed the broad market indices.

Some savvy investors were even able to squeeze gains out of the month's brutal conditions. Steve Mandel's Lone Cypress...

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