A strong rally in the equities markets that lifted the
S&P 500 up 3.72% and the Nasdaq up 6.22% for the month of
July also powered gains for most major long/short funds. While
short-biased funds, broadly speaking, have outperformed
long/short portfolios for the year, they naturally posted
losses in July as the broad stock markets rose.
The Absolute Return U.S. Equities index gained...