E nergy was the name of the game in August, its volatility
leading to clear winners and losers among long/short equity
funds. With a big upward spike in prices (light, sweet crude
climbed about $10 per barrel that month to hit an all-time high
of $70.85 on August 30), and the ensuing breakdown of
historical correlations among natural gas, power and oil,
equity funds reported a wide range of results....