Long/short equity managers are reporting mixed results for
July, according to preliminary data, marking the third month of
disappointing returns for the hedge fund industry's largest
While the S&P 500 advanced 0.62% in July, it did so only
after a late-month rally, and those funds that had lowered
their net exposure in response to the late spring downdraft
missed the opportunity to snap back. The Nasdaq Composite's
July decline of 3.71% and the Russell 2000's 3.25% loss also
clipped some long-biased portfolios.
Strategies that wound up squarely in the red for the month
include Jason Ader's Hayground Cove Overseas Partners, which
lost an estimated 3.65% to total 5.17% YTD; Remy Trafelet's
Delta Institutional fund, which gave up about 5% to...