July proves mixed month for long/short players

Fri Aug 11, 2006



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 strategy.

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...

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