Shumway, Glenview among equity funds whipsawed in July
By Lawrence Delevingne
Wed Aug 11, 2010
Shumway Capital Partners and Glenview Capital Management are among those firms to get slapped for turning bearish in July following two down months.
After producing sizable gains for investors in 2009, several
equity-focused funds were hit hard in recent months.
Fund managers were hammered twice by macro market trends,
first holding long positions too far into May and June when the
Dow Jones Industrial Average fell 11.21%, and then missing the
Dow's 7.08% July surge after cutting bets on stocks, mostly by
reducing general equity exposure but also by taking additional
Overall, funds in the AR U.S. Equity Index gained 1.47% in
July and are down 0.02% for the year against flat performance
by the Dow.
"The fact is, everybody got smoked, everybody got whipsawed,"
said an industry consultant, noting that several equity funds
missed the July rally...
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