2011 was not as bad a year as 2008 – the European
long/short equity median was down 4.6% last year, compared to
the 9.04% fall in the year when Lehman went bust – but
it will be remembered as a bloody year by most managers.
As in other strategies, the European equity median spanned
an unusually wide dispersion between winners and losers, and
some funds did manage to...