Performance

Ardsley continues to rebound stongly

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With a net return of 2.77% in July, the Ardsley Partners Fund II continues its outstanding track record in 2003 with year-to-date returns reaching 39.52%. This represents significant outperformance over its benchmark index, the Russell Midcap Growth, which has gained a healthy, but more modest, 22.98% during this period. Since the U.S. long/short equity fund with $250 million in assets was founded in 1987 by the firm's managing partner, Philip Hempleman, it has generated compound annual growth of 19.21%, far outpacing the Russell index's annualized returns of 9.24%.

Hempleman manages the fund with the support of Charlie Rose, a