October was a mixed month for hedge funds that specialize in rapid-fire short-term trades. For the year, performance overall has been average, hobbled by the lack of volatility and trends that short-term traders need to generate out-sized profits.
Mike Masters' Marlin Fund netted 3.4% to bring its total for the year to an exceptional 67.0%. That return follows a loss in the St. Croix manager's onshore fund of about 17% and more than 20% for the offshore fund in 2002. Masters has historically tended to fare better in rising markets, and has had a relatively high market exposure