Many long/short equity managers had a difficult March, but some fared worse than others. Los Angeles-based Palmyra Capital has hit a run of poor performance, posting an 8.7% loss for the month. Founded in 2002 with backing from Capital Z and managed by Michael Baxter, the long/short, value-oriented strategy quickly raised assets and closed in short order, and it has historically performed well, producing a 12.51% return for 2002 and a 26.09% return for 2003.
But the portfolio, while widely diversified, took a beating on some shorts including some homebuilding stocks. The fund has lost almost 10% in the