The U.S. equity markets experienced their first down month in 2004, with the S&P 500 posting a 1.5% loss the Nasdaq down 1.75%. However, long/short equity managers fared reasonably well, although many funds simply broke even. Funds with a largely long bias, that seem to have been lulled into complacency by the equity market's rise, may have been hurt by its correction in March.
Among funds that performed well in March were the Chilton Small Cap International (BVI) Ltd Class B fund, which notched a 2.04% gain and brought its three-month total to 7.66%. Kensington Partners also posted a