Greenlight and Intrepid buck slide into the red


Equity funds have been among the leaders of hedge funds posting poor returns throughout the year, with July continuing the trend of flat-to-negative returns. Since most equity funds have a long bias, the S&P 500's flat-to-slightly negative returns of recent months, including a negative 0.31% showing in July, have taken their toll on many managers, as has a lack of directionality.

Uncertainty with respect to the war in Iraq, threats of terrorism and the upcoming U.S. presidential election added to the malaise. Lower than expected June payroll data, the lowering of sales trends in the retail and automotive sectors,