Performance

Cobalt and Raptor continue to edge ahead

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The ongoing lackluster performance of the U.S. equity markets, coupled with little directional bias, has made it difficult for long/short managers to seek out alpha throughout 2004, and August was no different. While the S&P 500 was slightly positive for the month, with a 0.23% gain, it was not enough to help many long-biased managers. The index is still slightly negative for the year-to-date, with a 0.69% loss.

Some funds managed to soldier on, including David Einhorn, whose Greenlight Capital continued its strong performance. It gained 2% in August and is up 12.95% for the year. Greenlight's three-month