A strong finish for 2004 rendered what would have been a bad year into a simply mediocre one. Big gains in November and December, boosted by a strong equity market rally, cut losses for some funds and put a handful of outperformers further into the black. A post-election rally in November continued in December, with fundamentals mattering again and markets behaving as expected.
Many of the industry's heavy hitters lived up to their reputations, earning double-digit or high single-digit returns in an otherwise drab year. Mark Kingdon's eponymous fund notched a roughly 3% gain in December, bringing its