Short bias: Lost in rising markets


If a rising market lifts all beta-correlated strategies, it tends to drown short-biased funds. That gurgling you hear is the sound of Copper River Partners falling around 15%* from September through mid-October, bringing its YTD losses to 10%* at that time. Other short funds now gasping include the Ursa offshore fund, which fell 3%* in September, shaving its returns to 0.40%* YTD, and the usually nimble Cilantro Fund Partners, which got caught in the rising tide to lose 5.15% in September, down 12.71% YTD. The globally-minded Black Bear offshore fund sank 1.60%* for the month, but remains up