Ascend Partners' $1.3 billion flagship long/short equity fund was down slightly in July, as several of its bigger winning long positions for the year got hit in the stock market downdraft.
Ascend Partners Fund I, a U.S. long/short equity fund managed by founder Malcolm Fairbairn, lost 0.45% in July, though it has posted solid net gains - 7.4% - for the year through July. That performance put Ascend ahead of the Absolute Return U.S. Equity Index, whose 0.60% loss in July cut its year-to-date gain to 6.42%. The portfolio also profited from early August's volatility.
Ascend attributes its July