Chart of the month: Skopos HG Fund


Skopos HG Fund of São Paulo, Brazil, was particularly well positioned to take advantage of August's rocky markets, returning 1.55% for the month to bring its year-to-date total to an outstanding 39.31%. The long/short equity fund, founded by Pedro Luiz Cerize, credits its strong performance to a blend of good timing and good stock picking.

The $279 million Skopos fund has not had a down month since May 2006, earning an annualized net return of 35.45% since inception in June 2001. The fund's results are all the more impressive when viewed against August's high volatility, which spread from