Technology: Immune to market downturn


Most technology long/short funds performed well for the month of August, which generally produced difficult conditions for long/short equity portfolios. The Absolute Return Technology Index netted 0.70% for the month to total 7.59% for the year so far. The Absolute Return U.S. Equity Index, by comparison, was down 0.07% to total 6.34% year to date.

Among the top performers were Galleon Explorers Offshore, which rose 4.43% in August to total 13.13% for the first eight months, and Galleon Communications Offshore, which climbed 0.98% for the month (20.12% YTD). FrontPoint Healthcare Horizons gained 4.95% (8.08% YTD). Stephen Shapiro's Intrepid