November turbulence roils long/short equity funds


The first three weeks of November proved to be stormy for long/short equity managers, with funds reporting a wide range of returns as the broader U.S. stock market gyrated.

Early estimates show that November caught more funds on the wrong foot than on the right one. James Pallotta’s Raptor Global Fund (Class A) declined about 3.35% through November 21 to put it down nearly 9% for the year, while GLG North American Opportunities Fund lost 5.7% through November 23 to put it underwater at -2.8%. Kinetics Fund also had a hard time of it. Over roughly the same