Performance

Technology: Worst month in years

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Long/short technology funds got mauled in January as global equities - including mega-cap names such as Google and Microsoft that logged large 2007 gains - sharply reversed course. The Absolute Return Technology Index dropped 4.04%, marking the index's worst month in nearly a decade - a result that stung after the sector reported such a strong 2007 (+12.88%).

Hedging should have helped cushion the fall, given the Nasdaq Index's 9.9% decline. Notable losses include Galleon Technology Offshore, which lost 5.34%, and Pequot's TMT fund, which dropped 7.8%. Also down: Steve Shapiro's Intrepid Capital, which was off 4.95%. One