February was another tough month for long/short equity funds, but they seemed better prepared for market volatility than in the previous month. As a group, equity funds made back some of their January losses - and far outperformed the broader equity markets. But they are still in the red for the year.
According to the Absolute Return U.S. Equity Index, U.S. long/short equity funds gained 0.42% in February for a loss of 1.97% for the year. By comparison, the S&P 500 Index slipped 3.48% in February to put it down 9.38% so far in 2008. Global funds have fared