The great tech fallout


After a serious tumble, tech managers retrench with core holdings.
By Pete Gallo

Returns for tech-focused hedge funds suffered a sharp decline in this year's first quarter, marked by a big selloff in Google, and other formerly highflying names that made 2007 a banner year for the Nasdaq Composite - and the sector.

After a gain of 12.5% last year, long/short technology hedge funds were down 5.55% through March, compared with a 1.1% loss for the Absolute Return Composite index. Thanks in part to their shorting skills, long/short tech funds