Gartmore's AlphaGen experiences first loss

Gartmore's AlphaGen Capella European long/short hedge fund lost investors money in June, its first drawdown since its launch in November 1999.

The slight fall brings to an end what is believed to be a record among European long/short managers of 19 straight months of positive returns.

For euro investors, the record will show that the fund recorded a flat June, returning 0.0%, while dollar investors lost 0.1%. However, the fund bounced back to produce 0.4% in July and 0.5% from 1 August to 13 Augus