The bears bite back

Fund of fund managers have turned more bearish on the outlook for key strategies such as US and Europe long/short following the mainly positive expectations of the past five weeks' performance.

The outlook for long/short strategies in the US and Europe looked steady last month, however, the picture painted by fund of fund managers in our July survey is slightly less rosy, with predictions in European, US and UK long/short equity all pointing downwards.

The equity market neutral strategy, while

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