Equity market hedge funds, taking bottom-up, driven long and short positions in stocks on a global basis, have had a perfect operating environment in recent months. The strong directional markets in evidence for most of the past three years have been well reflected in some of the strongest three-year returns of all the hedge fund sectors tracked by S&P Micropal.
Of the 147 funds tracked over three years, the mean average fund returned 93.6% in dollar terms or an annualised 21.6%. For the sam
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