Staying neutral

London's Threadneedle long/short Crescendo UK fund has not posted negative returns in any month since its launch on 1 June 2001, a period which saw the FTSE All-Share fall by 27%.

The fund's manager, Paul Findley, says homogeneity of market moves has not helped the fund in its quest to avoid drawdowns. Sharp bear rallies sending markets briefly up to 15% off intra day lows have also not helped Findley and his UK team, which has an average market experience of 12 years.

'By definition it's highly

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