Large-cap managers follow the pack despite small caps' better value

A US market at an inflection point in 2004 is proving more tricky to navigate for managers who were comfortably net long in 2003

Short-term opportunities for US long/short hedge funds are improving, but the sector remains in a difficult environment, according to managers and analysts.

Returns tend to be in the small-cap area and sector-specific, in part because the market is crowded and many managers are chasing the same opportunities.

The landscape for managers has moved from "poor to average" over the last month, according to Chris Jones, director of alternative investment strategies at London's io investors.

For funds of

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