David Shukis, Cambridge Associates
After a long record of producing some of the highest returns among hedge fund strategies, long/short managers as a group have lagged other strategies over the past three years. Some have attributed this disappointing performance to crowding in the long/short area, observing that a handful of names appear in a large number of long/short funds which limits the potential alpha of long/short managers.
It is true that there has been an increased concentration of
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