Long/short equity hedge fund managers capture little alpha in volatile markets

Doubts, chaos and little alpha

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Hopes that a prolonged bull market would be kind to long/short equity managers in 2011 have receded as a cocktail of dithering politicians, deteriorating public finances in the US and Europe has sent markets on a downward spiral.

Long/short equity funds have been in negative territory for three consecutive months since May. August is expected to be the worst month yet for the strategy.

Although performance is not strong for equity long/short managers, they are still outperforming the main equity i

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