At first glance, long-short mutual funds seem like a good idea. They mimic various hedge fund strategies, aiming to rise when stocks fall—or at the very least, to lose much less ground. J The reality has been a little different, though. From July 1 through Sept. 14, the 53 funds tracked by Morning star fell an average of 1.4%, vs. a 0.86% decline forrnthe Standard & Poor's 500-stock index. Even as the market has recovered a bit, some long-short funds are still getting clobbered.
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