From: Subject: New Document Date: Wed, 5 Sep 2007 18:02:30 +0530 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_00E7_01C7EFE6.ED5844D0"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1506 This is a multi-part message in MIME format. ------=_NextPart_000_00E7_01C7EFE6.ED5844D0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.mcapitalmgt.com/mcapital/the_wallstreet.html New Document =
How to Play a Shaky Market Like a=20 Pro

By ELEANOR = LAISE
March 11, 2007
The recent stock slide spared few corners of the = market --=20 but one fast-growing group of mutual funds didn't crack under the = selling=20 pressure.
A mild rebound the past few days did little to ease = the pain=20 of Feb. 21 through Monday, a period when the Standard & Poor's = 500-stock index lost 5.8%. Many types of U.S.-stock funds saw even = steeper=20 losses, while Europe-stock funds fell 7.4% and diversified=20 emerging-markets funds lost 10%, according to investment-research = firm=20 Morningstar. Even funds investing in precious metals like gold -- = a=20 traditional safe haven -- fell more than 8%.
Yet in the downturn, mutual funds that mimic = hedge-fund=20 strategies lost just 2% on average. And a number of funds in the = category=20 posted gains for the period.
FHedge funds are private investment pools for = wealthy=20 individuals and institutional investors. One attraction of these=20 portfolios is that they tend to not go up and down in lockstep = with=20 traditional stock and bond investments and thus they reduce the = overall=20 risk of a portfolio.
Offerings for Ordinary Folks
For ordinary investors who don't meet the = steep net=20 worth and income requirements of hedge funds, a growing = number of=20 mutual funds use hedging techniques but require much smaller = investments of, say, $1,000 to $10,000. These mutual funds = held=20 $16.5 billion at the end of 2006, up from $10.5 billion a = year=20 earlier, according to Financial Research Corp.
With hedge-like mutual funds, "you reduce = risk"=20 without dragging down returns, says Kipley Lytel, managing = partner=20 at Montecito Capital Management. The Montecito, Calif., firm = now=20 puts more than one-quarter of a typical client's portfolio = in these=20 funds, up from about 20% a year ago.
Still, such funds must be approached with = caution,=20 advisers say. Hedge-like mutual funds have high expenses: an = average=20 2.06% a year compared with 1.42% for U.S. diversified stock=20 funds.
Many of the funds lack a long-term track record. = While they=20 often offer some protection from market downturns, many of these = funds may=20 lag the broad stock market during upswings.
The hedge-like funds use a wide array of complex = strategies=20 involving different potential risks and rewards. Some, for = example, devote=20 a substantial chunk of assets to "shorting" stocks, which = typically=20 involves betting on price declines by selling borrowed shares in = the hope=20 of buying them back later at a lower price. Others devote only a = small=20 slice of assets to short positions, and they may react quite = differently=20 to a market selloff.
Shift Into Neutral
So-called "market neutral" funds can be a good bet = for=20 investors looking for some protection from market downturns, = advisers say.=20 These funds generally divide their assets evenly between short = positions=20 and "long" positions -- the standard approach of buying securities = expected to increase in value.
While they may not see big gains during market = rallies,=20 these funds aim to deliver positive returns no matter how the = market=20 moves, often by shorting selected stocks that appear overpriced = relative=20 to peers and buying others that seem to be bargain = priced.
JPMorgan=20 Multi-Cap Market Neutral Fund (OGNAX), for example, squeaked = out a=20 0.1% gain during the recent selloff and delivered a 5% annualized = return=20 in the three years ending March 8, roughly in line with the = average=20 hedge-like mutual fund.
Funds that aim to profit from announced corporate = mergers=20 also held up well during the recent downturn. These funds often = buy the=20 stock of the acquisition target and sometimes short the stock of = the=20 acquiring company. While a very sharp market downturn could put = the brakes=20 on merger activity, the strategy tends to hold up well in down = markets,=20 says Montecito's Mr. Lytel.
Two offerings that focus on mergers, Merger=20 Fund (MERFX) and Arbitrage=20 Fund (ARBFX), lost less than 1% during the recent downturn and = have=20 delivered five-year annualized returns of 4.3% and 5.2%, = respectively,=20 compared with 5.7% for the S&P 500.
Some hedge-like funds that use options strategies = also=20 maintained poise under the recent selling pressure. Some options=20 strategies can help protect funds from market downturns. By buying = a "put=20 option" on a stock, for example, a fund gets the right to sell the = security at a particular price within a specific time period; the = put can=20 become more valuable if the price of the underlying stock = drops.
Part of the strategy of Gateway=20 Fund (GATEX) involves the purchase of index put options. That = fund=20 lost 2.1% during the recent downturn and has posted a three-year=20 annualized return of 7.1%.
Hussman=20 Strategic Growth Fund (HSGFX) can also use options to hedge. = The fund=20 gained 1.4% during the recent downturn and 9% annualized over five = years.
Multiple Strategies
Since different hedging strategies may perform well = under=20 different market conditions, funds that offer access to a number = of=20 different strategies can also cushion a portfolio from market = swings.=20 These funds tend to operate like "funds of hedge funds," dividing = assets=20 among managers with varying investment approaches.
Wealth manager RegentAtlantic Capital in Chatham, = N.J., uses=20 one such fund, Absolute=20 Strategies (ASFAX), in clients' portfolios. The fund "really = helped=20 stabilize their overall portfolio" during the downturn, says Chris = Cordaro, the firm's chief investment officer.
While Absolute Strategies doesn't have a three-year = track=20 record, a similar fund,=20 Alpha Hedged Strategies (ALPHX), dropped only about half as = much as=20 the S&P during the recent downturn and has delivered a = three-year=20 annualized return of 9.7%. The fund divides assets among 18 = hedging=20 strategies, including international long-short and merger = arbitrage.
But these funds often come with hefty fees, which = can cut=20 into returns. Alpha Hedged Strategies charges expenses of = 3.99%.
Funds that held up well during the recent market = downturn=20 can't be expected to deliver solid performance every time stocks = slide,=20 analysts warn. Diamond=20 Hill Long-Short Fund (DIAMX), for example, aims to profit from = both=20 long and short positions but isn't focused on hedging against a = market=20 downturn. Even so, the fund lost just 0.5% during the recent = selloff and=20 has delivered a three-year annualized return of more than = 16%.
"Over the long term, it's been a great strategy and = [the=20 fund] probably is one of our favorites in the category," says = Sonya=20 Morris, an analyst at Morningstar.
Write to Eleanor Laise at eleanor.laise@wsj.com
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