Gartmore's long/short fund's negative return hails end of bull run

Gartmore's AlphaGen Capella European long/short hedge fund lost investors money in June, its first negative return since launch in November 1999. The slight fall brings to an end what is believed to be a record among European long/short managers of 19 straight months of positive returns. For euro investors, the record will show the fund suffered a flat June, while dollar investors lost 0.1%. The fund bounced back to produce 0.4% in July and 0.5% to 13 August. Roger Guy, manager of the fund, was philosophical about the month's negative turn. 'Over the past couple of months,...