Hrvoje "the detective" it appears the situation is actually worse than you think:
So if you bought on 1 October at 1.3167 and sold on 22 November at 1.2716, you would actually be down 3.5% month to date. This is completely unacceptable and deserves punishment.
If the fund is market neutral how is this even possible? Obviously no one doing there job, and Breitling has lost control. At international market neutral funds you lose your job for far less than this.
As I said earlier: TIC TOC TIC TOC!