What is going on with the SP?, page-5

Yeah, I'm just surprised by the variation of the high to low tide versus previous ones (also kicking myself for not selling pre and re-buying post). Correlation between different long-short funds should in theory be fairly low.

My understanding is that they run a fairly balanced pairing strategy where they pick sector winners and losers within a given market - e.g. CBA vs NAB, RIO vs BHP, WES vs. WOW, Visa vs AMEX - rather than short sectors or markets.