Yeah, I'm just surprised by the variation of the high to low...

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.