And after the intradayperiodicityfactorsare filteredthroughFFF regression, the high frequencyabsolutereturn of fundindex doesn't haveobviousperiodicity any longer.
The absolutereturn segments of the Titan Global ReturnFund have not been hit as hard, but are still down by some 33% in 2010, says a person familiar with Titan Capital.
Morningstar's "long-short" mutual-fund category includes market-neutral and absolute-return funds, which are designed to generate returns in any market environment, and arbitrage funds, which try to exploit market inefficiencies.