The longs have underperformed "the market". Yes, that's because...

The longs have underperformed "the market". Yes, that's because "the market" is the broader global index which is heavily weighted to the developed world, and especially to the US.

The recent market ruptions have disprroportionately impacted the developing world - particularly China (which the PTM funds are heavily weighted to).

So we are talking about a 1 month unhedged blip of 1.6% (decline) versus the broader global index which declined by 0.5%.

That's in the context of a 12 month gain in Asian indices to the tune of 30% versus "broader" market gains of 17%.

Newsworthy?