Lee Hobson's HighSide Offshore gained 1.14% in September, clawing back some losses from its defensive posture earlier this year. Through September, the long/short equity fund has lost 8.57%. "While we are humbled and disappointed by the degree to which our shorts hurt our performance," Hobson wrote in a letter to investors this summer, "We have made appropriate risk management adjustments."
HighSide's losses from short positions fell into three categories,...