Like other equity strategies, Shumway Capital Partners equity-focused SCP Atlantic Fund was stung both by down markets in May and June and then again in July, when reduced exposure limited gains as the Dow Jones Industrial Average’s surged 7%.The fund, which manages $1.5 billion of the firm’s $8.5 billion, is down 5.8% through July, after producing positive returns from February through April. The fund fell 3.7% in May and 3.1% in June, rebounding only 0.17% in July. Long positions in the financial, health care, technology, consumer goods, and communications stocks resulted in losses, which were too much to be counterbalanced by short positions and lower exposure levels...