Mutual funds designed by JPMorgan Chase & Co., Charles Schwab Corp. and ING Groep NV to protect clients when markets fall ended up losing more than the S&P 500. The funds employ a long-short strategy similar to the one used by many hedge funds, but are marketed at individuals who cannot afford the hefty entry prices into hedge funds. Combined, the funds have risen 4.1% this year, compared with 6.2% of the average hedge fund and 9% by the S&P, but not all long-short funds have fared so poorly.

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