An up-close look at a fledging hedge fund: MarHedge

Thomas Lloyd-Butler launched his eponymous Long/Short Fund LP at the beginning of 2003. The firm had some $10 million under management at midyear, and a small but growing number of investors. The diversified fund invests in only four sectors: energy, defense, technology and consumer cyclicals. Two of these sectors are correlated with the market, two are uncorrelated