A hedge fund performance shift is beginning to take shape, as the second place spot on the HSBC Hedge Weekly performance list is now a long / short hedge fund player and managed futures CTAs that dominated last week slip down or off the performance list. The number two fund manager in second place, John Burbank's $550 million Passport Special Opportunities Fund, however, is a rarity in the category. With this in mind, how does a long / short portfolio manager generate noncorrelated performance? At Lazard, both a managing director in portfolio advisory and separately a long / short portfolio manager provide ValueWalk readers insight.

