In the span of 12 months, the Active Bear Exchange-Traded Fund (HDGE) has become a wirehouse darling. The fund has multiplied its assets eight-fold from $40 million in assets in January 2011 to $319 million at press time.

HDGE is an actively managed fund whose strategy is to invest only in short positions in the securities it chooses. The fund is managed by former hedge fund managers John Del Vecchio and Brad Lamensdorf, who now are portfolio managers for Ranger Alternatives in Dallas, Texas. Since inception on January 26, 2011, the fund has returned -2.58% as of June 27.

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