An April 19 story, "Most Hedge Funds Dodging Stock Market Slump" on page 7, misconstrued an observation by Steven Lonsdorf, the chief executive officer of Van Hedge Fund Advisors International Inc.

In a preliminary statement the firm issued about hedge funds' March performance, Mr. Lonsdorf had written that short-sellers - not hedge funds - "tend to post their best performance when the markets are down."

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