In a down market, one of the types of investments that should perform well is long-short funds. But not all those funds have given investors the downside protection they need. I am talking today with the manager of a long-short fund that has delivered this year. That fund is the 361 Global Long/Short Equity Fund (AGAZX). Although it is down 8.21% this year, that is 132 basis points better than the S&P 500 total-return index, and 244 basis points better than the Morningstar long-short fund category average.