Balter European L/S Small Cap Fund (BESMX)
Morningstar category: Long/short equity
YTD performance: 20.76%
Three-year performance (annualized): new
Expense ratio: 2.32%
Another tricky proposition: Buying the top-performing European small-cap stocks and shorting the losers. The fund has consistently beat the Morningstar long/short index, but not the MSCI Europe Small-cap index