The Wardrobe matched its benchmark, due to an 8% rise in the Chile Fund (rated "short"). Without CH, the Wardrobe would have gained 1%. Since the Chilean market declined slightly, CH is an even more attractive short now, trading at a 33% premium to NAV. This premium is a 10-year record high. For this reason, we will add this short to the equity portfolio.
Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in CH, over the next 72 hours.