One way the funds win is if they loan out stock let the short sellers sell it down and the fund takes advantage of the decreased price buying more stock at lower prices then wait for the short sellers to cover which hopefully moves the stock price back up to fair value.
If the fund ends up with a larger holding with a lower VWAP purchase cost and has banked the interest from the loan paid by the short sellers the super fund members will be in front - If that doesnt happen then you would have to say its not smart business by the fund manger.
Are they a Friend or Something else ?, page-118
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