130/30 mutual fund performance lagging

There was a blurb in this week's BusinessWeek on 130/30 fund performance:

While these funds have yet to amass the multiyear track records that disciplined investors rely on, they have gotten off to a lackluster start. "We haven't found them to be that compelling," says Marta Norton, an analyst at Morningstar (MORN). According to Norton's data, the two dozen 130/30 mutual funds on the market lost 8.82% so far this year, vs. a decline of 9.05% for the Standard & Poor's (MHP) 500-stock index. Over the past year the average 130/30 fund dropped 8.44%, surpassing the S&P's 3.60% decline.

I'm still interested in these funds, and continue to research them to perhaps invest in one sometime.

While searching for the electronic version of the article (since I couldn't find it through the BW table of contents page for the issue), I found an older article by the same author that gives more of an explanation of 130/30 funds (or 120/20 funds).