I think that you should know what you own (risks included).
TFSMX is no a Long-Short Fund in the sense that they are long a basket of stocks and short others.

They are a "Black Box" or "Quant" (quantitative trading)
outfit that relies on computer models and certain assumptions.

Over the past few weeks it has become apparent that many of these Black Box funds were pursuing the same strategies and had similar portfolios.

When a few of the Hedge funds that blew up due to the subprime blowup faced huge redemptions they had to unwind there positions causing a “short Squeeze” in TFSMX short positions.

Combined with the markets decline witch caused the long positions to (naturally) decline TFSMX blew up.

I suppose over the next few weeks the short positions will decline somewhat and a recovery of about 50% of recent losses would be my best guess (unless more hedge fund blowups occur causing another round of forced buying).

Good luck to all.