Hedge Fund of Funds

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Why Hedge Funds?

Hedge funds offer an alternative to traditional long-only investment solutions such as equities and bonds. When selected properly, they can provide diversification benefits to sophisticated investor portfolios. Hedge funds invest across more asset classes than traditional funds, offer more evolved risk management systems to protect portfolios in times of stress, and can make money, in both bearish and bullish market environments. The major hedge fund strategies include but are not limited to long/short equities, global macro, CTA and credit. Hedge fund strategies encompass a broad range of investment philosophies and utilize a wide range of instruments, including equities, credit, commodities, currencies and real estate.

Investable Universe

  Equities Futures Corp Credit Rates Currencies G7 Gov Debt EM Gov Debt Mortgages Options
Long/Short Equity              
Global Macro
CTA          
Credit        
Hedge Funds

Why Should You Hedge Your Portfolio Now?

Despite the fact that emerging hedge fund managers have been shown to outperform established peers, the majority of investors are invested in larger, more beta-correlated managers. Almost all the inflows in the hedge fund industry are directed toward the largest ($5 billion+) funds, typically for reasons of perceived safety and based on historical performance, regardless of often diminishing returns from size. However, the current market environment presents many unique niche opportunities. The Volcker Rule and Dodd-Frank Act increased the exodus from banks of experienced professionals. Many profitable arbitrage teams have left banks as the Volcker Rule prevented proprietary trading with bank capital. With people and strategies moving to hedge fund structures, hedge funds can potentially capture alpha previously only captured by bank trading desks.

In addition, current market opportunities are not congruent with long-only investing due to a number of reasons:

  • High Equity Valuations: The CAPE index, which measures the valuation of the US S&P 500 index over time, shows equities to be moderately overvalued in the US.
  • Low Interest Rates: Neither cash nor long dated treasuries provide returns that meet investors’ targets.
  • Credit Spreads: Current spreads in investment grade and high-yield markets do not compensate investors for the increased default risk.
  • 60/40 Danger: Looking forward, it’s more likely that bonds will not provide the diversification benefits as they did in the past, due to extremely low yields at trough unemployment levels.

How to Invest?

Investing in hedge fund might entail several operational risks and credit risks. Funds of hedge funds provide a solution to this problem by creating an institutional-quality platform for accessing high demand managers and diversifying their strategies. The major advantages of the strategy include:

  • Due Diligence: Investors benefit from institutionalized due diligence and expertise in selecting fund managers, minimizing the potential to invest in overly risky or fraudulent managers.
  • Diversification: The pooled vehicle allows investors to access a broader range of managers than if they invested directly. This enhances the risk/reward profile of a hedge fund investment.
  • Fees: The pooled investment vehicle creates scale which allows to negotiate fees and liquidity terms often superior to smaller direct investors.

Why JL Squared Hedge Fund Products?

  • Funds Worth Fees: We only invest in managers that we think deserve hedge fund fees. This means that their strategy is not replicable in a mutual fund or in an ETF.
  • Strategy Selection: Favor strategies that use sound risk management, esoteric asset classes, asymmetric return profiles and a history of performing in all market conditions.
  • Sourcing: Draw distinction between asset managers and asset gatherers. Require a high degree of alignment of interests with those managing our money.
  • Risk and Portfolio Management: We seek to capture funds near inflection points where operational risk decreases but investment returns are not hindered by capacity issues.
Long/Short Equity

Substrategy Strategy Breakdown Discretionary/Systematic Pros Cons Risk Management – Process Risk Management – Good/Okay/Poor
  Generalist This strategy maintains long and short positions primarily in equity and equity derivative securities without focusing on any specific sector, region or market. Discretionary/Systematic Flexibility to reallocate assets between sectors depending on the market environment Lacks specific sector experience. Poor risk management generally. Gross & Net Exposure Poor
  Sector Focused This strategy is narrowly focused on a specific sector (technology, energy, financials, etc.) with the purpose of exploiting market inefficiencies. Discretionary Specialists who have significant industry knowledge Heavily exposed to systemic risk. In particular, if an industry is experiencing a down cycle (energy after oil prices fell, financials in the housing crisis), this strategy can take on tail risk. Gross & Net Exposure Poor
  Market Cap Focused Investing in companies of a certain market capitalization, since a company’s size is likely to have a direct bearing on its risk/reward potential. Large cap stocks tend to have more diversified business structures, and therefore less variable earnings. Smaller companies are more specialized and usually have larger revenue growth but are more sensitive to macroeconomic trends. Discretionary/Systematic Investing in companies of a certain market cap would allow  investors to achieve desirable risk/return profile. Investing solely in small cap companies make the portfolio vulnerable during the down cycle, and investing in a large cap portfolio limits the upside potential during the bull markets Gross & Net Exposure Poor
  Growth Focused Investing in companies that are expected to have abnormally high levels of growth in earnings, profitability, sales or market share. Growth companies offer higher upside potential but are inherently riskier. They usually don’t pay out dividends – they need to reinvest their earnings to expand in the form of acquisitions, workers or equipment. Discretionary/Systematic Successful investments can appreciate much faster than the market; investors can gain exposure to cutting edge industries with larger upside potential Higher risk and volatility; dividends are uncommon for the majority of growth companies; there is the risk that growth does materializes Gross & Net Exposure Poor
  Value Focused Investing in high-quality companies with discrepancies between market stock prices and fundamental worth. Value companies often generate high cash flow but without of favor sectors. Value investors tend to focus on stocks with relatively lower price-to-book (P/B) ratios and price-to-earnings (P/E) ratios and identify those as the best bargain stocks the market has to offer. Discretionary/Systematic According to Fidelity Investments calculations, value investors fared slightly better than growth investors for large cap, medium cap and small cap companies. Risk management is buying cheap, but cheap stocks can get much cheaper if sentiment is poor. This strategy misses out on changing trends in businesses and fast growing competitors. Gross & Net Exposure Poor
  Activist The strategy involves investing in a sufficient amount of shares of companies that typically have poor management practices in order to participate in the company’s decision making process. Often the shares are undervalued vs. their competitors or have some asset that isn’t being valued correctly, like real estate or non-core businesses. Discretionary Unlocking shareholder value by influencing management decisions and garnering a lot of press. Often can get heavily concentrated in one security, exposing firm to single stock risk. Gross & Net Exposure Poor

Discretionary/Systematic

Substrategy Strategy Breakdown Discretionary/Systematic Pros Cons Risk Management – Process Risk Management – Good/Okay/Poor
Merger Arbitrage Investing in equity and equity related instruments of companies which are currently engaged in mergers. Discretionary Requires more discretion in picking transactions likely to close, less subject to market risk. Offers a defined risk premia which compresses and expands based on capital in the strategy. More like bond investing than equity investing. Deal Break Risk Okay
Event Driven Investing in companies engaged in corporate transactions, security issuance/repurchase, asset sales, division spin-off or other catalyst oriented situation. Discretionary Unlike general L/S equity, these strategies have a defined time frame for a catalyst to unlock value in the situation. Can take advantage of passive strategies that don’t do the work. In environments where deal making falls, real estate markets weak, they often won’t find much to do. High risk of crossing over into just general value investing. Gross & Net Exposure Poor
Stat Arbitrage This strategy uses quantitative automated trading systems that seek out many modest temporary mispricing’s. The strategy relies on the law of averages, which makes the probability of profiting from these bets very high due to the large number of small positive attributions. Systematic Much quicker to take advantage of statistical anomalies in the market, don’t own the stocks, just rent them for short periods of time. Often market neutral so lower market risk overall. Subject to high trading costs, mostly ordinary income. VAR and Gross & Net Okay

Global Macro

Substrategy Strategy Breakdown Discretionary/Systematic Pros Cons Risk Management – Process Risk Management – Good/Okay/Poor
EM Focused Investing in emerging market instruments whose prices fluctuate based on the changes in economic policies and capital flows.
Emerging markets, given their developing status, are inherently inefficient, with high volatility relative to developed markets. The strategy is taking advantage of deep understanding of historical, political, legal, economic and cultural forces within these countries.
Discretionary Target markets are less efficient, harder to trade, not subject to passive flows. Therefore alpha opportunities are often higher than in simple equity and credit strategies. Not subject to limited instrument constraints. EM can get bucked together and correlations can rise rapidly in a crisis. VAR Good
G7 Focused This strategy looks for market inefficiencies in developed markets by utilizing a wide range of instruments including indices, interest rates and currencies. Discretionary Trades global trends in growth, inflation, and commodity supply and demand. Often good at finding relative value opportunities in rates, credit, and equities, decreasing systematic risk. Often strict drawdown limits. Heavily followed markets can make it hard to find an edge. Most G7 markets are highly efficient. VAR Good
Niche These strategies focus on exploiting inefficiencies in niche markets. Discretionary Off the run strategies targeting sectors like oil futures, shipping rates, agriculture offers returns in capacity constrained markets with need for specialist offers some alpha. Without good risk management, drawdowns can be rough, risk of rogue traders and bet the farm type trades. VAR Okay

Credit Funds

Substrategy Strategy Breakdown Discretionary/Systematic Pros Cons Risk Management – Process Risk Management – Good/Okay/Poor
Distressed Debt This strategy revolves around identifying credit instruments trading at significant discounts to their value at issuance due to bankruptcy or a perception of near term bankruptcy proceedings. There is a high upside since if the previously distressed company emerges from bankruptcy, the debt will be valued significantly higher. Discretionary Alpha generated by elbow grease. Distressed strategies need to serve on bankruptcy committees. They need to understand the true value of the assets, and they need to negotiate their position in the capital structure. Not generally available in a passive fund. Can get highly concentrated in sectors undergoing structural change (retail, oil & gas). No real risk management to speak of and concentration risk. Gross & Net Exposure Poor
Fixed Income This strategy revolves around investing in a wide variety of performing credit instruments that pay a fixed rate of interest. Investment universe includes, but is not limited to, mortgages, government, municipal and corporate bonds, convertible notes, debentures, capital notes as well as their derivatives. Discretionary Often value focused, with decent margin of safety. Can be useful in distressed environment like the mortgage market in 2008-2011. Most returns have been low, opportunities come and go based on macro concerns. CS01, DV01, and Var Okay
Fixed Income Arbitrage This strategy utilizes fundamental credit analysis to evaluate the likelihood of the credit rating improvements for corporate bonds. The strategy involves investments in securities that trade in liquid markets and abstains from involvement in management or decision-making process. Discretionary Can pick up on alpha opportunities in credit not available to long only investors. Often takes macro risk with curve trades which can be profitable. Returns have been low, despite often using a lot of leverage. Markets in credit tend to be very efficient. Also crowding risk exposes them to change in flows to the strategy. In addition, this strategy is exposed to long term capital management risk. CS01, DV01, and Var  
Convertible Arbitrage Hedged investing in convertible securities. Investment process is designed to isolate attractive opportunities between the price of a convertible security and the price of a non-convertible security, typically of the same issuer. Discretionary Attempt to set up win-win trades by finding mispriced options within convertible bonds and hedging out the equity risk, setting up convex payouts on trades. Mixed return history, subject to some liquidity constraints. Gross & Net Exposure Okay

CTA/Systematic Models

Substrategy Strategy Breakdown Discretionary/Systematic Pros Cons Risk Management – Process Risk Management – Good/Okay/Poor
Trend Following This strategy is based on the technical analysis of short-term, medium-term and long-term upward/downward trends in the market. This strategy utilizes technical analysis of market prices, trading volume and market volatility among other factors. Systematic The trend is your friend. These models don’t ask question, but rely on price and volume to inform decision making. Can add crisis alpha in a poor market as they will get short while other firms and trying to justify their longs. Can get chopped up in non-trending markets, buying high and selling low. Fees should be low, as trend strategies are well known and returns are not that differentiated. VAR Okay
Quantitative (“Black Box”) This strategy utilizes technology-based algorithmic modeling to achieve desired investment objectives. These models are often referred to as “black box”, since investors usually have limited access to the underlying investment strategy. Systematic Find signals based on fundamental and technical data sets. Tend to be uncorrelated with consistent alpha production. Need heavy research to maintain an edge. Signals decay over time based on signal length. Use high leverage, so risky in a market deleveraging scenario. VAR, Beta Adjusted Delta Okay
Discretionary This strategy is based on the discretion of the trader, who decides which market to trade, when to trade, and how much to risk. All trading decisions are made based on the real-time market data, thus the trader has the ability to quickly react to the rapidly changing market environment.          
Mean Reversion This strategy is based on the idea that prices and returns eventually move to the average over time. The objective of the trader is to identify the mean by using technical analysis tools, quantitative models and market data. Systematic Often paired with trend following strategies to provide returns in non-trending markets. Tend to buy low and sell high. Mean reversion strategies more appropriate for fixed income and commodities. Mixed track record. VAR Okay
Volatility This strategy trades volatility as an asset class. The strategy employs arbitrage, directional, market neutral, long, short trades. It can include both listed and unlisted instruments. Systematic/Discretionary Smaller market, capacity constrained. Often market neutral and uncorrelated, so capable of making money under all market scenarios. Must distiguish between vol sellers, who just book insurance like returns versus those looking for true relative value opportunites. Gap risk on big events like market crashes. Greeks (Delta, Gamma, Vega, and Theta) Okay

Multi-strategy

Substrategy Strategy Breakdown Discretionary/Systematic Pros Cons Risk Management – Process Risk Management – Good/Okay/Poor
Multi-strategy This strategy aims to achieve positive returns regardless of the market environment due to employing several investment strategies. Systematic/Discretionary Employs many of the strategies discussed herein. Provides the ability to quickly allocate capital to strategies with a higher expected return. Returns can get muddled by high fees and diversification. Gross & Net Exposure, DV01, CS01, and Var. Good

L/S Equity Strategy Breakdown Discretionary/Systematic Pros Cons Risk Management – Process Risk Management
Generalist The strategy maintains long and short positions primarily in equity and equity derivative securities without focusing on any specific sector, region or market. Discretionary/Systematic Have flexibility to reallocate assets between sectors depending on the market environment Lacks Specific Sector experience, poor risk management generally. Gross & Net Exposure Poor
Sector Focused The strategy is narrowly focused on a specific sector (technology, energy, financials etc.) with the purpose of exploiting market inefficiencies in this sector. Discretionary Specialists who have a lot of industry knowledge Heavily exposed to systemic risk. In particular, if an industry is experiencing down cycle (energy after oil prices fell, financials in the housing crisis), can take on tail risk. Gross & Net Exposure Poor
Market Cap Focused Investing in companies of a certain market capitalization, since a company size is likely to have a direct bearing on its risk/reward potential. Large cap stocks tend to have more diversified business structures, and therefore less variable earnings. Smaller companies, are more specialized, usually have larger revenue growth but are more sensitive to macroeconomic trends. Discretionary/Systematic Investing in companies of a certain market cap would allow to achieve desirable risk/return profile. Investing solely in small cap companies make the portfolio vulnerable during the down cycle, and investing in a large cap portfolio limits the upside potential during the bull markets Gross & Net Exposure Poor
Growth Focused Investing in companies that are expected to have abnormally high levels of growth in earnings, profitability, sales or market share. Growth companies offer higher upside potential but are inherently riskier. They usually don’t pay out dividends – they need to reinvest their earnings to expand in the form of acquisitions, workers or equipment. Discretionary/Systematic Successful investments can appreciate much faster than the market; investors can gain exposure to cutting edge industries with larger upside potential Higher risk and volatility; dividends are uncommon for the majority of growth companies; there is the risk that growth does materializes Gross & Net Exposure Poor
Value Focused Investing in high-quality companies with discrepancies between market stock prices and fundamental worth. Value companies often generate high cash flow but with out of favor sectors. . Value investors tend to focus on stocks with relatively lower price-to-book (P/B) ratios and price-to-earnings (P/E) ratios and identify those as the best bargain stocks the market has to offer. Discretionary/Systematic According to Fidelity Investments calculations, value investors fared slightly better than growth investors for large cap, medium cap and small cap companies. Risk management is buying cheap, but cheap stocks can get much cheaper if sentiment is poor. Misses out on changing trends in businesses and fast growing competitors. Gross & Net Exposure Poor
Activist The strategy involves investing in a sufficient amount of shares of companies that typically have poor management practices in order to participate in the firm decision making process. Often the shares are undervalued based versus their competitors or have some asset that isn’t being valued correctly, like Real Estate or non-core businesses. Discretionary Unlocking shareholder value by influencing management decisions and garnering a lot of press. Often can get heavily concentrated in one security, exposing firm to single stock risk. Gross & Net Exposure Poor
Merger Arbitrage Investing in equity and equity related instruments of companies which are currently engaged in mergers. Discretionary Requires more discretion in picking transactions likely to close, less subject to market risk. Offers a defined risk premia which compresses and expands based on capital in the strategy. More like bond investing than equity investing. Deal Break Risk Okay
Event Driven Investing in companies engaged in corporate transactions, security issuance/repurchase, asset sales, division spin-off or other catalyst oriented situation. Discretionary Unlike general L/S equity, these strategies have a defined time frame for a catalyst to unlock value in the situation. Can take advantage of passive strategies that don’t do the work. In environments where deal making falls, real estate markets weak, they often won’t find much to do. High risk of crossing over into just general value investing. Gross & Net Exposure Poor
Stat Arbitrage The strategy uses quantitative automated trading systems that seek out many modest temporary mispricing’s. The strategy relies on the law of averages, which makes the probability of profiting from these bets very high due to the large number of small positive attributions. Systematic Much quicker to take advantage of statistical anomalies in the market, don’t own the stocks, just rent them for short periods of time. Often market neutral so lower market risk overall. Subject to high trading costs, mostly ordinary income. VAR and Gross & Net Okay
Global Macro
EM Focused Investing in emerging market instruments whose prices fluctuate based on the changes in economic policies and capital flows.
Emerging markets, given their developing status, are inherently inefficient, with high volatility relative to developed markets. The strategy is taking advantage of deep understanding of historical, political, legal, economic and cultural forces within these countries.
Discretionary Target markets are less efficient, harder to trade, not subject to passive flows. Therefore alpha opportunities are often higher than in simple equity and credit strategies. Not subject to limited instrument constraints. EM can get bucked together and correlations can rise rapidly in a crisis. VAR Good
G7 Focused The strategy looking for market inefficiencies in developed markets by utilizing a wide range of instrument including indices, interest rates and currencies. Discretionary Trades global trends in growth, inflation, and commodity supply and demand. Often good at finding relative value opportunities in rates, credit, and equities, decreasing systematic risk. Often strict drawdown limits. Heavily followed markets can make it hard to find an edge. Most G7 Markets are highly efficient. VAR Good
Niche The strategies focus on exploiting inefficiencies in niche markets. Discretionary Off the run strategies targeting sectors like Oil futures, shipping rates, agriculture offers returns in capacity constrained markets with need for specialist offers some alpha. Without good risk management, drawdowns can be rough, risk of rogue traders and bet the farm type trades. VAR Okay
Credit Funds
Distressed Debt The strategy revolves around identifying credit instruments trading at significant discounts to their value at issuance due to bankruptcy or a perception of near term bankruptcy proceedings. There is a high upside since if the previously distressed company emerges from bankruptcy, the debt will be valued significantly higher. Discretionary Alpha generated by elbow grease. Distressed strategies need to serve on bankruptcy committees. They need to understand the true value of the assets, and they need to negotiate their position in the capital structure. Not generally available in a passive fund. Can get highly concentrated in sectors undergoing structural change (retail, oil & gas). No real risk management to speak of and concentration risk. Gross & Net Exposure Poor
Fixed Income The strategy revolves around investing in a wide variety of performing credit instruments that pay a fixed rate of interest. Investment universe includes but is not limited to mortgages, government, municipal and corporate bonds, convertible notes, debentures, capital notes as well as their derivatives. Discretionary Often value focused, with decent margin of safety. Can be useful in distressed environment like the mortgage market in 2008-2011. Most returns have been low, opportunities come and go based on macro concerns. CS01, DV01, and Var Okay
Fixed Income Arbitrage The strategy utilizes fundamental credit analysis to evaluate the likelihood of the credit rating improvements for corporate bonds. The strategy involves investments in securities that trade in liquid markets and abstains from involvement in management or decision-making process. Discretionary Can pick up on alpha opportunities in credit now available to long only investors. Often take macro risk with curve trades which can be profitable. Returns have been low, despite often using a lot of leverage. Markets in credit tend to be very efficient. Also crowding risk exposes them to change in flows to the strategy. Long Term Capital Management Risk. CS01, DV01, and Var
Convertible Arbitrage Hedged investing in convertible securities. Investment process is designed to isolate attractive opportunities between the price of a convertible security and the price of a non-convertible security, typically of the same issuer. Discretionary Attempt to set up win/win trades by finding mispriced options within convertible bonds and hedging out the equity risk, setting up convex payouts on trades. Mixed return history, subject to some liquidity constraints. Gross & Net Exposure Okay
Other
Volatility The strategy trades volatility as an asset class. The strategy employs arbitrage, directional, market neutral, long, short trades. It can include both listed and unlisted instruments. Systematic/Discretionary Smaller market, capacity constrained. Often market neutral and uncorrelated, so capable of making money under all market scenarios. Must distiguish between vol sellers, who just book insurance like returns versus those looking for true relative value opportunites. Gap risk on big events like market crashes. Greeks (Delta, Gamma, Vega, and Theta) Okay
Multi-strategy The strategy aims to achieve positive returns regardless of the market environment due to employing several investment strategies. Systematic/Discretionary Employs many of the strategies discussed herein. Provides the ability to quickly allocate capital to strategies with a higher expected return. Returns can get muddled by high fees and diversification. Gross & Net Exposure, DV01, CS01, and Var. Good
CTA/Systematic Models
Trend Following The strategy is based on the technical analysis of short-term, medium-term and long-term upward/downward trends in the market. This strategy utilizes technical analysis of market prices, trading volume and market volatility among other factors. Systematic The trend is your friend. These models don’t ask question, but rely on price and volume to inform decision making. Can add crisis alpha in a poor market as they will get short while other firms and trying to justify their longs. Can get chopped up in non-trending markets, buying high and selling low. Fees should be low, as trend strategies are well known and returns are not that differentiated. VAR Okay
Quantitative (“Black Box”) The strategy utilizes technology-based algorithmic modeling to achieve desired investment objectives. These models are often referred to as “black box”, since investors usually have limited access to the underlying investment strategy. Systematic Find signals based on fundamental and technical data sets. Tend to be uncorrelated with consistent alpha production. Need heavy research to maintain an edge. Signals decay over time based on signal length. Use high leverage, so risky in a market deleveraging scenario. VAR, Beta Adjusted Delta Okay
Discretionary The strategy is based on discretion of the trader, who decides which market to trade, when to trade, and how much to risk. All trading decisions are made based on the real-time market data, thus the trader has the ability to quickly react to the rapidly changing market environment.
Mean Reversion The strategy is based on the idea that prices and returns eventually move to the average over time. The objective of the trader is to identify the mean by using technical analysis tools, quantitative models and market data. Systematic Often Paired with Trend following strategies to provide returns in non-trending markets. Tend to buy low and sell high. Mean reversion strategies more appropriate for fixed income and commodities. Mixed track record. VAR Okay
Geographic Breakdown
Region Focused The strategy is focused on a specific region to take advantage of the profound understanding of macroeconomic, political and business trends in the region and exploit market inefficiencies in this region.
Emerging Markets Investing in emerging market instruments whose prices fluctuate based on the changes in economic policies and capital flows.
Emerging markets, given their developing status, are inherently inefficient, with high volatility relative to developed markets. The strategy is taking advantage of deep understanding of historical, political, legal, economic and cultural forces within these countries.
G7 The strategy looking for market inefficiencies in developed markets by utilizing a wide range of instrument including indices, interest rates and currencies.
Country-specific Investing in instruments in a specific country.
Not focused on any specific region Contain trades across different regions
Strategy Breakdown
Long Only Only look at long opportunities in fixed income and equities. Discretionary Can capture market risk premium in benign markets. Research says few long only active managers add value versus the passive indices. Gross & Net Exposure Poor
Long/Short: High Net Discretionary Attempt to outperform passive indicies, can capture market risk premium but add value with shorts and concentrated longs. Research says few long only active managers add value versus the passive indices. Gross & Net Exposure Poor
Long/Short: Low Net Discretionary Provides consistent low exposure to market. Finding shorts to keep the net low can be difficult. Gross & Net Exposure Poor
Market Neutral Discretionary/Systematic Low volatilily, and low market risk. Often best implimented in a quantitative manor, allowing computer models to pick the stocks. Can underperform in a trending market. Can also be exposed to factor risk like growth vs value, leverage, and quality. Gross & Net Exposure Poor
Short Biased The strategy has a larger portion of the portfolio dedicated to short positions. The strategy involves identification of overvalued companies and betting on their prices to decrease. Discretionary Can add diversity to a long focused portfolio. Shorts have limited potential for gains but unlimited potential for losses. Few short focused managers have added value over time. Limited market for frauds. Gross & Net Exposure Poor
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