The paper "Key Design Choices in Long/Short Equity" by the folks at AQR provides a strong case for holding long/short equity strategies. Clearly, this strategy should do better than a long-only strategy because it will include the best ideas on the short side of the market. Good managers should know what to buy, what to avoid and what to sell. The strong Sharpe combined with low volatility can create a portfolio that is stronger than holding just long-only exposure.
The alpha decomposition at least equally distributed between long and short trades. In many cases, there are stronger returns from trading factor risks on the short side. The diversification benefits with good alpha generation can make this a good addition to any long-only portfolio.
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