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A short extension is characterized by shorting part of the portfolio, for example shorting 20% and taking the proceeds from the short sale and purchasing undervalued securities in the same amount so the net amount of capital invested is 100% (= 100% long − 20% short + 20% long) but the long position is 120% (= 100 from the initial long position + 20 from the proceeds of the short sale). A short extension strategy does not use derivatives but instead only takes long and short positions in equities. A market neutral strategy is characterized by equal amounts of long and short positions to produce an overall beta of 0 whereas a short extension strategy has a beta of greater than 0.