登录之后可查看解析

A 120/20 strategy compared to combining a 100/0 with a 20/20 strategy are not the same thing. The 120/20 is a short extension strategy in which 20% of the long portfolio is shorted with the proceeds used to purchase an equivalent amount of equities with the resulting portfolio viewed as being managed as 1 portfolio. The 100/0 combined with a 20/20 strategy represents a 100% long portfolio combined with a market neutral strategy with each strategy representing separately managed portfolios. Also, the 20/20 market neutral strategy is constructed by shorting 20% of the available capital and using derivatives such as futures or swaps to gain market exposure whereas the short extension strategy does not use derivatives to gain market exposure.