The Long and Short of Long-Short

8/3/2019 The Long and Short of Long-Short

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The Long and Short of Long/ShortFunds

Fund managers find themselves increasingly challenged to provideinvestors growth and protection in today's volatile global markets.

Some firms, which manage stock and bond mutual

funds andexchange-traded funds, are taking cues from hedge

funds and including more sophisticated investment strategies in their

mix.

In turn, investors may find themselves sifting through a growing

number of alternative products that use these hedge fund-favored

combinations. One popular strategy called "long-short" involves taking

long positions in stocks (or bonds) with the expectation that they will

increase in value, and simultaneous short positions in stocks (or bonds)

that are expected to decrease in value. Do such offerings fit into

average investors' portfolios?

"It's not the kind of thing that's been well-proven in the investment

universe, but there are obviously people out there trying to do it, in

large part because there's a tremendous demand for it," says EricJacobson, bond fund analyst at Morningstar, in a video interview on his

firm's site. There are now enough long/short bond funds--sometimes

known as absolute return funds--to warrant a separate Morningstar

category outside of the multi-sector category it previously used.

As always, investors must gauge their overall risk tolerance and

financial goals and consider expenses and other factors, but the

general rule is that alternative investment strategies should be used tocompliment traditional mutual funds and ETFs.

Taking a long position in a stock simply means buying it; if the stock

increases in value, you will make money. On the other hand, taking a

short position in a stock means borrowing a stock you don't own, then

selling it in hopes that it declines in value, at which time you can buy it
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back at a lower price than you paid for it. You then return the borrowed

shares.

In bull markets, long-short funds might lag their long-only

counterparts. But during bear markets, these funds tend to have acompetitive advantage. Managers might use futures, options, or an

inverse stock position for the tactical portion of the portfolio that

provides the downside "protection."

Gauging market direction. The democratization of the long/short

strategy has lead to specialized products that blend equities, bonds,

commodities, real estate, cash, and more. For Rob Stein, who runs

the Astor Long/Short ETF Fund, his approach allows him to diversify

across non-correlated asset classes and approach investing using

broader themes, such as macroeconomic performance over company-

specific risk.

"Currencies, energy, precious metals, healthcare, small cap ... our

approach is about low correlation to stocks, decision-making based on

economic fundamentals, reducing beta, or volatility," says Stein,

founder and global head of asset management at Chicago-based Astor

Asset Management, now part of Knight Capital Group. The firm, whoseclients are investment advisors, runs about $1.2 billion in portfolios

solely using ETFs.

The long/short approach is sometimes known as absolute return, when

cash and an inverse offset are used to potentially limit the downside.

But it's a sometimes misleading name that really means "positive"

return.

Some funds use options strategies, writing covered calls as an income

source, for instance. One such fund is Bridgeway Managed

Volatility (BRBPX). Others have a narrower stock-picking approach,

such as Quaker Event Arbitrage (QEAAX), which primarily makes long

and short bets on equities, but managers focus on stocks and bonds

that are involved in corporate events, such as mergers and
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acquisitions, restructurings, spin-offs, liquidations, and changes in

management.

Bond funds expanding. Long/short funds can do a lot of heavy lifting

with the convenience of one fund, often covering a variety of sectorsand regions. Managers can fold in higher-risk, higher-growth

opportunities in emerging markets for non-correlation.

"Our new long/short fund is designed for investors who want broad

exposure to debt opportunities around the world, but are also

concerned with volatility and interest-rate risks," says J. Alan Reid, CEO

of Forward Management, which has recently added to its long/short

fixed-income lineup with the Forward Global Credit Long/Short Fund

(FGCRX).

Reid says the new fund has some bias toward emerging markets, given

their generally higher economic growth rates, but typically invests

broadly in at least 10 countries at any time. The strategy can also

potentially hedge against sovereign defaults and extreme credit-

market downturns. At least 40 percent of assets must be invested in

issuers based outside the United States.

Related sub-categories can add to investor confusion. One such group

is known as unconstrained bond funds. "The idea, generally speaking,

behind unconstrained bonds is to give the manager a tremendous

amount of freedom. So he or she can take a lot of interest-rate risk if

they feel that the market presents an opportunity, or to not only

perhaps take no interest-rate risk, but even take negative risk, so to

speak. In other words, shorting the market so much that if interest

rates fall and most bond funds are gaining, a fund like this would gothe other way and vice versa," Morningstar's Jacobson explains.

"The other part of most of their strategies is that they have a

tremendous amount of flexibility in terms of sectors as well, both

domestically and globally. So, they may have emerging-markets

bonds," he says. "They may have non-dollar developed-markets bonds,


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high-yield. Pretty much anything you could think of that's a normal

place for a multisector fund to go these days, you can find it potentially

in an unconstrained bond fund."

Morningstar provides a short list of funds in the category with testedmanagement: Harbor Unconstrained Bond Inst (HAUBX); PIMCO

Unconstrained Bond Inst (PFIUX); JPMorgan Strategic Income Opps

A (JSOAX); Putnam Absolute Return 100 A (PARTX); and Putnam

Absolute Return 300 A (PTRNX).

It's clear that a variety of investments can bring opportunity to today's

complex investor needs. "We believe that investors today need a

substantially expanded toolkit to cope with high volatility, economic

uncertainty, and generally lower returns," says Forward's Reid. "Long-

only strategies certainly have their place, and we offer a variety of

them. But in our view, if you limit yourself to the traditional style boxes

and a long-only approach, it's much more difficult to manage risks and

get ahead in the long run. We're convinced that a tilt toward

alternative investing is the direction of the future."

But some fund trackers urge a go-slow approach and reasonable

expectations. "It's safe to say, we haven't really seen a case to bemade that you should be using them to replace any kind of core

position," says Jacobson. "I think that's important, because I think a lot

of the marketing is suggesting to people that that's really what they

ought to be doing. I think that's what people are looking for as well.

Unfortunately, there is not going to be a free lunch and you may miss

out on things even if you don't get hurt too badly."

Source: http://finance.yahoo.com/news/long-short-long-short-funds-

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The Long and Short of Long-Short

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Transcript of The Long and Short of Long-Short