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问题如下：

During a monthly board meeting, Shaindy discusses her updated market forecast for equity markets. Due to a recent large increase in interest rates and geopolitical tensions, her forecast has changed from one of modestly rising equities to several periods of non-trending markets. Given this new market view, Shaindy concludes that a long/short strategy will not be optimal at this time and seeks another equity-related strategy. The Fund has the capacity to use a substantial amount of leverage.

Determine the most appropriate equity-related hedge fund strategy that Shaindy should employ. Justify your response.

选项：

解释：

Shaindy should employ an equity market-neutral (EMN) equity strategy. Overall, EMN managers are more useful for portfolio allocation during periods of non-trending or declining markets. EMN hedge fund strategies take opposite (long and short) positions in similar or related equities having divergent valuations while attempting to maintain a near net zero portfolio exposure to the market. EMN managers neutralize market risk by constructing their portfolios such that the expected portfolio beta is approximately equal to zero. Moreover, EMN managers often choose to set the betas for sectors or industries as well as for common risk factors (e.g., market size, price-to-earnings ratio, and bookto-market ratio) equal to zero. Since these portfolios do not take beta risk and attempt to neutralize many other factor risks, they typically must apply leverage to the long and short positions to achieve a meaningful return profile from their individual stock selections. EMN strategies typically deliver return profiles that are steadier and less volatile than those of many other hedge strategy areas. Over time, their conservative and constrained approach typically results in a less dynamic overall return profile than those of managers who accept beta exposure. Despite the use of substantial leverage and because of their more standard and overall steady risk/ return profiles, equity market-neutral managers are often a preferred replacement for fixed-income managers during periods when fixed-income returns are unattractively low.