NO.PZ2022062601000023
问题如下：
HC Company is a company similar to Muddy Water Company that focuses on short selling. HC Company's short selling strategy is to screen out overvalued stocks from companies with pre loss, and choose the one with the highest probability of decline to short. In order to diversify its investment portfolio, HC Company also maintains a value-oriented long position. On average, the fund's net short market ratio is 30% -60%.
HC's description of the short selling strategy suggests that the fund's style is likely to be:
选项：
A.short biased.
activist short selling.
dedicated short selling.
解释：
A is correct. HC's focus is to short securities that it believes will fall in price. This fund has many characteristics of a short-biased hedge fund, with HC average net short positions. Activist short-selling funds hold short positions and publicly share their negative fundamental views. Dedicated short-selling funds only hold short positions. HC maintains a moderate long position to offset the drag of the bull market on performance.
B is not correct. Activist short-selling funds hold short positions and publicly share their negative fundamental views.
C is incorrect. Dedicated short-selling funds only hold short positions, while HC also holds value-oriented long positions.
知识点考察：Equity Strategies
这个题的核心是是对比三个选项之间的区别。
Short biased是指偏向做空，即：也许有做多的敞口，但空头敞口＞多头敞口，使得总敞口偏向空头。
Dedicated short
selling是指只做空，没有多头的敞口。
Activist short
selling是指做空某个上市股市，然后公开上市公司的一些真实的负面信息。比如浑水公司做空瑞幸咖啡。
从题目出发，看到fund是保持30%-60%的净敞口，并不是纯做空，而且也没有提到公开任何上市公司的负面信息。这样就排除了Dedicated short selling和activist short selling，即不选B和C。所以选择A选项。
老师好，
这个题目里的1）net short market ratio is 30% -60%，如何理解啊？ 是净的做空头寸/总的头寸么？
2）如何判断这里的net long 比net short 小的啊？
