问题如下：
The Big Bucks hedge fund has the following description of its activities. It uses simultaneous long and short positions in equity with a net beta close to zero. Which of the following statements about Big Bucks is/are correct?
I. It uses a directional strategy.
II. It is a relative value hedge fund.
III. This fund is exposed to idiosyncratic risks.
选项：
A.I and II
B.II and III
C.I and III
D.II only
解释：
B is correct. This fund has zero beta, so is a relative value fund. It is, however, exposed to idiosyncratic, stock-specific risk.
为什么是relative value strategy 呢？这个概念在讲义的哪里
