讲义里Fundamental L/S Growth是否是两个单向？

问题如下：

An equity hedge fund following a fundamental growth strategy uses fundamental analysis to identify companies that are most likely to:

选项：

be undervalued.

be either undervalued or overvalued.

experience high growth and capital appreciation.

解释：

C is correct.

Fundamental growth strategies take long positions in companies identified, using fundamental analysis, to have high growth and capital appreciation. Fundamental value strategies use fundamental analysis to identify undervalued companies. Market-neutral strategies use quantitative and/or fundamental analysis to identify under- and overvalued companies.

绝大多数对冲基金策略都是做多做空同时操作的，只有少数几个是单向只做多或者只做空，就包括fundamental growth, fundamental value 以及short bias. 其中，fundamental growth是用基本面研究方法找到高增长的股票，而fundamental value是用基本面研究方法找到被低估的股票。而short bias是卖出被高估的股票。选项中的market-neutral是同时找到被低估和被高估的股票，short那个被高估的，long那个被低估的，那么就可以获得两个阿尔法，市场风险就被对冲掉了，但是承担了更高的非系统性风险。