Portable alphaand beta forlong/shortequity manager

Avoiding the pitfalls ofunintentional market, sectorand style bets

While stock-picking strategies are, in principle,

meant to exploit evidence of predictability in individual

stock-specific risk, equity managers, as a

result of their bottom-up security selection decisions,

often end up making discretionary, and

most of the time unintended, bets on market,

sector and style returns as much as they make

bets on individual stock returns.

These unintended bets are unfortunate as they

can have a dramatic impact either way on the

portfolio return, and their presence introduces

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