130/30 Active Extension
Long-Short EquityBullish
130% long + 30% short, full market exposure with shorting alpha
Source: hfr.com
150/50 Extension
Long-Short EquityBullish
More aggressive 150/50 with 200% gross + 100% net
Source: hfr.com
AQR Style Risk Premia
Multi-StrategyBoth
Style premia harvesting (value/mom/carry/defensive)
Source: AQR
Activist Catalyst
Event DrivenBullish
Take large stake + push for board changes/spinoffs/buybacks
Source: hfr.com
Activist L/S
Long-Short EquityBullish
Long activist targets that fund pushes for change, short hedges
Source: hfr.com
Aggressive Activist
ActivistBullish
Run proxy contest, replace board, force change
Source: Icahn
Balyasny BAM Style
Multi-StrategyBoth
Multi-PM Balyasny model with central risk and pod structure
Source: Balyasny
Basis Trade Treasury Cash-Future
Fixed Income ArbNeutral
Cash Treasury vs futures basis trade
Source: FI arb
Beta Neutral Pairs
Equity Market NeutralNeutral
Each pair sized beta-neutral, sum of pairs = market neutral
Source: pairs
Bridgewater All Weather
Multi-StrategyBoth
Risk-balanced across growth/inflation regimes
Source: Bridgewater
Bridgewater Pure Alpha
Multi-StrategyBoth
Discretionary macro with leverage on diversified bets
Source: Bridgewater
Cap Structure Arb
Convertible ArbNeutral
Trade across senior bonds/sub bonds/CDS/equity of same issuer
Source: cap structure
Cap-Floor Arb
Fixed Income ArbNeutral
Arb interest rate caps vs floors via swaption parity
Source: rates
Capital Return Activist
ActivistBullish
Push for special dividend/large buyback to return cash
Source: Icahn
Cat Bond Trading
SpecialistBullish
Trade catastrophe bonds on hurricane/earthquake risk pricing
Source: cat bond
Citadel-Style Multi-PM
Multi-StrategyBoth
Multi-PM platform with isolated risk budgets, low correlation pods
Source: Citadel
Classic Long-Short Equity
Long-Short EquityBoth
Long undervalued + short overvalued, 60/40 net long typical
Source: hfr.com
Climate-Linked Strategy
SpecialistBoth
Trade weather/climate-linked instruments
Source: climate
Commodity Macro
Global MacroBoth
Macro long/short across commodity complex on supply/demand views
Source: commodity macro
Constructive Activist
ActivistBullish
Take position + work cooperatively with management
Source: ValueAct/Pershing
Counter-Trend CTA
CTA Managed FuturesBoth
Mean-reverting against short-term overextensions
Source: CTA
Credit Long-Short
SpecialistBoth
L/S corporate credit on quality vs spread mispricing
Source: credit HF
Crypto Hedge Fund
SpecialistBoth
Long-short crypto + DeFi + on-chain arbitrage
Source: crypto HF
Currency Macro
Global MacroBoth
Pure FX macro fund, carry+momentum+valuation across currency pairs
Source: FX macro
DE Shaw Composite
Multi-StrategyBoth
Combine systematic equity + quant macro + EMN + arb
Source: DE Shaw
Discretionary Macro
Global MacroBoth
Top-down discretionary across rates/FX/equity/commodities (Soros style)
Source: hfr.com
Dispersion Trading
Volatility ArbNeutral
Short index vol long single-stock vol, capture correlation premium
Source: vol arb
Distressed Debt Recovery
Event DrivenBoth
Buy distressed debt at deep discount, recover at reorganization
Source: hfr.com
Distressed for Control
Event DrivenBullish
Buy distressed debt to convert to equity in reorg (loan-to-own)
Source: distressed
EM Sovereign Credit
SpecialistBoth
L/S EM sovereign bonds on debt sustainability and yield curves
Source: EM credit
ESG Long-Short
SpecialistBoth
Long high-ESG short low-ESG, capture ESG factor return
Source: ESG
Earnings Announcement Drift
Event DrivenBoth
Long stocks with earnings beats, short misses (post-earnings drift factor)
Source: factor research
Emerging Manager FoF
Fund of FundsBoth
Allocate to small/new HFs for outperformance vs established
Source: FoF
Energy Specialist L/S
SpecialistBoth
Specialized E&P/oil services L/S incorporating commodity views
Source: energy HF
FDA Approval Trade
Event DrivenBoth
Position pharma stocks ahead of FDA decisions, options to hedge
Source: pharma
Factor Neutral L/S
Equity Market NeutralNeutral
L/S neutralized to all systematic factors (size/value/momentum)
Source: factor research
Forensic Short
Dedicated Short BiasBearish
Short companies with accounting irregularities (e.g. Muddy Waters style)
Source: Block
Fundamental EMN
Equity Market NeutralNeutral
Fundamental L/S balanced to zero net market exposure, pure stock alpha
Source: analystprep.com
Fundamental Growth L/S
Long-Short EquityBullish
Long high earnings growth + short low growth, momentum overlay
Source: streetofwalls.com
Fundamental Value L/S
Long-Short EquityBoth
Long deep value + short overvalued/expensive growth
Source: streetofwalls.com
Geographic L/S (EM)
Long-Short EquityBoth
Emerging markets long-short, country and stock selection alpha
Source: streetofwalls.com
Going-Private LBO Arb
Event DrivenBoth
Long target post LBO announcement, capture deal close spread
Source: LBO
Healthcare Catalyst HF
SpecialistBullish
Long biotech ahead of clinical trial readouts, options hedge
Source: healthcare HF
Hostile Takeover Speculation
Event DrivenBullish
Long target on speculation of hostile bid or competing offers
Source: event
Indian Disinvestment Trade
Special SituationsBullish
Trade PSU stocks ahead of govt disinvestment announcements
Source: moneycontrol
Liquidation Trade
Special SituationsBoth
Buy securities of companies in voluntary or forced liquidation
Source: liquidation
Litigation Finance
Event DrivenBoth
Fund litigation in exchange for settlement %
Source: litigation
Long Convert / Short Stock
Convertible ArbNeutral
Buy convertible bond, short underlying stock, isolate optionality
Source: hfr.com
Long Vol Tail Risk
Volatility ArbBullish
Universa-style long vol convexity for tail protection
Source: Spitznagel
M&A Activist
ActivistBullish
Push for sale or break-up of company
Source: Elliott
Man AHL Style Trend
Multi-StrategyBoth
Multi-horizon trend following across global futures
Source: Man AHL
Merger Arb Collar Deal
Event DrivenBoth
Hedge collar exchange ratio mechanically with options
Source: merger arb
Merger Arb Stock-for-Stock
Event DrivenBoth
Long target + short acquirer at exchange ratio, capture deal spread
Source: hfr.com
Merger Arbitrage Cash Deal
Event DrivenBoth
Long target at discount to cash offer, capture spread to closing
Source: hfr.com
Millennium-Style Pod
Multi-StrategyBoth
Hundreds of independent PM pods with strict drawdown limits
Source: Millennium
Mortality/Longevity Trading
SpecialistBoth
Hedge longevity/mortality risk through swaps
Source: specialist
Mortgage Basis Trade
Fixed Income ArbNeutral
Long MBS short Treasuries with hedged duration, capture mortgage spread
Source: MBS arb
Multi-Manager FoF
Fund of FundsBoth
Allocate across 20-50 underlying hedge funds for diversification
Source: hfr.com
Multi-Strategy CTA
CTA Managed FuturesBoth
Combine trend + carry + value + curve trades across futures
Source: CTA
On-the-Run/Off-the-Run
Fixed Income ArbNeutral
Trade liquidity premium between newly issued and older Treasuries
Source: LTCM-style
Operational Activist
ActivistBullish
Push for cost cuts and operational improvements
Source: Trian
PIPE Investing
Special SituationsBoth
Private investment in public equity at discount with warrants
Source: PIPE
Patent Cliff Short
Event DrivenBearish
Short pharma facing key patent expirations, generic erosion
Source: pharma
Pattern Recognition CTA
CTA Managed FuturesBoth
ML-based pattern recognition systematic futures
Source: CTA
Permanent Short
Dedicated Short BiasBearish
Permanent net short equity, bearish bias, hedged with options
Source: hfr.com
Point72-Style Equities Multi
Multi-StrategyBoth
Multi-PM equity-centric multi-strategy
Source: Point72
Pre-Announcement M&A
Event DrivenBullish
Long M&A candidates pre-announcement based on rumors/scuttlebutt
Source: event
Quantitative L/S
Long-Short EquityBoth
Factor-driven systematic L/S using value/momentum/quality factors
Source: hfr.com
Rate Macro
Global MacroBoth
Pure rates macro positioning around central bank cycles
Source: rates macro
Reg D Private Issue
Special SituationsBoth
Private placements with registration rights
Source: Reg D
Reinsurance ILS Strategy
SpecialistBullish
Insurance-linked securities for uncorrelated returns
Source: ILS
Renaissance Medallion Style
Multi-StrategyBoth
Short-horizon stat arb across thousands of signals (replicate concept)
Source: Renaissance
Rights Offering Arb
Special SituationsBoth
Trade rights vs underlying during cap raises
Source: rights
Risk Premia Harvesting
Equity Market NeutralBoth
Harvest documented factor premia (value/momentum/quality) systematically
Source: AQR research
Risk-On/Risk-Off Rotation
Global MacroBoth
Rotate between risk assets and safe-havens based on regime indicators
Source: macro regime
SPAC Trust Arb
Event DrivenBullish
Buy SPAC near trust value, redeem if no deal, free option on deal
Source: SPAC
SPAC Warrant Trade
Event DrivenBoth
Trade SPAC warrants pre/post deal announcement
Source: SPAC
Sector FoF
Fund of FundsBoth
Specialized FoF on single sector (healthcare/tech/EM)
Source: FoF
Sector Specialist L/S
Long-Short EquityBoth
Healthcare/tech/financials specialist L/S, deep domain expertise
Source: streetofwalls.com
Short Vol Premium
Volatility ArbNeutral
Short index variance premium, IV>RV harvest
Source: VRP
Short-Term CTA
CTA Managed FuturesBoth
Short-term trend following 1-30 day holding period
Source: CTA
Sovereign Spread Trade
Fixed Income ArbBoth
Long-short sovereign bonds across countries (Italy-Bund spread)
Source: sovereign
Spin-off Activist
ActivistBullish
Push for spin-off of unrelated business segments
Source: Trian
Spinoff Long
Event DrivenBullish
Long spinoff post forced index/institution selling, value emerges
Source: Greenblatt
Statistical Arb EMN
Equity Market NeutralNeutral
Quantitative pairs and statistical arbitrage with zero net market beta
Source: analystprep.com
Strategy FoF
Fund of FundsBoth
FoF concentrated in single strategy (e.g. long-short equity FoF)
Source: FoF
Stub Trade
Event DrivenBoth
Trade ratio between parent + spinoff (stub), capture mispricing
Source: capital arb
Swap Spread Arb
Fixed Income ArbNeutral
Trade swap-Treasury spread mean reversion
Source: FI arb
Systematic Macro
Global MacroBoth
Rules-based macro using economic data and price signals
Source: hfr.com
Tender Offer Arb
Event DrivenBoth
Buy at tender discount, tender at offer price, manage proration risk
Source: tender
Themed Short
Dedicated Short BiasBearish
Short structurally declining industries (e.g. legacy retail/coal)
Source: thematic
Trend Following CTA
CTA Managed FuturesBoth
Classic Donchian/MA trend following across 50-100 futures markets
Source: hfr.com
Two Sigma Compass
Multi-StrategyBoth
Systematic equity + macro + alternative data overlays
Source: Two Sigma
VIX-Realized Vol Spread
Volatility ArbBoth
Trade VIX vs realized SPX vol spread mean reversion
Source: VIX research
Variable Bias L/S
Long-Short EquityBoth
Net exposure flexes 0-100% based on macro view, tactical flex
Source: hfr.com
Vol Surface Arb
Volatility ArbNeutral
Trade mispricings on skew, term, smile across vol surface
Source: vol arb
Vol-Targeted CTA
CTA Managed FuturesBoth
Target portfolio vol e.g. 15%, scale exposures inversely to vol
Source: vol target
Volatility Specialist
SpecialistBoth
Pure volatility-focused fund (vol arb + dispersion + tail)
Source: vol fund
Winton Style CTA Quant
Multi-StrategyBoth
Statistical research-driven systematic futures
Source: Winton
Yield Curve Arb
Fixed Income ArbNeutral
Trade relative value across curve (2s10s, butterfly)
Source: hfr.com
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.