Net long range between 48-56% for l/s equity funds is not meaningful, Andy Constan notes

Net long range between 48-56% for l/s equity funds is not meaningful, Andy Constan notes
Net long variations in equity funds called minor

Andy Constan, Andy Constan, argued that the difference between l/s equity funds being 48% or 56% net long throughout the year results in only a 1.2% return difference, which he describes as relatively insignificant.

Constan also suggested that expanding the scale to show the full 0% to 100% range emphasizes how minor these net exposure variations are.

Constan has previously addressed market misreporting, refuting inaccurate accounts of Oracle’s $7.5 billion share sale and clarifying the related SEC filing timeline in a past article. He has also questioned the U.S. Treasury’s strategy to issue fewer bonds despite strong sector performance, as detailed in another report. These incidents reflect a focus on precise interpretation of market events and official disclosures.

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