These investment managers invest in domestic and international equity markets. Some investment managers may shift gross and net exposures over time as market conditions change, while other investment managers may position their portfolios consistently net-long or net-short.

Returns are driven by the individual stock selection skills, following either fundamental or quantitative selection criteria, along with the ability to identify shifts in market direction.

The success of this style depends on the ability to identify overvalued and undervalued equity investment opportunities. There can be no guarantee however that this will readily occur or that a portfolio will be properly positioned to benefit from either a rise or fall in equity markets.