The HedgeIndex Long/Short Equity Composite Index is a subset of the HedgeIndex Composite Index that measures the aggregate performance of long/short equity funds. Long/short equity funds typically invest in both long and short sides of equity markets, generally focusing on diversifying or hedging across particular sectors, regions, or market capitalizations. Managers typically have the flexibility to shift from value to growth; small to medium to large capitalization stocks; and net long to net short. Managers can also trade equity futures and options, as well as equity related securities and debt, or build portfolios that are more concentrated than traditional long-only equity funds.