Portable alphaand beta forlong/shortequity manager

Portable strategies

While stock-picking strategies are, in principle,meant to exploit evidence of predictability in individualstock-specific risk, equity managers, as aresult of their bottom-up security selection decisions,often end up making discretionary, andmost of the time unintended, bets on market,sector and style returns as much as they makebets on individual stock returns.These unintended bets are unfortunate as theycan have a dramatic impact either way on theportfolio return, and their presence introdu