TY - JOUR T1 - Enhanced Active Equity Portfolios Are Trim Equitized Long-Short Portfolios JF - The Journal of Portfolio Management SP - 19 LP - 25 DO - 10.3905/jpm.2007.690601 VL - 33 IS - 4 AU - Bruce I. Jacobs AU - Kenneth N. Levy Y1 - 2007/07/31 UR - https://pm-research.com/content/33/4/19.abstract N2 - Investors considering the new enhanced active equity strategies such as 120–20 or 130–30 often ask how these strategies differ from equitized long-short strategies (market-neutral long-short with an equity overlay). Examination of the relation between enhanced active equity and equitized long-short portfolios demonstrates that the two can be shown to be equivalent, but the enhanced portfolio has the advantage of being more compact and requiring less leverage.TOPICS: Portfolio management/multi-asset allocation, portfolio construction, security analysis and valuation ER -