Eminence Hybrid Long-Short Fund

Comparable companies diverge in ways that can be researched. Paired long and short positions in stock futures isolate that difference, and the F&O market allows both legs to be expressed liquidly and at low cost.

Corporate events run to fixed timetables with participants who must act — IPOs, open offers, buybacks, QIPs, mergers and index changes — which creates a spread for those who can model acceptance and flows.

Options tend to price in more movement than subsequently occurs, so writing calls against cash equity earns a premium over time. Protective puts are added where warranted, which caps the upside in exchange for cover.

The same volatility premium expressed at index level, in a book kept separate from an opportunistic long-gamma book that buys protection when it is inexpensive.

Short-dated, high-quality accrual earns a spread over cash while serving as collateral for the derivative sleeves — the same capital doing two jobs.

Cash-generating infrastructure and property assets distribute yields above comparable debt, with low correlation to equity.

Stock-level cash-and-carry: buy the stock and short the same stock's futures, earning the cost-of-carry spread. Positions are worked actively as the spread moves rather than simply held to expiry. Stock-level only — no index arbitrage.