{"id":15999,"date":"2026-06-09T09:48:54","date_gmt":"2026-06-08T23:48:54","guid":{"rendered":"https:\/\/staging.paradice.com\/au\/?p=15999"},"modified":"2026-06-09T11:07:34","modified_gmt":"2026-06-09T01:07:34","slug":"capturing-alpha-how-long-short-strategies-can-improve-total-portfolio-outcomes","status":"publish","type":"post","link":"https:\/\/staging.paradice.com\/au\/capturing-alpha-how-long-short-strategies-can-improve-total-portfolio-outcomes\/","title":{"rendered":"Capturing Alpha: How Long\/Short Strategies Can Improve Total Portfolio Outcomes"},"content":{"rendered":"\t\t
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\u00a09th June, 2026<\/p>

Capturing Alpha: <\/span>How Long\/Short Strategies Can Improve Total Portfolio Outcomes<\/span><\/span><\/strong><\/h1>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\u00a0<\/div><\/div><\/div><\/div>

The Problem <\/span>w<\/span>ith Long-Only in a Concentrated Market<\/span><\/span><\/h2><\/div>

For Australian investors, the challenge of generating consistent excess returns in long-only equity has become increasingly apparent. The ASX 200 is dominated by a handful of large financials and resources companies, and the performance of the broader index is often driven by a small number of names. Managers who are underweight these names for fundamental reasons can find themselves persistently dragging on relative performance\u2014not because their views are wrong, but because the benchmark composition works against them.<\/span><\/p>

This is compounded by a global trend. As Goldman Sachs Prime Services noted in their June 2025 analysis, traditional active equity managers\u00a0<\/span>globally\u00a0<\/span>have struggled materially in\u00a0recent\u00a0years<\/span>1<\/sup>, with the average fund underperforming its benchmark by 1.5% in 2024 alone. The concentration of market returns in the largest stocks has been\u00a0<\/span>cited\u00a0<\/span>as\u00a0<\/span>a significant contributing factor2<\/sup><\/span>.<\/span><\/p>

Active extension strategies offer a structural response to this challenge\u2014not by<\/span>taking more market risk, but by expanding the universe of alpha opportunities available to the manager.<\/span><\/p>

The Mathematics of Extended Alpha<\/span><\/span><\/h2>

Consider a skilled manager with genuine stock-selection ability. In a long-only portfolio, that skill can be applied to long positions only. In an active extension fund\u2014say, a 135\/35\u2014the same manager can express views on approximately 170% of the portfolio’s capital. This does not change the fund’s net market exposure (which\u00a0remains\u00a0at 100%), but it dramatically increases the number of active positions contributing to alpha.<\/span><\/p>

The Morgan Stanley research framework describes this as expanding the “alpha hunting\u00a0ground.” Their analysis\u00a0demonstrated\u00a0that the\u00a0additional\u00a0tracking error generated by a 35% active extension is modest\u2014rising from approximately 3.5% for a long-only portfolio to around 4.3%\u2014while the potential uplift in portfolio alpha\u00a0can be<\/span>\u00a0more notable<\/span>3<\/sup>.<\/span><\/p>

For an Australian fund benchmarked to the ASX 200, this is a meaningful consideration. The short book can be used not just to express negative views on individual stocks, but\u00a0<\/span>to reduce sector concentrations, offset factor tilts (such as inadvertent value or small-cap biases in the long book), and\u00a0<\/span>facilitate<\/span>\u00a0pair trades between related names. These are tools that long-only managers simply do not have.<\/span><\/span><\/p>

The Fund-Level Impact<\/span><\/span><\/h2>

One of the most compelling arguments for active extension strategies\u2014and one that is often underappreciated\u2014is the fund-level risk arithmetic.<\/span><\/p>

For most institutional and high-net-worth portfolios, the dominant source of volatility is equity beta. Whether a portfolio holds 50% or 70% in equities, the co-movement of those holdings with the broader market typically accounts for 90% or more of total portfolio volatility. This means that incremental tracking error from an active equity strategy\u2014which\u00a0by definition is\u00a0uncorrelated with the market beta\u2014is\u00a0largely absorbed\u00a0at the total portfolio level.<\/span><\/p>

In practice, moving from a long-only active equity allocation to an active extension allocation of equivalent size\u00a0<\/span>generally\u00a0<\/span>produces\u00a0only\u00a0a very small\u00a0increase in total portfolio volatility, while the alpha contribution (weighted by the allocation) flows directly to the fund’s expected return. The asymmetry is favourable: a modest increase in tracking error in exchange for a\u00a0<\/span>potentiall<\/span>y\u00a0<\/span>meaningful improvement in expected alpha.<\/span><\/p>

Evidence From the Market<\/span><\/span><\/h2>

The Goldman Sachs data analysed across global hedge fund-managed beta-1 strategies is instructive. Over the five years to end-2024, active extension products generated annualised excess returns of 5.8%, compared to 2.3% for long-only products\u2014a difference of more than 3.5% per year. The information ratio improvement was also significant, suggesting this outperformance was not simply a function of taking more risk.<\/span><\/p>

In the Australian context, where market concentration is high and sector dynamics are well understood by experienced local managers, the conditions for short alpha generation are\u00a0arguably even more\u00a0favourable than in more efficiently priced global markets.<\/span><\/p>

Practical Considerations for Advisors<\/span><\/span><\/h2>

For advisors considering an active extension allocation, several practical points are worth noting.<\/span><\/span><\/p>

  1. Active extension funds<\/span><\/b>\u00a0can typically sit within the same asset allocation bucket as traditional active equity\u2014they are not alternatives, and do not require reclassification of the portfolio structure. The beta-1 profile ensures the portfolio’s equity exposure target is preserved.<\/span><\/li>
  2. Manager\u00a0selection\u00a0is critical<\/span><\/b>. The short book requires genuine skill and operational infrastructure\u2014it is not sufficient to simply be good at picking longs. Advisors should assess a manager’s\u00a0track record\u00a0on both sides of the book, their risk management discipline, and their organisational capability to manage short positions efficiently.<\/span><\/li>
  3. Fee structures<\/span><\/b>\u00a0for active extension products are\u00a0generally more\u00a0attractive than equivalent hedge fund offerings, and performance fees\u2014where charged\u2014are typically benchmarked against the equity index, ensuring alignment of interests.<\/span><\/li><\/ol>

    Key Takeaway<\/span><\/span><\/h2>

    Active extension strategies\u00a0<\/span><\/span>can\u00a0<\/span><\/span><\/span>offer a disciplined, practical way to improve the quality of equity alpha without meaningfully changing portfolio risk. The evidence is clear: more <\/span><\/span>room for<\/span><\/span><\/span>\u00a0alpha opportunities, only marginally more tracking error, and a favourable trade-off at the total fund level. For advisors navigating concentrated markets and persistent long-only headwinds, this approach deserves\u00a0<\/span>serious consideration<\/span>.\u00a0<\/span>It’s<\/span>\u00a0not about complexity for its own sake\u2014<\/span>it’s<\/span> about giving skilled managers the tools to do what they do best.<\/span><\/span><\/p><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    1. Since 2020
    2. Goldman Sachs: Insights in Brief: \u2018Beta Times Ahead\u2019, June 2025
    3. Morgan Stanley Research, Active Extensions: Alpha Hunting and the Fund Level, December 2006<\/p>

    Disclaimer:<\/strong> <\/em>This material is prepared by Paradice Investment Management Pty Ltd (ABN 64 090 148 619 AFSL No 224158) (Paradice, we or us) to provide you with general information only.\u202f\u202fThis material is not intended to constitute advertising or advice (including investment advice or security,\u202fmarket\u202for sector recommendations) of any kind.\u00a0\u00a0<\/em><\/p>

    These materials are not to be distributed\u202f<\/b>and must not be copied, reproduced, published,\u202fdisclosed\u202for passed to any other person at any time without the prior written consent of Paradice.\u202f\u00a0<\/em><\/p>

    It may contain certain statements, opinions and projections that are based on the assumptions and judgments of Paradice with respect to, among other things, economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Paradice. Because of the significant uncertainties inherent in these assumptions,\u202fopinions\u202fand judgments, you should not place undue reliance on these\u202fstatements.\u00a0\u00a0<\/em><\/p>

    The information and opinions contained herein are not necessarily all-inclusive and, as such, no representation or warranty, express or implied, is made as to the accuracy, completeness or reasonableness of any assumption contained herein and no responsibility arising for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Paradice, its officers, employees or agents and before\u00a0any action or decision is taken on the basis of this material you should obtain appropriate independent professional advice, as necessary.\u00a0<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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    Contributors:<\/strong><\/p>

    Tom Richardson<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    Further Information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Meet Our Investment Teams<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    \u00a09th June, 2026 Capturing Alpha: How Long\/Short Strategies Can Improve Total Portfolio Outcomes \u00a0 The Problem with Long-Only in a Concentrated Market For Australian investors, the challenge of generating consistent excess returns in long-only equity has become increasingly apparent. The ASX 200 is dominated by …<\/span> Read More<\/span><\/a><\/span><\/p>\n","protected":false},"author":17,"featured_media":9622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","footnotes":""},"categories":[76],"tags":[],"class_list":["post-15999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-perspectives"],"acf":[],"yoast_head":"\nCapturing Alpha: How Long\/Short Strategies Can Improve Total Portfolio Outcomes - Paradice Investment Management AU<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.paradice.com\/au\/capturing-alpha-how-long-short-strategies-can-improve-total-portfolio-outcomes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capturing Alpha: How Long\/Short Strategies Can Improve Total Portfolio Outcomes - Paradice Investment Management AU\" \/>\n<meta property=\"og:description\" content=\"\u00a09th June, 2026 Capturing Alpha: How Long\/Short Strategies Can Improve Total Portfolio Outcomes \u00a0 The Problem with Long-Only in a Concentrated Market For Australian investors, the challenge of generating consistent excess returns in long-only equity has become increasingly apparent. 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