Hedging is executed at two levels for the Opportunity strategy:
Portfolio-Level
The Firm constantly assesses risks that the portfolio is exposed to, including industry specific risks, factors and events. The Firm seeks to construct efficient, portfolio-level hedges to provide protection during periods when such risks may be elevated.
Position-Level
The Firm evaluates the potential for short duration events to create volatility in existing positions, such as earnings and analyst days. It seeks to establish short-term, position-specific hedges to protect the position from volatility while the long-term thesis remains intact.