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For example, the following figure shows a return calculated at the security level where the long and short positions are combined. Notice that the position in EMC has been netted together.

Long and Short Position Returns CombinedImage Modified

Anchor
RTF340035003600380030003a00
RTF340035003600380030003a00
Anchor
_Toc337537684
_Toc337537684
Anchor
_Toc361231278
_Toc361231278
Long and Short Position Returns Combined

Anchor
RTF340035003300320031003a00
RTF340035003300320031003a00