The most commonly used strategy among hedge funds in recent years is a directional strategy that involves equity oriented investing on both the long and short sides of the market. The objective is not to be market neutral. Managers have the ability to shift from value to growth, from small to mediumto large capitalization equities, and from a net long position to a net short position. The focus may be regional, such as long/short US or European equity, or sector specific, such as long and short technology or healthcare securities. Long/short equity funds tend to build and hold portfolios that are substantially more concentrated than those of traditional equity funds. Managers may use equity index futures, such as the Dow Jones EURO STOXX 50 Future or the Dow Jones EURO STOXX Sector Index Futures, equity options and ETFs to hedge exposures and/or increase returns.