Determine the most appropriate equity-related hedge fund strategy that Shaindy should employ. Justify your response.

Jane Shaindy is the chief investment officer of a large pension fund. The pension fund is based in the United States and currently has minimal exposure to hedge funds. The pension fund’s board has recently approved an additional investment in a long/short equity strategy.
As part of Shaindy’s due diligence on a hedge fund that implements a long/short equity strategy, she uses a conditional linear factor model to uncover and analyze the hedge fund’s risk exposures. She is interested in analyzing several risk factors, but she is specifically concerned about whether the hedge fund’s long (positive) exposure to equities increases during turbulent market periods.