When a strategy is Hedged, or Long/Short what does this mean?

A long/short strategy simultaneously opens bullish and bearish trades.  Sometimes this type of strategy is called a market neutral strategy because it can make money in both directions.  For the majority of the QTR Capital strategies, we don’t short individual stocks.  However, we will open macro hedges through the purchase of index option puts, when appropriate, periodically allocating up to 15% of the portfolio to short positions that will help reduce draw-down in the case of a market correction or crash.