The above chart shows the performance of the virtual Hedge Synergy Fund NAV (net returns after deducting Performance/Asset Fee), Hedge Synergy Fund Gross returns, Long Portfolio, Short Portfolio and the S&P 500 for the third quarter of 2018. On June 29, 2018, the short stock portfolio was 30% of fund equity and the long stock portfolio was 100% of fund equity. This made the funds net exposure 70% and the gross exposure 130%.
On August 31st, 2018 the short stock portfolio contained 13 stocks so the portfolio went to 13% of fund equity (white line). This made the net exposure 13% and the gross exposure 113%.