Performance Outlook of Equity Hedge Funds in Volatile Markets

In the context of hedge fund strategies, especially focusing on the 'Equity Hedge' strategy, consider a hypothetical hedge fund that employs both long and short positions in publicly traded stocks with an aim to achieve capital appreciation while minimizing market exposure. The fund primarily uses a variety of techniques such as fundamental analysis, quantitative models, and macroeconomic assessments to determine its investment approach.

The fund has recently experienced volatility due to unexpected market shifts in technology and healthcare stocks. Given its strategy of maintaining a net long bias, which of the following fund characteristics would be most indicative of its performance outlook in such market conditions?