In the context of hedge fund strategies, Equity Hedge funds typically invest in long and short positions in equities. These funds seek to minimize market risk while capitalizing on price discrepancies and fluctuations in individual stocks. An investor is considering three different Equity Hedge funds and analyzing their strategies. The goal is to assess their expected performance based on varying market conditions and fundamental analysis.

Which of the following characteristics is most frequently associated with a traditional Equity Hedge fund strategy?