Long/ short equity has long been the most popular hedge fund strategy among investors, but that could be changing. : Long/ short equity has long been the most popular hedge fund strategy among investors, but that could be changing. After 2022's massive outflows for the strategy and the hedge fund industry overall, multi-strategy funds are catching up to long/ short equity. However, one expert is downplaying the increasing interest in multi-strategy hedge funds, suggesting that he could replicate the average multi-strategy fund using the S&P 500 and cash.