Investec Asset Management has launched a new “Global Extension” strategy, to be managed by James Hand, Investec’s head of 4Factor research; he will construct a portfolio that uses derivative instruments to go both long and short in the same portfolio while retaining net exposure of 100 per cent - the style of investment commonly known as 130/30. The “4Factor” process aims to systematically highlight both the best and worst stocks in its universes and it is therefore suited to the construction of a strategy that goes both long and short. The strategy will typically have full net exposure of 100 per cent but retain the ability to change the degree of extension (e.g. 130/30 to 120/20) in order to benefit from changing market conditions.