pennyless

If i recall correctly, the two ways you can do this is a 100% long and 20/20% Long short vs 120% long and 20% short. The first is essentially two strategies whereas the 2nd is basically one strategy still (ie the names are from the same universe). So a real life example is a pension giving out two mandates to two separate firms vs in the 2nd, you give it to one firm...ie a value fund that would go 120% value stocks and short 20% stocks they will never be able to buy.