You won't ask questions before reading The Story of Hedge Funds, will you? I also have some questions about many changes in the book, such as "terminal options" and "one-way multi-fund". Domestic fund varieties are not as rich as the international market, so some concepts are not often talked about.

I estimate that the short-selling fund you mentioned should be a kind of fund that mainly shorts related securities assets in the secondary market. Short funds, on the other hand, are more common, that is, long. Market neutral funds are estimated to be between the two types of funds, and there is no obvious operational preference.

The above is my superficial understanding, for reference only. If it is biased, I hope it will not mislead you.