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Long(100%)-Short(-100%) investment explanation
If you mean the percentages of long/short positions within a mutual fund or ETF, then it's a percentage of the total value of the fund portfolio. In that case, positions of 50% in X, -50% in Y are not the same as 100% in X, -100% in Y. If the long and short positions are both for the same asset, then, as D Stanley mentions, all that matters is the net position. If you're equally long and short X, then the net position is always 0%.