I just read the prospectus summary and learned that was was wrong about TFSMX's market neutrality approach. They apparently do NOT hedge their longs with short index positions but with short individual stock:
"Market Neutral Definition: The Fund employs a “market neutral”
strategy, which is defined by TFS Capital LLC (the “Adviser”) as a
strategy designed to generate returns that have a low correlation to the U.S. equity market. Consequently, the Adviser will actively manage the Fund’s holdings in an effort to maintain a low correlation to the movements of the U.S. equity market. The Fund does not seek to adhere to any other definition of market neutrality including, but not limited to, dollar neutrality, beta neutrality, capitalization neutrality or sector neutrality.
Techniques for Maintaining Market Neutrality: The Fund seeks
to minimize overall U.S. equity market risk by taking both long and
short positions in U.S. common stocks. The Fund will generally own
a diversified portfolio of common stocks and will maintain a short
position in a different diversified portfolio of common stocks. The
Fund will primarily invest in common stocks and, to a lesser degree, in
registered investment companies."