Whats the fundamental difference between these 2 types of strategy? As I see it, they are pretty much the same, as you can go long/short equity based on some certain event. Event driven HFs, particularly the ones focusing on mergerlong/short equities as well. But I guess event driven HFs focus on the credit side as well and not just equities. so far that's the only difference that I see between them 2. I find the HFs classifications very confusing: another one that I find confusing is that between event driven HFs and special situations HFs.