Hedge and MF are pretty interchangeable nowadays. I'm probably incorrectly naming my self managed style. I used to use Index futures, but now more commonly hold shares/ETF's directly.
I set/stop my own positions manually. Again I used to use guaranteed stops, more recently I've switched to just using end of day closure if the intra-day low price cut the stop level. Some gap more down, others will have rebounded above the stop (I stop in either case). The average across all end of day stopped positions averages out over time to around intended target levels.
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