market neutral strategy - hedge funds

Can someone please help me to understand the difference between market neutral hedge funds that short and long stocks as opposed to ones that long stocks and also use put options… I have it in my notes that the fund that uses the put options instead of shorting stocks would have more gains, but potentially more losses as well. I am very confused about how the funds with the put options make money to begin with, and even more so, why their profits would be larger than the funds that short the stocks. Any help would be appreciated…

ooopps I posted in the wrong forum…moveing to LII

from level 3: benchmark for a market neutral long/short hedge fund is risk free rate

You can visit FiSC - Financial Studies Classes on YouTube for a video on CFA Level 3 - Hedge fund Strategies - LOS 2. The video describe all equity related Hedge Fund Strategies including EMN and long/Short strategy