Brandywine Asset Management is adding a new hedge fund, Brandywine Alliance Program, according to Michael P. Dever, president, which will follow an unusual strategy of being long in equities only 25% of the time and in cash at all other times. "Were identifying periods when you will get the most explosive up moves in the (stock) market, said Mr. Dever. "Its like a rifle shot. Were identifying those times when big moves will occur. The fund will closely track the movements of stock markets in the U.S., Europe and Asia, watching for indications of major moves. Brandywine is starting the fund with $3 million of its own seed money and hopes to attract up to $200 million from investors.