I wonder about two points, however:
“…the only way to generate Alpha is … with increasingly large amounts of leverage.

No, leverage can magnify the impact of manager skill, but it cannot create alpha where none exists. If the manager is a lousy long-only manager, his process is unlikely to add value with the ability to lever his insights.

“In examining the ‘investment approach’ narrative provided … I perceive four different varieties of leveraged net long investment vehicles”

I’d recommend taking these things with a large grain of salt. You can be pretty sure that virtually every product will employ a screen for both desirable and undesirable characteristics, but different funds might prefer a trait that others shun. Then, *most* PMs will apply their additional impressions, using notions that are impossible to backtest, in tweaking the final portfolio. Of course, you’ll seldom see “subjective judgement” as one of the key criteria emphasized.