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This is indeed a tricky one, but while it may seem like we are dealing with gerunds, we are really dealing with noun phrases and we have 4 parallel noun items.

The parallel items are:
* sudden downturns
* hedging & other strategies
* a loosesning of X
* a fear that...

Now hedging here sounds like a gerund, but in this particular case it is being used as a "noun". There are some words that can act as gerunds or pure nouns, depending on their usage, and this is a great example of such a case.

Yes, "hedging" can indeed be a gerund formed from the verb "hedge," but it can also be a noun on its own. The classification of "hedging" (or any -ing word) really depends on how it's used in a sentence.

In the sentence "I hedge all my investments," "hedge" is used as a verb in its base form. If you were to say, "Hedging is important for my investments," "hedging" would be a gerund because it is derived from the verb "hedge" and used as a noun.

However, in the sentence "The economic forces which may affect the new public offering of stock include sudden downturns in the market, hedging and other investor strategies...", "hedging" is functioning as a noun referring to a type of strategy, which is separate from its verb origin. It is not acting as a gerund in this case because it's not referring to the action of hedging, but rather to the concept of "hedging" as a strategy.

A great hint that tells us that it is acting as a pure noun here is the word parallel to it "and other strategies". This makes it clear that we are referring to hedging as a specific strategy here.


Note: the term "complex gerund" as used by some on the forums refers to a gerund with an article, but it is nothing but a "noun phrase" and this definition of "complex gerund" is not universally accepted.
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