全球对冲基金业绩迎来复苏

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全球对冲基金业绩迎来复苏

天之聪教育 2013-04-11 天之聪教育 187次

全球对冲基金业绩迎来复苏

Managers hail return of hedge fund profits

Leading hedge fund managers are reaping some of their biggest profits in years with many now hopeful that 2013 will prove to be a turnround year for the troubled industry.

主要对冲基金公司正实现多年来最大的利润，很多公司希望2013年将是这个受挫行业转折的一年。

The first quarter is likely to be one of the strongest yet for some hedge funds, in spite of a host of macroeconomic concerns worrying many mainstream investors. European equity focused hedge funds have fared particularly well.

尽管一系列宏观经济问题令很多主流投资者担忧，但对于一些对冲基金来说，今年首季可能是史上最好的季度之一。聚焦于欧洲股票的对冲基金业绩尤其突出。

Lansdowne Partners, Europe’s largest equity hedge fund manager, has seen its flagship vehicle rise 7.75 per cent in the first two months of the year. The fund has profited from bets in Lloyds Bank and retailer Ocado, according to an investor.

欧洲最大的股票对冲基金公司Lansdowne Partners的旗舰基金在今年头两个月增值7.75%。一位投资者表示，该基金对劳埃德银行(Lloyds Bank)和零售商Ocado的押注都有较大斩获。

Crispin Odey, head of Odey Asset Management, has seen his main fund rise 11 per cent this year thanks in part to profitable investments in the Man Group, and a short position against newspaper group Trinity Mirror.

得益于在曼氏集团(Man Group)的投资利得以及三一镜报集团(Trinity Mirror)的空头头寸，欧迪资产管理公司(Odey Asset Management)主管克里斯宾•欧迪(Crispin Odey)的主要基金今年上涨了11%。

Other blue-blood European performers include Sloane Robinson, which has seen its global fund rise even more – 17 per cent – in the same period and Egerton, up over 8 per cent.

欧洲其他老牌对冲基金也都有很好的表现，比如Sloane Robinson的全球基金同期增值17%，Egerton的涨幅也超过8%。

The performances compare with a 7 per cent rise in the FTSE All-World Index of global equities since the beginning of this year and around a 8.5 per cent gain in the S and P 500 index.

相比之下，今年初以来富时环球指数(FTSE All-World Index)全球股票上涨了7%，标普500指数(S and P 500)涨幅大约为8.5%。

Many hedge funds have until now disappointed with a dire past three years of performance relative to most other asset classes.

与大多数其他资产类别相比，过去三年里，很多对冲基金的表现一直非常糟糕，令人失望。

According to Hedge Fund Research, the average hedge fund has made just 8 per cent over the past five years.

对冲基金研究(Hedge Fund Research)指出，过去五年里，对冲基金平均仅增值8%。

Managers have blamed high correlations between assets – driven by unpredictable political interventions in markets – for their troubles.

对冲基金经理人将自己的困境归咎于资产类别之间高度的相关性，这种相关性受到无法预测的政治干预的驱动。

So-called “risk on, risk off” shifts in sentiment have dashed their ability to invest based on fundamentals, or even on momentum – the hedge fund industry’s two biggest trading styles.

所谓的“冒险、避险”情绪交替，削弱了对冲基金基于基本面甚至是势头进行投资的能力，而这是对冲基金的两大交易风格。

This year, they believe, will prove more fruitful because markets appear to be more immune to new shocks from the Eurozone, while other macroeconomic events – such as greater monetary easing in Japan – have been well-telegraphed enough for managers to be able to position accordingly for them.

他们相信，今年将会有更好的斩获，因为市场似乎对欧元区的新冲击有了更高的免疫力，而对于诸如日本更加宽松的货币政策等其他宏观经济事件，对冲基金早已做好了准备，能够据此采取相应的头寸。