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2021-08-06

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The Hedge Fund Comeback Looks Like the Real Deal<blockquote>对冲基金的卷土重来看起来是真的</blockquote>

Investors are once again allocating cash to the industry. Stock pickers need to stay on top of their

The Hedge Fund Comeback Looks Like the Real Deal<blockquote>对冲基金的卷土重来看起来是真的</blockquote>

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Stock pickers need to stay on top of their","content":" Investors are once again allocating&nbsp;cash to the industry. Stock pickers need to stay on top of their game to keep those flows coming in. Hedge funds are rediscovering the secret of alpha generation that made them masters of the financial universe in years past. The renaissance of the swashbuckling gang adds welcome color to an asset management industry&nbsp;that’s been threatening to fade to gray as passive index trackers charging&nbsp;little to no fees&nbsp;take over the investing world.<blockquote>投资者再次向该行业配置现金。选股者需要保持领先地位，以保持这些资金流入。对冲基金正在重新发现阿尔法一代的秘密，正是这一秘密使它们在过去几年中成为金融世界的主人。虚张声势的团伙的复兴为资产管理行业增添了可喜的色彩，随着几乎不收取任何费用的被动指数跟踪器接管投资界，资产管理行业一直有可能走向灰色。</blockquote> Hedge funds&nbsp;are&nbsp;poised to post their best average returns since at least 2014. By mid-year, they were up 9.29%, a very favorable comparison&nbsp;with losses of more than 3% at the same point last year after the pandemic trashed stock markets in March of 2020. Not surprisingly, the stellar performers have been long-only equity funds, delivering more than 19% through June. That outstripped&nbsp;the 12% increase in the MSCI World Index of stocks, suggesting that for once they earned their fees.<blockquote>对冲基金有望创下至少2014年以来的最佳平均回报率。到年中，它们上涨了9.29%，与2020年3月疫情重创股市后去年同期超过3%的跌幅相比非常有利。毫不奇怪，表现出色的是只做多的股票基金，截至6月份的回报率超过19%。这超过了摩根士丹利资本国际世界股票指数12%的涨幅，这表明他们这一次赚到了费用。</blockquote> <img src=\"https://static.tigerbbs.com/5fe64e25f1a8f1ccdc8967e5e5271136\" tg-width=\"645\" tg-height=\"377\" width=\"100%\" height=\"auto\">If equities continue to gain —&nbsp;and analysts at Goldman Sachs Group Inc. just raised their year-end forecast for the S&amp;P 500 to 4,700, which would mean a gain of 7%&nbsp;from Wednesday’s closing level —&nbsp;the hedge fund industry is poised to deliver a double-digit performance in 2021.<blockquote>如果股市继续上涨——高盛集团分析师刚刚将标普500的年终预期上调至4,700点，这意味着较周三收盘水平上涨7%——对冲基金行业有望实现两位数增长2021年的业绩。</blockquote> The three-year winning streak has persuaded investors to resume allocating cash to the asset class after three scarring&nbsp;years of withdrawals worth a total of $192 billion. The hedge fund crowd has attracted net new cash of $28.7 billion in the first half of the year, boosting total assets under management to more than $3.5 trillion, according to data compiled by research firmeVestment. The industry looks on track to at least recoup the $59 billion investors pulled in 2020.<blockquote>三年的连续上涨说服投资者在经历了总价值1,920亿美元的三年撤资后恢复向该资产类别分配现金。研究公司Evestment汇编的数据显示，今年上半年对冲基金吸引了287亿美元的净新现金，使管理的总资产超过3.5万亿美元。该行业看起来至少有望收回投资者在2020年撤出的590亿美元。</blockquote> <img src=\"https://static.tigerbbs.com/09834000ffa01b73c7cebc1b919860bd\" tg-width=\"653\" tg-height=\"408\" width=\"100%\" height=\"auto\">As ever, not every hedge fund is thriving.Alphadyne Asset Management’s $12 billion macro strategysaw its flagship fund decline 4.3% in June, extending its losses for the year through July to about 10%. Wrong-way bets on U.S. Treasuries, which have rallied in the past four months, cost it dearly, Bloomberg News reported on Tuesday.<blockquote>与以往一样，并非所有对冲基金都蓬勃发展。Alphadyne Asset Management 120亿美元的宏观策略导致其旗舰基金在6月份下跌4.3%，将截至7月份的全年跌幅扩大至约10%。据彭博社周二报道，过去四个月美国国债上涨的错误押注让其付出了高昂的代价。</blockquote> In the winners column,&nbsp;Man Group Plc is riding the recovery hard. Assets at the world’s biggest publicly traded hedge fund climbed to $135.3 billion at mid-year, up from $123.6 billion at the end of 2020. Its share price is up by 50% this year, a gain that’s at least twice as good as Europe’s biggest traditional asset management firms.<blockquote>在赢家一栏中，英仕曼集团(Man Group Plc)正在艰难地度过复苏。这家全球最大的公开交易对冲基金的资产从2020年底的1236亿美元攀升至年中的1353亿美元。其股价今年上涨了50%，涨幅至少是欧洲最大的传统资产管理公司的两倍。</blockquote> <img src=\"https://static.tigerbbs.com/d5bc3e70b55b19f5ae5f52b197754ac2\" tg-width=\"643\" tg-height=\"397\" width=\"100%\" height=\"auto\">Performance fee revenue —&nbsp;the&nbsp;levies payable on funds after they clear individual return hurdles agreed in advance with investors —&nbsp;soared to $284 million in the first six months of the year, a tenfold increase from the year-earlier period.<blockquote>今年前六个月，绩效费收入（基金在清除与投资者事先商定的个人回报障碍后应缴纳的税款）飙升至2.84亿美元，比去年同期增长了十倍。</blockquote> And performance above and beyond the beta available from rising equity markets will be the key to whether the hedge fund industry can hang onto this newly regained&nbsp;trust of investors. Average gains of less than 10% still look lackluster compared with the 17% available from both the S&amp;P 500 and the Euro Stoxx 600 indexes. To truly regain their swagger, traders will need to improve their stock picking expertise in the second half of the year, or risk seeing those flows turn negative once again.<blockquote>超越股市上涨所提供的贝塔值的表现将是对冲基金行业能否保住投资者新获得的信任的关键。与标普500和欧洲斯托克600指数17%的平均涨幅相比，不到10%的平均涨幅仍然显得黯淡。为了真正重拾自信，交易者需要在下半年提高选股专业知识，否则就有可能看到这些资金流再次转为负值。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Hedge Fund Comeback Looks Like the Real Deal<blockquote>对冲基金的卷土重来看起来是真的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hedge Fund Comeback Looks Like the Real Deal<blockquote>对冲基金的卷土重来看起来是真的</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-08-06 19:24\n\n</h4>\n</header>\n<article>\n Investors are once again allocating&nbsp;cash to the industry. Stock pickers need to stay on top of their game to keep those flows coming in. Hedge funds are rediscovering the secret of alpha generation that made them masters of the financial universe in years past. The renaissance of the swashbuckling gang adds welcome color to an asset management industry&nbsp;that’s been threatening to fade to gray as passive index trackers charging&nbsp;little to no fees&nbsp;take over the investing world.<blockquote>投资者再次向该行业配置现金。选股者需要保持领先地位，以保持这些资金流入。对冲基金正在重新发现阿尔法一代的秘密，正是这一秘密使它们在过去几年中成为金融世界的主人。虚张声势的团伙的复兴为资产管理行业增添了可喜的色彩，随着几乎不收取任何费用的被动指数跟踪器接管投资界，资产管理行业一直有可能走向灰色。</blockquote> Hedge funds&nbsp;are&nbsp;poised to post their best average returns since at least 2014. By mid-year, they were up 9.29%, a very favorable comparison&nbsp;with losses of more than 3% at the same point last year after the pandemic trashed stock markets in March of 2020. Not surprisingly, the stellar performers have been long-only equity funds, delivering more than 19% through June. That outstripped&nbsp;the 12% increase in the MSCI World Index of stocks, suggesting that for once they earned their fees.<blockquote>对冲基金有望创下至少2014年以来的最佳平均回报率。到年中，它们上涨了9.29%，与2020年3月疫情重创股市后去年同期超过3%的跌幅相比非常有利。毫不奇怪，表现出色的是只做多的股票基金，截至6月份的回报率超过19%。这超过了摩根士丹利资本国际世界股票指数12%的涨幅，这表明他们这一次赚到了费用。</blockquote> <img src=\"https://static.tigerbbs.com/5fe64e25f1a8f1ccdc8967e5e5271136\" tg-width=\"645\" tg-height=\"377\" width=\"100%\" height=\"auto\">If equities continue to gain —&nbsp;and analysts at Goldman Sachs Group Inc. just raised their year-end forecast for the S&amp;P 500 to 4,700, which would mean a gain of 7%&nbsp;from Wednesday’s closing level —&nbsp;the hedge fund industry is poised to deliver a double-digit performance in 2021.<blockquote>如果股市继续上涨——高盛集团分析师刚刚将标普500的年终预期上调至4,700点，这意味着较周三收盘水平上涨7%——对冲基金行业有望实现两位数增长2021年的业绩。</blockquote> The three-year winning streak has persuaded investors to resume allocating cash to the asset class after three scarring&nbsp;years of withdrawals worth a total of $192 billion. The hedge fund crowd has attracted net new cash of $28.7 billion in the first half of the year, boosting total assets under management to more than $3.5 trillion, according to data compiled by research firmeVestment. The industry looks on track to at least recoup the $59 billion investors pulled in 2020.<blockquote>三年的连续上涨说服投资者在经历了总价值1,920亿美元的三年撤资后恢复向该资产类别分配现金。研究公司Evestment汇编的数据显示，今年上半年对冲基金吸引了287亿美元的净新现金，使管理的总资产超过3.5万亿美元。该行业看起来至少有望收回投资者在2020年撤出的590亿美元。</blockquote> <img src=\"https://static.tigerbbs.com/09834000ffa01b73c7cebc1b919860bd\" tg-width=\"653\" tg-height=\"408\" width=\"100%\" height=\"auto\">As ever, not every hedge fund is thriving.Alphadyne Asset Management’s $12 billion macro strategysaw its flagship fund decline 4.3% in June, extending its losses for the year through July to about 10%. Wrong-way bets on U.S. Treasuries, which have rallied in the past four months, cost it dearly, Bloomberg News reported on Tuesday.<blockquote>与以往一样，并非所有对冲基金都蓬勃发展。Alphadyne Asset Management 120亿美元的宏观策略导致其旗舰基金在6月份下跌4.3%，将截至7月份的全年跌幅扩大至约10%。据彭博社周二报道，过去四个月美国国债上涨的错误押注让其付出了高昂的代价。</blockquote> In the winners column,&nbsp;Man Group Plc is riding the recovery hard. Assets at the world’s biggest publicly traded hedge fund climbed to $135.3 billion at mid-year, up from $123.6 billion at the end of 2020. Its share price is up by 50% this year, a gain that’s at least twice as good as Europe’s biggest traditional asset management firms.<blockquote>在赢家一栏中，英仕曼集团(Man Group Plc)正在艰难地度过复苏。这家全球最大的公开交易对冲基金的资产从2020年底的1236亿美元攀升至年中的1353亿美元。其股价今年上涨了50%，涨幅至少是欧洲最大的传统资产管理公司的两倍。</blockquote> <img src=\"https://static.tigerbbs.com/d5bc3e70b55b19f5ae5f52b197754ac2\" tg-width=\"643\" tg-height=\"397\" width=\"100%\" height=\"auto\">Performance fee revenue —&nbsp;the&nbsp;levies payable on funds after they clear individual return hurdles agreed in advance with investors —&nbsp;soared to $284 million in the first six months of the year, a tenfold increase from the year-earlier period.<blockquote>今年前六个月，绩效费收入（基金在清除与投资者事先商定的个人回报障碍后应缴纳的税款）飙升至2.84亿美元，比去年同期增长了十倍。</blockquote> And performance above and beyond the beta available from rising equity markets will be the key to whether the hedge fund industry can hang onto this newly regained&nbsp;trust of investors. Average gains of less than 10% still look lackluster compared with the 17% available from both the S&amp;P 500 and the Euro Stoxx 600 indexes. To truly regain their swagger, traders will need to improve their stock picking expertise in the second half of the year, or risk seeing those flows turn negative once again.<blockquote>超越股市上涨所提供的贝塔值的表现将是对冲基金行业能否保住投资者新获得的信任的关键。与标普500和欧洲斯托克600指数17%的平均涨幅相比，不到10%的平均涨幅仍然显得黯淡。为了真正重拾自信，交易者需要在下半年提高选股专业知识，否则就有可能看到这些资金流再次转为负值。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/opinion/articles/2021-08-06/the-hedge-fund-comeback-looks-like-the-real-deal\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-08-06/the-hedge-fund-comeback-looks-like-the-real-deal","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132237858","content_text":"Investors are once again allocating cash to the industry. Stock pickers need to stay on top of their game to keep those flows coming in.\n\nHedge funds are rediscovering the secret of alpha generation that made them masters of the financial universe in years past. The renaissance of the swashbuckling gang adds welcome color to an asset management industry that’s been threatening to fade to gray as passive index trackers charging little to no fees take over the investing world.\nHedge funds are poised to post their best average returns since at least 2014. By mid-year, they were up 9.29%, a very favorable comparison with losses of more than 3% at the same point last year after the pandemic trashed stock markets in March of 2020. Not surprisingly, the stellar performers have been long-only equity funds, delivering more than 19% through June. That outstripped the 12% increase in the MSCI World Index of stocks, suggesting that for once they earned their fees.\nIf equities continue to gain — and analysts at Goldman Sachs Group Inc. just raised their year-end forecast for the S&P 500 to 4,700, which would mean a gain of 7% from Wednesday’s closing level — the hedge fund industry is poised to deliver a double-digit performance in 2021.\nThe three-year winning streak has persuaded investors to resume allocating cash to the asset class after three scarring years of withdrawals worth a total of $192 billion. The hedge fund crowd has attracted net new cash of $28.7 billion in the first half of the year, boosting total assets under management to more than $3.5 trillion, according to data compiled by research firmeVestment. The industry looks on track to at least recoup the $59 billion investors pulled in 2020.\nAs ever, not every hedge fund is thriving.Alphadyne Asset Management’s $12 billion macro strategysaw its flagship fund decline 4.3% in June, extending its losses for the year through July to about 10%. Wrong-way bets on U.S. Treasuries, which have rallied in the past four months, cost it dearly, Bloomberg News reported on Tuesday.\nIn the winners column, Man Group Plc is riding the recovery hard. Assets at the world’s biggest publicly traded hedge fund climbed to $135.3 billion at mid-year, up from $123.6 billion at the end of 2020. Its share price is up by 50% this year, a gain that’s at least twice as good as Europe’s biggest traditional asset management firms.\nPerformance fee revenue — the levies payable on funds after they clear individual return hurdles agreed in advance with investors — soared to $284 million in the first six months of the year, a tenfold increase from the year-earlier period.\nAnd performance above and beyond the beta available from rising equity markets will be the key to whether the hedge fund industry can hang onto this newly regained trust of investors. Average gains of less than 10% still look lackluster compared with the 17% available from both the S&P 500 and the Euro Stoxx 600 indexes. To truly regain their swagger, traders will need to improve their stock picking expertise in the second half of the year, or risk seeing those flows turn negative once again.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2930,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

The Hedge Fund Comeback Looks Like the Real Deal<blockquote>对冲基金的卷土重来看起来是真的</blockquote>

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