美好时光再次用于对冲基金 - 也许。新研究高盛(Goldman Sachs)表明，股权对冲基金已达到2017年的坚实。但是，投资银行收集的数据显示他们如何完成它：通过延长并杠杆化。
The investment bank’s latest Hedge Fund Trend Monitor, which tracks the performance of these fund managers as well as their favorite stock picks, shows that while the average hedge fund has returned 2 percent through the third week of February, equity hedge funds have gained 4 percent over the same period. A basket of hedge funds’ favorite stock picks tracked by Goldman — which the investment bank refers to as its Hedge Fund VIP Basket — has fared even better, up 7 percent, compared with a 5 percent return for the Standard & Poor’s 500 stock index.
通过将他们的股票暴露和榨汁回归，对冲基金在很大程度上赚钱了很大程度上。Goldman’s report, published earlier this week, shows that net exposures have risen from 53 percent on average in September to 70 percent today, the highest net exposure since 2015. Meanwhile gross leverage has risen in recent months to 222 percent, near multi-year highs, according to the bank. Shorting has fallen out of favor in the sustained bull market, with short interest as a percentage of the S&P 500’s market cap falling to 1.9 percent, its lowest level since 2012.
有好消息对于基本上专注的对冲基金，多年来一直抱怨，高相关意味着熟练的股票采摘不受市场重视。高盛发现，在美国选举环境中，股票相关性有“暴跌”，三个月的标准普尔500指数实现平均股票相关性2月份跌至0.09％。根据高盛的说法，是“自20世纪90年代中期以来的最低水平”。
Before the so-called Tiger Cubs — those famous hedge fund manager descendants of Julian Robertson Jr.’s Tiger Management — and other stock pickers start partying like it’s 1995, however, they might heed Goldman’s point that “correlations within sectors have declined less than the correlations between sectors, reflecting the relatively ‘macro’ potential consequences of the new administration’s promised policies and recent economic acceleration as well as the investor use of ETFs to capture those dynamics.” In other words, sectors matter more than stocks.
在仍然享受所谓的特朗普碰撞的行业中，高盛认为，最受欢迎的对冲基金持有的大型财务略微，但不显着，超重。然而，顶级对冲基金持有人继续成为技术股票，高盛宇宙中的98个资金持有谷歌父母的宇宙，92岁的Facebook，以及81岁的亚马逊 - 第一个，两个和三个最受欢迎的对冲基金股票。Apple，一个多年生的对冲基金最喜欢，已经陷入了第六次最受欢迎的地方。
高盛还指出，虽然对冲基金投资组合集中率下降，但它几乎历史新高，典型的对冲基金具有多达67％的长期资产投资于其十大职位。基金管理人员更好希望这些最佳想法在他们希望2017年成为对冲基金复出的年份之后，并保持淘汰。