据JPMORGON Chase＆Co.的资产管理部门称，投资“价值”是未来12至18个月的对冲基金的最佳选择之一。策略师预计将在市场转变中反弹的因素也将使卖空的高增长公司的机会暴露。
银行的定量测试版策略师认为“质量较低，增长较高的泡沫建筑”，每J.P.摩根资产管理的2020年全球替代方面的Outlook报告那expected to be released Wednesday. “The opportunity could come from selective short exposure, rather than just being long the value factor.”
在前几年,资产管理部门positioned itself to short value stocks broadly, said Anton Pil, global head of alternatives, in a phone interview. Now, he expects to “go long the value factor” for certain companies while betting against individual stocks.
“今年你会在名字之间看到更多的分散，”Pil说。“去年我们看到了与我们看到的相同类型的回报很难。”
Stocks soared in 2019, with the S&P 500 gaining 28.9 percent. The hedge fund industry lagged with a 10.4 percent return — itsbest annual performance in a decade那according to a Hedge Fund Research report this month.
“最简单的货币政策今天支持很多估值，”PIL说，在许多情况下，资产价格看起来很高。随着很多“全球范围内的央行流动资金”，“在世界各地打印的金钱需要找到一个家。”
[II深潜：“私募股权是新股票”]
As investors globally flock to alternative assets for yield and diversification, Pil sees the need for more nuanced views across hedge funds, private equity, private credit, and real assets. He suggests dividing alternatives portfolios into three parts: core foundation, core complements, and “potential return enhancers” that may deliver equity-like returns.
例如，他说，船舶或飞机等高质量的运输资产可以构成替代投资核心基础的一部分。对冲基金属于核心补充类别，PIL被描述为广泛资产课程，潜在地产生七分之七到10％的回报与“几乎没有公平测试版”。
他说，私募股权和涉及财产表现不佳的特殊情况的风险押注将属于“潜在的回报增强剂”。
根据该报告，在私募股权范围内，J.P.摩根资产管理公司投资于较小公司的投资，以1000万美元至1亿美元的收入。“这些投资往往留在雷达以下，杠杆率较低，估值较少，而不是更加突出的巨型交易，”资产经理说。
同时，J.P.摩根资产管理正在制作a push this year in private credit。目前，Par Prefers抵御房地产，为买断贷款提供买卖贷款中型公司。
“Within private credit, investors can move past direct lending to find less crowded opportunities, from private residential mortgages to mezzanine commercial real estate lending,” J.P. Morgan Asset Management said in the report. “Amid关于公司贷款的紧张性那some of our investors like exposure to U.S. housing and consumer credit.”