Many hedge fund firms initially underestimated the threat of the coronavirus. Cinctive Capital was not one of them.
由Diamondback Capital Management Rakery Sapanski和Richard Schimel成立的氛围，于9月推出，并于9月推出普华斯州Launchpad的支持，该德克萨斯州德克萨斯州和投资公司Paamco Prisma的员工退休系统与种子和支持新兴对冲基金管理人员之间的合资企业。在纽约市的哈德森码中有望，是一种长期股票基金，采用多经理办法，众多投资团队占地大约有六个部门。
其中一个团队 - 专注于半导体和软件的技术团队 - 开始在今年年初探讨中国的供应链中断。该团队与中国的工厂工人和公司管理层讨论，并与各种各样的部门团队分享了他们的调查结果。
The semiconductor team was surprised that the U.S. sector wasn’t yet reacting to the冠状病毒威胁。在同一时间，Countive的医疗团队开始拨打病毒专家来了解病毒的传播方式。令他们发现的令人震惊的是，Countive的医疗保健团队也得出结论，市场折扣了冠状病毒的潜在影响。
“People were underestimating the potential magnitude of this, and we were surprised the market wasn’t paying attention to it,” Schimel told亚博赞助欧冠在电话采访中，增加市场并不定价“它可以为供需做出损害的严重程度”。
事实上，美国股权市场飙升，飙升，2月20日达到峰值。固定收入差价紧张，追逐的追逐在全面。但尽管兴奋，但峡谷迅速迁移以夯实风险。
The management team had the portfolio managers take a look at what was happening in shorter-term volatility in their books and their stocks, in addition to using their usual risk-modeling tools, to make sure their risk assessments weren’t overlooking what was happening in the moment. The managers then assessed the unintended risks in their portfolios.
基于所看到的，依靠拨打其使用杠杆或借入果汁回报的资金，投资组合经理从2月初缩小3月初的投资组合管理人员。下一步是通过更频繁的交易将中断货币化。退出的举措：依据数据跟踪HFR的平均对冲基金的损失为4.5％，升值为4.6％。
去年第四季度，该基金损失了2％。靠近公司的人表示，不到1个百分点的损失是由于绩效，剩余的初始成本，而且该公司没有得到其所有交易团队，然后跑步。
In managing through the first quarter’s chaos, Schimel said that he and Sapanski benefited from their experience at Diamondback, which managed $6 billion at its peak before closing down in 2012. The firm successfully navigated the financial crisis of 2008 by employing a similar playbook: pulling back on leverage after seeing early signs of market instability, which then put the firm in a solid position to take advantage of dislocations in the fourth quarter of that year.
[II深潜：Diamondback Founders Return With Billion-Dollar Hedge Fund]
朝前展望，谢里梅尔表示，尽管4月份的集会 - 感谢美国联邦储备的“决定性和快速”行动 - 美联储可能需要做更多的事情。
“我的观点是,复苏肯定不会是balanced,” he said. “You have different countries and different states within the U.S. that are coming out of lockdown at different times. It’s going to be tricky and not as balanced or smooth as what the market’s showing.”
此外，虽然市场上飙升的冠状病毒相关新闻 - 新案例下降，各国开放，一些关于治疗的积极新闻 - 疫苗的时间表仍然不清楚。斯皮米指出，美国经济仍然受到消费者需求的推动，并说他担心的是，在它重新开放后需求可能会滞后，似乎正在发生在中国。
他说，一旦经济重新打开，他的公司将密切关注需求，特别关注消费者行为如何发生变化。他补充说，市场往往会展望经济，并与旅游和餐厅行业基本上受到可预见的未来，会有毛胃，有没有。
In the meantime, Cinctive has been busy adding new portfolio managers in spite of the lockdown. The firm has hired five portfolio managers and is in the process of hiring another. It now employs 39 investment professionals, including 17 portfolio managers.
斯皮米说，现在已经证明是一个幸福的时代，有些人一直在考虑推出自己的资金，例如持有这些计划。
“我们在这段时间里能得到伟大的人才，”他说。