欧洲仅14%主动基金跑赢被动 业绩TOP10经理：主动基金须借“对冲铠甲”

Group 1 - The core viewpoint is that active fund managers must adopt hedge fund strategies to cope with the shift of funds towards low-cost passive management portfolios [1][2] - Olivier Nobille from Arkea Asset Management emphasizes the need for active funds to utilize mathematical models, algorithms, derivatives, and hedging techniques to enhance the likelihood of outperforming indices and provide stronger protection during market downturns [1][2] - Arkea Asset Management manages $55 billion in assets and has seen its two major funds outperform nearly 90% of their peers this year, with returns of 9% and 18% compared to a 12% increase in the Euro Stoxx 50 total return index [1] Group 2 - Over the past decade, only 14.2% of active fund managers in Europe have outperformed passive strategies, highlighting the challenges faced by active managers in justifying their higher fees [5] - The market has seen a significant influx into exchange-traded funds (ETFs) and other passive products due to their lower costs and better liquidity, making it increasingly difficult for active fund managers to demonstrate their value [2][5] - Nobille believes that smaller boutique firms will struggle to compete with larger asset management companies due to the lack of economies of scale, and the only way to justify higher fees is by offering unique products that employ hedge fund-like strategies [5] Group 3 - In late 2022, Arkea launched a series of thematic funds using a "layered strategy" designed to manage specific risks and enhance returns [8] - Stress tests simulating a market crash similar to 2008 indicated that the hedging strategy could offset about two-thirds of the decline [8]