“选股为王”回归？股票多空基金回报强劲，十年来首次吸引资金流入

Core Insights - The stock-picking hedge funds have experienced their first recovery in a decade during the market turmoil of 2025, achieving a 9.2% return in the first half of the year and a 3.5% return in June alone, attracting a net inflow of $10 billion [1] - Notable funds such as Chris Hohn's TCI Fund and John Armitage's Egerton Fund reported returns exceeding 20% by June, while tech-focused SurgoCap Partners saw a cumulative increase of 17% this year [1] - The market volatility triggered by Trump's tariff policies has created a favorable environment for stock-picking strategies, as asset allocators seek protection beyond broad market indices [1] Group 1 - Zlata Gleason from Indus Capital stated that the market for stock pickers has returned, with the multi-strategy approach regaining prominence [2] - Fund managers noted that the relatively high interest rate environment is finally playing a positive role, contrasting the previous decade of low borrowing costs that made short-selling difficult [2] Group 2 - Investors are now scrutinizing company earnings more rigorously, creating an excellent environment for stock pickers, as the market is harsh on underperforming companies [3] - The diversification of stock market returns has also been beneficial, with equal-weighted versions of the S&P 500 keeping pace with market-cap-weighted indices, indicating a shift away from the dominance of large U.S. tech stocks [3] - European stock strategies have emerged as the best-performing strategies globally this year, with European indices surpassing the S&P 500 for the first time in years amid the turmoil caused by the Trump trade war [3] Group 3 - Defense stocks such as Germany's Rheinmetall and the UK's BAE have seen significant increases, indicating renewed investor interest in previously overlooked sectors [4] - A London hedge fund executive remarked that the largest global companies no longer dominate index returns, suggesting a more favorable environment for stock pickers [5] - Despite the positive trends, a prominent family office in Europe expressed caution regarding the sustained recovery of inflows into multi-strategy funds, citing their historically unstable performance over the past few years [5]