瑞银：资金流向监测-对冲基金避免围绕关税主题进行交易

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Hedge funds have been selling USD and purchasing European currencies such as EUR, CHF, and SEK, likely due to optimism surrounding Germany's stimulus measures [4] - Hedge funds are refraining from trading the tariffs theme, with light flows observed in currencies like CAD and MXN, as they focus on concerns regarding US growth slowdown [4] - Countries identified as having "GDP at risk" from potential US tariffs include Vietnam, Thailand, India, Indonesia, Canada, and Taiwan [4] - Thailand's corporates are expected to pay out $1.8 billion in dividends to foreign investors, approximately 3% of GDP, which may impact the THB [4] Summary by Sections G10 FX - Hedge funds have sold more USD and purchased EUR, while also unwinding some JPY longs [6] - Significant buying of SEK was noted, with hedge funds purchasing 2.8 standard deviations in two weeks [6] EM FX - Hedge funds have shown varied activities across different currencies, with notable selling in PLN and slowing buying flows in THB [6][4] - The report highlights the correlation of hedge fund flows to various EM currencies, indicating a strategic shift in focus [161][165] Precious Metals - The report includes insights on gold and silver flows, indicating a correlation between client flows and market performance [133][145]