高盛：亚洲主要洞察与分析图表集

Investment Rating - The report indicates a positive outlook for hedge fund performance, particularly for Asia-focused Fundamental Long/Short managers, with a year-to-date (YTD) performance of 6.1% and a month-to-date (MTD) increase of 1.6% [5][7]. Core Insights - The recovery in equity markets is attributed to the US-China tariff deal, which has allowed Fundamental Long/Short managers to recover from early April losses [5]. - The report highlights that returns are primarily driven by beta, with positive alpha contributions from asset selection, while negative returns stem from concentrated longs and country tilts [5]. - Strong net buying flows were observed in the global prime book, with North America accounting for 90% of the inflows, indicating a risk-on sentiment [5][23]. Summary by Sections Hedge Fund Performance - Asia-focused Fundamental Long/Short managers reported a MTD increase of 1.6% and a YTD performance of 6.1% [5][7]. - China-focused managers achieved a MTD increase of 1.3% and a YTD return of 6.5% [10]. - Japan-focused managers saw a MTD increase of 0.8% and a YTD return of 5.9%, with significant dispersion across managers [5][10]. Positioning and Flows - The global prime book experienced strong net buying, primarily driven by the US-China deal, with long buys outpacing short covering at a ratio of 3.9 to 1 [5][23]. - Asian equities saw marginal net buying in May, with inflows into emerging markets offset by outflows from developed markets [5][26]. - Japanese equities experienced slight net selling, with hedge funds adding macro shorts and single stock longs [5][38]. Trading Flows - Chinese equities saw slight net selling, with A-shares net bought due to short covering, while H-shares and ADRs experienced net selling [32][35]. - Japanese equities had marginal net selling, with short sales exceeding long buys [38][44]. - Taiwan and Korea showed slight increases in gross allocation, with Taiwan at 2.2% and Korea at 0.7% [47]. Sector Positioning - In Asia, the most overweight sectors include Industrials (+5.3%), Consumer Discretionary (+3.8%), and Communication Services (+2.4%) [54]. - Financials remain the most underweight sector at -11% [54]. - The report notes that Industrials is the most net bought sector in May, with significant buying across Japan, China, Korea, and Taiwan [64].