对冲失效、险遭强制平仓：一位亚太股票投资基金经理的惊魂一日

Core Viewpoint - Investors are expected to face a painful period over the next 18 to 24 months due to increased uncertainty from the impact of AI on U.S. software stocks and the escalation of conflicts in the Middle East [1][4]. Group 1: Market Reactions - The Korean Composite Index and the Nikkei 225 Index experienced significant volatility, with the former dropping 12.06% and the latter 3.61% on March 4, marking the largest single-day decline for the Korean index in over a decade [3][4]. - The escalation of conflict in the Middle East has led to fears of disrupted oil supplies, causing panic selling in the stock markets of Japan and South Korea, which are heavily reliant on Middle Eastern oil [3][4]. - Global capital flows have reversed sharply, with foreign investors withdrawing over $7 billion from the Korean stock market in just two trading days [4]. Group 2: Investment Strategies - Fund managers are increasingly adopting a "cash is king" strategy, shifting their investments into cash and dollar-denominated assets to mitigate risks amid market volatility [10][13]. - Risk hedging measures are being implemented, such as buying short contracts on Korean stock indices to protect against price declines [6][7]. - Despite a brief rebound in the stock market on March 5, many fund managers are still predicting a cumulative decline of over 15% in related stock indices due to ongoing geopolitical tensions [9]. Group 3: Traditional Safe Havens - Traditional safe-haven assets like gold and U.S. Treasuries have lost their appeal, with gold futures dropping below $5,000 per ounce and 10-year Treasury yields rising to 4.10% [11][12]. - The unusual behavior of these assets is attributed to rising oil prices, which have led to concerns about inflation and the Federal Reserve's potential interest rate policies [12][13]. - Many investment firms are liquidating profitable gold positions to cover losses from declining stock portfolios, further contributing to the volatility in these traditional safe-haven assets [13].