ETF进化论 24小时"连砍3刀"！特朗普这是做空美股了？ 原创 阅读全文 ...

Group 1 - Edouard de Langlade, a seasoned macro hedge fund manager, is experiencing one of the best trading periods in his 20-year career, despite finding shorting U.S. stocks to be "painful" [1] - His EDL Global Opportunities strategy, managing $1.6 billion, gained 7.3% last month amid market volatility triggered by President Trump's tariff war, achieving a historical monthly gain of over 14% [1] - Year-to-date, the fund has returned 31%, positioning it as one of the best-performing funds of 2025 [1] Group 2 - Moody's downgraded the U.S. credit rating, removing its top rating, which has led to 30-year Treasury yields exceeding 5%, adding pressure to the market [2] - Many hedge funds are facing challenges due to stock declines, rising bond yields, and volatility, while de Langlade's fund has achieved excess returns [2] - Foreign investors are reportedly unwilling to fund the U.S. government at current prices, indicating a need for significant adjustments in fiscal policy to attract them back [2]

Group 1 - Hedge funds are increasingly bearish on U.S. stocks, with short positions becoming a consensus among institutional investors due to high market uncertainty [1][3] - The confidence indicator for hedge fund managers regarding specific investment strategies fell to a historic low of 10% at the end of March, although it has slightly recovered since then [1][3] - The S&P 500 index experienced its longest consecutive rise since November, but "smart money" is preparing for further declines in the U.S. market [1][3] Group 2 - Three significant challenges are leading hedge funds to short U.S. stocks while betting on European and Japanese markets, which have not yet fully reflected in current market prices [3][5] - The investment themes are becoming clearer, with stock strategy managers reducing U.S. stock holdings and increasing bets on Europe and Japan due to anticipated weaker growth not being priced in [3][5] - Emerging market investments performed notably well, with a return of 6.3% in the first quarter, driven by a surge in the Chinese stock market, while the overall hedge fund industry returned only 1.7% [3]

Group 1 - Hedge fund managers are largely bearish on U.S. stocks, significantly increasing short positions despite recent market rebounds [1][5] - The market confidence indicator for hedge funds has recently improved after hitting a decades-low, but overall asset class holdings remain weak [1][4] - The uncertain policy environment, exacerbated by President Trump's tariff measures, has led to a conservative stance among Wall Street professionals [1][5] Group 2 - Hedge funds are reducing long positions in U.S. stocks while increasing bets on European and Japanese equities, contrasting with their previous bullish outlook [5][8] - Many hedge funds see attractive long opportunities in the financial and banking sectors due to improving fundamentals and relatively low valuations [8] - Emerging market investments have performed well, with a reported return of 6.3% in Q1, significantly outperforming the overall hedge fund industry return of 1.7% [8] Group 3 - The U.S. faces three major challenges: federal policies potentially dragging down economic growth, declining interest from foreign investors in U.S. assets, and increasing policy uncertainty [8] - Current stock price expectations do not fully reflect the potential for economic slowdown, despite a recent decline in the dollar [8]