Group 1 - The U.S. Treasury Secretary, Mnuchin, stated that the government will monitor whether Harvard University complies with President Trump's proposed regulations [1] - Harvard University is described as a large hedge fund [1]

美国财长贝森特：哈佛大学是一家巨型对冲基金。 ...

融资成本上升，加上支出持续增长和税收下降共同导致政府赤字飙升，将美国国家债务推过36万亿美元 大关。在2024年，美国政府在利息支付上的支出已经超过了除社会保障、国防和医疗保健之外的所有其 他开支。 作为全球最大对冲基金之一桥水基金的创始人，达利欧多年来一直警告美国赤字不断膨胀的问题。最 近，投资者已开始要求以更低的价格购买用于弥补政府巨额预算赤字的债券，从而推高了美债收益率。 上周，对财政状况日益增长的担忧引发了穆迪下调美国信用评级。 周四，30年期美债收益率交易于2023年以来未曾见过的水平，约为5.14%。 亿万富翁投资者瑞·达利欧周四再次就美国不断飙升的债务和赤字发出警告，称这应让投资者对政府债 券市场感到担忧。 "我认为我们应该害怕债券市场，"达利欧在纽约佩利媒体理事会的一次活动上表示。"这就像……我是 一名医生，我正在看病人，我告诉你，这非常非常严重，我无法告诉你确切的发病时间。我想说的是， 如果我们真的看未来三年，或前后一两年，我们正处于那种极其严峻的局面。" 达利欧表示："我们将面临约占GDP 6.5%的赤字——这超出了市场的承受能力。" 达利欧说，他不指望政治家们能够化解分歧，减轻国家的债务 ...

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]

新华财经北京5月22日电作为穆迪下调美国主权信用评级后的首场长债发行，美国财政部周三（5月21 日）发行的160亿美元20年期国债受到市场高度关注。由于发行结果不佳，引发美国长期限国债收益率 全面上涨超过11BP。 其中，10年期美债收益率上涨11BP至4.60%，创逾三个月新高。此前在5%关口附近徘徊的20年期和30 年期美债收益率分别上涨13BP和12BP，至5.12%和5.09%，均为2023年11月以来新高。期限在10年以下 的美债收益率也普遍上涨5-10BP。 发行结果显示，本次招标的20年期美债中标利率为5.047%，较4月的4.810%高出24BP，一举站上5%大 关，较预发行利率5.035%高出约1.2BP，是去年12月以来的最大尾部利差；投标倍数为2.46，低于4月的 2.63，为2月以来最低。 衡量海外需求的间接认购比例为69.02%，低于上月的70.7%，但仍高于67.2%的近期均值。衡量美国国 内需求的直接认购比例为14.1%，高于上月的12.3%。一级交易商获配比例为16.9%，稍低于上月的 17.0%。 结果公布后，盘中本就处在涨势的美债收益率出现一轮显著拉升；美股急挫，三大股指跌 ...

对冲基金EDL创始人：做空美国股票一直令人痛苦。 ...

彭博对冲基金指数 的初步数据显示，在彭博宏观对冲基金指数的带动下，对冲基金上个月下跌0.4% 。数据显示，今年以来对冲基金下跌了1%。宏观基金录得1.9%的最大跌幅，信贷基金涨幅最大，达 1.7%。 截至2025年4月30日的彭博对冲基金策略收益 2025年4月 彭博另类投资简报 摘取彭博终端实时数据及热点资讯，为您带来全球私募股权市场和对冲基金市场的 最新动态。彭博另类投资板块涵盖投融资事件、PE/VC基金募资情况、GP数据、对冲基金净值及指 数、机构投资者数据等。 私募股权市场回顾 Ares Management公司私人信贷的增长势头丝毫未减 Millennium Management从Pamalican撤资 彭博另类投资简报 行业亮点 新发行私募股权基金 请在彭博终端运行 HF 查看指数，在 HFS 查看感兴趣的对冲基金的业绩数据。 如需在彭博私募数据库中列出您的对冲基金业绩，请联系chuang28@bloomberg.net 寻求帮助。 扫码查看完整简报，您将了解以下市场动态： 交易亮点 对冲基金市场回顾 市场押注 落子布局，玩家动态 业绩概览 一家管理200亿美元的中国对冲基金在四月的港股抛售潮中借 ...

Core Viewpoint - Major financial institutions and hedge fund CEOs are increasingly concerned about potential risks in the market, particularly following Moody's downgrade of the U.S. credit rating, which has led to a rise in "sell America" trades and heightened scrutiny of U.S. fiscal health [1][3]. Group 1: Market Reactions - Following Moody's downgrade, the 30-year Treasury yield rose approximately 10 basis points, surpassing the psychological 5% mark, reaching its highest level since mid-2007 [1]. - The 10-year Treasury yield also increased to over 4.5%, indicating a shift in investor focus from trade issues to concerns about the long-term fiscal health of the U.S. [1]. - Despite initial market declines, major U.S. stock indices rebounded, reflecting a complex market response to the downgrade [1]. Group 2: CEO Insights - JPMorgan CEO Jamie Dimon warned that investors are overly complacent and may not fully recognize the risks posed by tariffs and the credit downgrade, suggesting that asset prices remain high and the credit market has not adequately priced in potential economic downturns [3][4]. - Dimon emphasized that the impact of tariffs on inflation and potential stagflation is underestimated, with the likelihood of stagflation possibly being twice what the market anticipates [4]. - Citigroup CEO Jane Fraser noted ongoing uncertainties and a shift towards a new phase of globalization defined more by strategic interests than cooperation, indicating deeper issues in financial markets [5]. Group 3: Debt and Inflation Concerns - Bridgewater CEO Ray Dalio expressed that the risks associated with U.S. debt are greater than what Moody's downgrade suggests, highlighting concerns about the potential for currency devaluation as a means of debt repayment [6][7]. - Dalio reiterated fears that current economic policies and trade tensions could lead to significant disruptions, potentially more severe than past economic crises [7].

【环球网财经综合报道】日前，全球最大对冲基金桥水创始人达利欧发出警告，即便穆迪最近下调美国主权信用评级，也 仅反映了美国国债风险的冰山一角，美债面临的真实风险比穆迪降级示警更为严重。 达利欧认为，穆迪等评级机构未充分考虑美国联邦政府可能通过印钱偿还债务的风险。若真如此，持债者将因美债的美元 投资回报贬值而蒙受损失，且这一损失可能远超预期。美东时间5月19日周一，达利欧在社交媒体发帖指出，信用评级低估 了信用风险，其仅评估政府不偿还债务的风险，却未涵盖负债国通过印钱还债，导致债券持有人因货币贬值而受损的更大 风险。他暗示，即便美国政府不会技术性违约，投资者仍面临货币购买力被通胀侵蚀的实质性风险。 达利欧发表评论当天，美国股债汇市场出现"三杀"局面，但盘中跌势有所缓和，并未延续上周五盘后穆迪宣布降级后的持 续大跌态势。本周一，美股三大股指集体低开，盘初刷新日低，道指跌约317点、跌幅超0.7%，标普500指数跌1.05%，纳 指数跌逾1.4%，不过此后跌幅逐步收窄，道指转涨并保住涨势，一度涨187点、涨幅超0.4%，标普和纳指也曾小幅转涨。 美国国债价格周一盘中跌幅同样收窄，收益率盘中冲高回落，美国10年期基准国 ...

Core Insights - Bridgewater Associates, the world's largest hedge fund, has significantly reduced its holdings in technology stocks while increasing its investment in gold ETFs, indicating a strategic shift in asset allocation [1][3][4] Group 1: Investment Strategy - In the first quarter, Bridgewater cut its position in the S&P 500 ETF by nearly 60%, reducing its stake from 22% to 8.7% [3] - Major technology stocks were heavily reduced: Google A shares by 16%, Nvidia by 18.74%, and Meta by 31% [3] - However, Bridgewater increased its positions in Microsoft and Amazon, suggesting a selective approach rather than a blanket bearish stance on technology [3] Group 2: Gold Investment - Bridgewater has made gold ETFs a significant part of its portfolio, purchasing 110,600 shares of SPDR Gold ETF, making it the sixth-largest holding [3][4] - Ray Dalio stated that gold is the only asset that can hedge against sovereign currency risks, with the correlation between gold and the S&P 500 dropping to -0.18, indicating gold's potential as a safe haven during stock market downturns [3][4] Group 3: Market Conditions - The fund's actions are influenced by rising interest rate expectations from the Federal Reserve, which typically negatively impacts high-valuation technology stocks [4] - Geopolitical tensions, particularly in the Middle East and Asia, are also contributing to a cautious investment environment, prompting global central banks to buy 228 tons of gold in the first quarter, 34% above the five-year average [4] Group 4: Focus on Chinese Assets - While reducing exposure to U.S. tech stocks, Bridgewater has aggressively increased its holdings in Chinese companies, notably Alibaba, which saw an increase from 255,000 shares to 5.66 million shares, valued at $748 million [4] - This strategy reflects a belief in the potential of Chinese assets to provide a counterbalance to risks in U.S. markets [4] Group 5: Investment Recommendations - Investors are advised to be cautious with technology stocks, particularly those with inflated valuations, while considering opportunities in established companies like Microsoft and Apple [5] - A recommendation is made to allocate a portion of investments to gold, given its long-term support from Fed rate expectations and geopolitical risks [5] - Chinese assets are highlighted as having significant growth potential, particularly in e-commerce and cloud computing, while cautioning against companies with compliance risks [5]