可转换套利再次获得资金流入 可转换债券是一种混合工具，当股价升至特定水平时可转换为股权——本质上是一种嵌入看涨期权的债务，其价值与股票波动性紧密相连。 智通财经APP注意到，一项涉及可转换债券的小众对冲基金策略正迎来高光时刻，市场力量的协同作用为这种混合证券交易创造了理想条件。 根据对冲基金研究公司追踪120家总资产达840亿美元基金的指数显示，所谓可转换套利策略——通过捕捉可转换债券与其标的股票之间的定价差异获利—— 截至7月已实现近6%的回报，使其成为今年前七个月表现最佳的对冲基金策略之一。与此同时，该策略的资金流入量正迈向18年来最大年度增幅。 这种套利交易兴起的背景在于：企业信用质量稳健，且包括波动性较大的加密相关企业在内的相对小型公司股价波动加剧——这些公司正日益涌入可转换债 券市场。 曼氏集团解决方案部门多策略信用与可转换债券主管丹尼洛·里帕表示，对于通过买入可转债并做空股票以利用股价波动获利的交易策略而言，当前正是收 割收益的"完美环境"。"我们正见证稳定的信用环境与高股票波动性前所未有的结合，"里帕指出。 可转换套利对冲基金获得稳健收益 财报季进一步加剧市场动荡，业绩超预期与不及预期引发的股价 ...

根据LCH Investments数据，自1969年以来全球对冲基金经理累计收取的费用高达1.8万亿美元，几乎吞掉了行业收益的一半。以Millennium、Citadel、 Point72、Balyasny和ExodusPoint为代表的头部多策略基金，以"成本转嫁"（pass-through）模式著称，将庞大的运营开支直接压到投资者身上。 黑石集团（Blackstone Inc.）近期对近10只实行转嫁费用机制的基金进行内部分析，结果显示：此类费用平均约占基金资产的6.5%，而最昂贵的管理人收 费水平甚至高达15%。黑石负责外部对冲基金投资的高管大卫·本-乌尔（David Ben-Ur）在6月份的彭博会议上指出，过去五年，这类费用的年均复合增长 率一直维持在高个位数区间。 面对高昂且不透明的费用，投资者开始用资金"投票"表达不满。他们抗议基金将从办公室租金、差旅到百万美元薪酬包等各类支出转嫁给客户，金额往往 高达数亿甚至数十亿美元。这还不包括20%的业绩分成和最高2%的管理费。 在部分多策略基金业绩承压的情况下，费用问题正成为投资者格外敏感的焦点。 LP成了"冤大头" 2023年，亿万富翁德米特里·巴利亚斯 ...

彭博另类投资简报 2025年7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 行业亮点 新发行私募股权基金 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 面对自特朗普总统任期开始以来不断加剧的贸易紧张局势， 香港赛马会正在撤回在黑石集团及 其他收购公司持有的高达10亿美元的资金，抛售美国资产 。作为香港这一金融中心的赛马业务 垄断经营者及最大的资产配置方之一，香港赛马会正在出售的资产主要为包括由TA Associates Management LP、华平投资以及Clayton Dubilier & Rice等公司管理的美国资产。此次出售之 际，其他亚洲基金和富有投资者也在减少对美国的投资，原因是担心贸易冲突已使美国市场变 得更加难以预测。 New Silk Road Investment Pte 是新加坡运营历史最悠久的对冲基金之一，在回报疲软以及美 国投资者从亚洲撤资导致资产大幅缩水后，该基金即将关闭。这 ...

智通财经记者 | 杜萌 邹文榕 智通财经编辑 | 宋烨珺 "未来机遇，现已抵港"。 在香港西九龙高铁站的出站口，美国资管巨头景顺集团的QQQETF广告牌率先映入眼帘。此外，来自新加坡的星展银行、香港未来资产资本等机构也纷 纷"承包"电子屏，让人眼花缭乱。 作为不少外资进入中国市场的第一站，香港重新成为全球资本竞相流入的沃土。国际资管机构、对冲基金、家族办公室等"New Money"更是涌入中环，大手 笔租赁超甲级写字楼，一举扭转了过去三年香港疲弱的写字楼租赁市场。 恒生指数今年涨幅超过26%，涨幅位居全球前列。上半年港股共迎来44家公司新上市，总集资额达1094亿港元，超2024年上半年的八倍多，也是2021年以来 最强劲的半年度表现。 港交所数据，截至7月底，2025年上半年平均每日成交金额为2402亿港元，同比增长118%。 作为国际离岸金融中心，香港这颗"东方之珠"正在重现荣光。 中环超豪写字楼租赁回暖：IFC出租率已达到历史最高 中环的超甲级写字楼出租率，正在接近饱和。 在市场的转暖之际，嗅觉灵敏、实力雄厚的"New money"涌入中环，以每平方英尺100港元以上的"天价"租赁办公室，彰显公司实力。 ...

Group 1 - The article highlights the unprecedented opportunities and challenges faced by hedge funds and family offices in the context of profound changes in the global economic landscape and the increasing attractiveness of Chinese assets [1] - The first Hedge Fund and Family Office Awards ceremony was successfully held in Hong Kong, recognizing excellence in hedge fund management and family office operations through four awards [1] - 排排网全球 aims to create a professional, transparent, and efficient information service platform for high-net-worth Chinese individuals, focusing on global hedge funds and financial information [1] Group 2 - The discussion at the event emphasized two dimensions of Chinese managers going overseas: raising funds in international markets and attracting global capital back to China [2] - Institutional and overseas investors are more thorough in their due diligence compared to individual investors, valuing the core advantages of Chinese managers in understanding local assets [2] - Investors prefer products that offer good liquidity, low volatility, low drawdown, and the potential for sustainable long-term returns [2]

Report Industry Investment Rating - The global economy in the macro and financial sector is rated as (slightly bullish) [1] Core Viewpoints - The global economy maintains an upward trend, with various countries and regions having positive developments and potential investment opportunities [1] Summary by Related Catalogs Important Information - BofA's chief strategist believes that the Fed may deal with debt through currency devaluation, making shorting the US dollar a core investment theme, and gold, cryptocurrencies, commodities, and emerging markets will be the biggest winners [1] - Michael Burry, the hedge - fund manager and the prototype of the movie "The Big Short", went from short to long on Chinese concept stocks in Q2, buying call options on Alibaba and JD.com [1] - Nomura expects Powell not to give a "clear commitment", BofA expects a hawkish stance, and Morgan Stanley expects Powell to emphasize inflation risks and resist market expectations of interest - rate cuts [1] - The Hong Kong stock market, as the world's largest RMB offshore market, has comprehensive and long - term allocation value [1] - Some public - fund professionals say this year is the "commercialization year" of humanoid robots, which will become a global trillion - dollar industry [1] - India's prime minister announced a comprehensive reform plan for the country's GST, simplifying four tax brackets to two to boost the economy [1] - Japan's Financial Services Agency will approve the country's first issuance of the yen - denominated stablecoin JPYC this month [1] - JPMorgan believes that although the "Fed put" can buffer temporary economic weakness, investors should not underestimate the tail effects of macro risks [1] Global Economic Logic - China strengthens the domestic cycle, provides loan interest subsidies, and its exports in July increased by 7.2%. Sino - US reciprocal tariffs are extended by 90 days. The US may restart interest - rate cuts in September [1] - China's comprehensive rectification of involution - style competition is expected to boost the performance of relevant listed companies. The European Central Bank has cut interest rates 8 times, and Germany's 30% military expansion may drive European economic growth [1] - Goldman Sachs believes that China's humanoid robot industry is iterating products at an amazing speed [1]

Core Insights - The article discusses the investment philosophy of Victor Haghani and James White, emphasizing the importance of understanding risk management and human capital in long-term wealth preservation [4][6][30]. - It highlights the challenges faced by wealthy families over generations, questioning why many have failed to maintain their wealth [6][30]. - The authors advocate for a systematic approach to investing, focusing on dynamic risk management rather than emotional decision-making [5][20][24]. Group 1: Investment Philosophy - Victor Haghani's career reflects a significant shift from aggressive arbitrage strategies to advocating for low-cost, diversified global equity investments after experiencing market inefficiencies [5][17]. - The book "The Disappearing Billionaires" explores the mystery of why historically wealthy families have lost their fortunes, attributing it to poor risk management and spending decisions [6][30]. - The authors propose that maximizing human capital is essential for financial freedom, complemented by prudent investment strategies [6][30]. Group 2: Risk Management - The article emphasizes the difficulty of consistently profiting from market inefficiencies due to the presence of many intelligent market participants [16][19]. - Haghani's experience with Long-Term Capital Management (LTCM) led to a reevaluation of the risks associated with leverage and concentrated positions in investment strategies [17][19]. - The authors argue that a rules-based investment strategy can help investors manage risk more effectively, adapting to changing market conditions [26][37]. Group 3: Human Capital and Wealth Preservation - The article stresses the importance of recognizing and maximizing human capital, particularly for younger individuals, as a foundation for long-term financial success [33][34]. - It suggests that individuals should regularly review their financial plans, especially during significant life events, to ensure alignment with their financial goals [35]. - The authors caution against relying solely on investment returns for wealth accumulation, advocating for a balanced approach that prioritizes human capital development [46][47].

Group 1 - A prominent oil trader known as the "King of Oil" has faced significant losses this year, marking a stark contrast to his previous successful track record [2][3][4] - Pierre Andurand, the head of Andurand Capital, reported a 57% loss in his flagship fund due to poor performance in cocoa trading [4][6] - Andurand's previous successes included accurately predicting major oil price movements, such as the historic drop in 2008 and the rebound in 2016 [7][9] Group 2 - In 2020, Andurand made a bold prediction about negative oil prices and successfully capitalized on market fluctuations, leading to substantial profits [9][10] - However, in the following year, he shifted focus to cocoa and copper, which resulted in significant losses as cocoa prices plummeted [10][12] - By August 2023, cocoa futures had dropped to $8,227 per ton, reflecting a year-to-date decline of 29.23% [13] Group 3 - The article also discusses the downfall of Hin Leong, a major oil trading company in Singapore, which faced a debt crisis amounting to $3 billion [20][21] - Hin Leong's financial troubles were exacerbated by the COVID-19 pandemic and a significant drop in oil prices, leading to bankruptcy proceedings [20][23] - The company's debts were owed to 23 international banks, with HSBC holding the largest exposure at $598 million [22]

Group 1 - Ray Dalio, aged 75, has officially retired from Bridgewater Associates, marking the end of an era that lasted for half a century [2] - Dalio started investing at the age of 12 and founded Bridgewater at 26, which has grown to manage over $160 billion, making it the largest hedge fund globally [3] - The All Weather strategy, a well-known asset allocation approach, was developed after Dalio's significant loss during the stagflation period of the late 1970s and early 1980s [4][5] Group 2 - The All Weather strategy is based on risk parity, which aims to balance risk across various asset classes rather than merely diversifying funds [6] - The strategy involves three steps: analyzing economic environments, allocating different assets for each economic scenario, and implementing risk parity [7][8][9] Group 3 - The strategy categorizes economic conditions into four basic "seasons": economic growth exceeding expectations, economic growth below expectations, inflation exceeding expectations, and inflation below expectations [8] - Each economic scenario has corresponding asset classes that perform well, such as stocks and commodities during economic growth, and long-term government bonds during economic downturns [9] Group 4 - The implementation of risk parity involves quantifying asset performance under different economic conditions to ensure equal risk contribution from each asset in the portfolio [10][11] - The All Weather strategy has shown resilience but is not infallible, as evidenced by significant downturns during extreme market conditions, such as the COVID-19 pandemic and the 2022 market environment [14][15] Group 5 - Bridgewater has successfully localized its strategies in China, becoming the first foreign private equity firm to manage over 10 billion RMB in the country [17] - The performance of Bridgewater's products has been strong, with a flagship product launched in July 2022 achieving an 18.55% return and a cumulative increase of 76.61% by July 2023 [19] Group 6 - In 2023, despite a challenging A-share market, Bridgewater's private equity products recorded around 8.8% returns, with some products projected to achieve approximately 35% annual performance in 2024 [20] - By the end of 2024, Bridgewater's management scale in China is expected to reach about 55 billion RMB, prompting local private equity firms to adopt similar "enhanced" All Weather strategies [21]

Core Viewpoint - Bridgewater Associates, the world's largest hedge fund, has completely liquidated its holdings in Chinese stocks listed in the U.S., including Alibaba and Pinduoduo, amid escalating U.S.-China trade tensions [2][4]. Group 1 - As of March 31, Bridgewater held 16 U.S.-listed stocks, including Alibaba, Pinduoduo, and Baidu, with a total market value of $1.49 billion. By June 30, the fund's holdings in Chinese stocks were reduced to zero [4][5]. - The U.S. government announced reciprocal tariffs in April, with tariffs on Chinese goods peaking at 145%. Negotiations in mid-May led to a mutual agreement to lower tariffs by 115%, but ongoing trade friction has raised investment risks in Chinese stocks [4][5]. - Ray Dalio, the founder of Bridgewater, known for his pro-China stance, has seen his influence wane after stepping back from investment decisions in September 2022 and recently resigning from the board [5].