蓝鲸新闻7月30日讯（记者 敖玉连）六月初发文反思之后，半夏投资李蓓迅速切换到顺风期，单周大涨10%，年内业绩超过20%。 代销端数据显示，上周（7.18-7.25）半夏投资迎来年内最佳表现周：半夏平衡宏观对冲单周涨幅10.88%，半夏宏观对冲系列涨幅也在7.3%附近。 单周的大涨也带动了年内业绩回温，半夏平衡宏观对冲系列年内业绩在22%附近，半夏宏观对冲在14%附近。 在宏观对冲基金中，半夏20%的年内业绩已经非常亮眼。和去年相比，今年宏观对冲整体表现平淡，例如，去年大赚50%的凯丰宏观对冲、大赚 88%的泓湖稳健（积极），今年的收益在10%以内。 李蓓做对了什么？ 据渠道反馈，6月，半夏的操作如下： 1、减配了黄金，原因是全球稳定币规模加速，而稳定币一定程度上替代了黄金的功能，会分流相当的黄金配置需求； 图片来源：视觉中国 2、重新配置了一部分中短期国债期货，银行间资金面平稳，回购利率稳定在低位； 3、工业商品持有一定水平的净多仓； 3，之前对外资的行为模式理解不够深。比如23年中国股票市场最大的驱动，就是外资持续大幅撤出，这是没有想到的。 值得关注的是，对于当下大火的"银伟达"行情，李蓓已经连续多月提示 ...

Core Insights - Bridgewater's All Weather Enhanced Fund has consistently generated positive returns over the past six years, distinguishing itself from other private equity funds that have faced crises [3][4] - In 2024, the fund achieved a total return of 37%, significantly outperforming the average return of multi-asset strategies in China [4][10] - The fund's performance in May showed a slight decline of 1.4%, attributed to rising discount rates and risk premiums, alongside a cautious market sentiment [4] Fund Performance - The All Weather Enhanced Fund recorded a unit net value return of 9.3% from the beginning of 2025 to the end of May [4] - Other macro hedge funds underperformed compared to Bridgewater, with notable declines such as -4.8% for Hanxia Macro Hedge Fund and -2.05% for Honghu Balanced Allocation [4] - The fund's alpha return was reported to be 16% within the overall 37% return for 2024, highlighting its strong performance in active management [10] Market Demand and Distribution - There is a high demand for Bridgewater's fund, with limited availability leading to a competitive environment for investors [2] - The fund is primarily distributed through select institutions like Ping An Bank and CITIC Securities, with flexible purchasing thresholds [2] - The trend of "All Weather" strategies is gaining traction in the asset management industry, with multiple new funds being registered [8] Strategy and Composition - Bridgewater's strategy consists of two main components: the foundational All Weather strategy and an alpha strategy tailored to the Chinese market [4] - The All Weather strategy is based on risk parity, aiming to create a stable asset portfolio across different economic conditions [4] - The challenge for other managers attempting to replicate Bridgewater's success lies in achieving comprehensive alpha enhancement capabilities [9]