彭博另类投资简报 2025年8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 彭博对冲基金指数的初步数据显示，对冲基金上个月上涨 1.6% ，彭博股票对冲基金指数领涨。数据 显示，今年以来，对冲基金上涨了7.1%。股票基金涨幅最大，达11%。 截至2025年8月29日的彭博对冲基金策略收益 桥水的对冲基金在中国市场备受青睐 ，为获得购买资格，富裕投资者群体向国内主要私人银行 投入数十亿元资金。包括招商银行在内的多家银行将桥水产品专门留给顶级客户，通常要求客 户在本行资产至少达到1,000万元人民币（约合140万美元）。据知情人士称，由于需求强劲， 客户往往只能购买极少额度的桥水基金产品，有时甚至完全无法认购。 在美国就业数据疲软引发市场对经济前景的担忧之际， 对冲基金加大了对人民币兑美元看涨期 权的押注 。未来三个月离岸人民币兑美元升值的期权溢价（与押注其贬值相比）已接近2024年 8月以来最高水平。这表明短线投机者正加紧押注美 ...

动图由豆包AI「照片动起来」生成 作者肖望 编辑孙春芳 "客户经理告诉我，要有5000万元以上资产才能预留额度，并且500万元起购。"近日，有想要认购桥水基金产品的投资者表示。即便如此，在8月15日她还 是被告知，额度已售罄。 令投资者趋之若鹜的桥水基金产品，在过去两年市场一片惨淡之际，其桥水中国产品收益水平（2023年初至2024年末）仍达到47%，同期上证指数涨幅为 7.3%。 而在桥水基金的全天候策略中，黄金扮演了对抗通胀和低增长的重要角色。同期，国内金价上涨了49.6%，为桥水基金的收益表现做出突出贡献。 普通投资者如何分享到投资黄金的红利？一些资管产品开始将黄金纳入投资配置中。 以日兴资产为例，其发行的"智能5类资产组合基金"，将资产配置于日本国债、全球高利息债、高股息股票、REITs（不动产投资信托基金）、黄金等领 域。截至今年6月末，其黄金配比达到19.8%。 该基金过去一年收益率为1.16%，其中日本国债大跌拖累业绩，全球股票收益水平也仅有0.38%，但黄金贡献4.84%收益成为其过去一年的主要收益来源。 "黄金应从短期的战术工具成为长期的战略底仓配置。"世界黄金协会相关负责人表示。在投资策略 ...

Core Viewpoint - The article highlights the significant performance of Bridgewater's fund products, particularly in the context of rising gold prices, which have contributed to their outperformance against the market. The article emphasizes the growing interest in gold as a strategic asset for both institutional and individual investors amid economic uncertainties and inflation concerns [3][4][8]. Group 1: Bridgewater Fund Performance - Bridgewater's China products achieved a return of 47% from early 2023 to the end of 2024, significantly outperforming the Shanghai Composite Index, which rose only 7.3% during the same period [3]. - Gold played a crucial role in Bridgewater's all-weather strategy, with domestic gold prices increasing by 49.6%, contributing to the fund's strong performance [4]. - From mid-2022 to the end of 2023, gold allocation contributed at least 21.62% to Bridgewater's product returns, while the Shanghai Composite Index fell by 12.51% [8]. Group 2: Gold as an Investment - The World Gold Council suggests that gold should transition from a short-term tactical tool to a long-term strategic asset, recommending a "gold+" strategy with over 5% allocation to stabilize short-term volatility and enhance long-term returns [7]. - Gold has outperformed most asset classes since 2023, with returns of 17% in 2023, 28% in 2024, and 26% in 2025 (as of August 19) [9]. - The global demand for gold surged, with investment demand reaching 1,029 tons in the first half of the year, a year-on-year increase of 118% [20]. Group 3: Institutional Interest in Gold - Increasingly, domestic asset management institutions are recognizing the importance of gold in asset allocation, with nearly 45% of 515 FOF products holding gold ETFs [14]. - Insurance asset management companies are also incorporating gold into their portfolios, with some allocating up to 30% to gold [15]. - The anticipated policy changes could bring approximately 200 billion yuan into the gold market from insurance companies, given their total asset scale of around 20 trillion yuan [16]. Group 4: Market Dynamics and Future Outlook - The article notes that gold has risen by 200% over the past decade, with a 92% increase since 2023, driven by geopolitical risks, declining global interest rates, and a weakening dollar [10][11]. - UBS has raised its gold price forecast for June 2026 from $3,500 to $3,700 per ounce, citing lower opportunity costs for holding gold amid inflation and interest rate expectations [24]. - The article suggests that investors should consider a 5% allocation to gold in their portfolios to enhance diversification and hedge against risks [24].