全球市场正进入一个"波动更常态化"的阶段。汇率、利率、商品与权益资产的波动频率与幅度抬升，使 得"可交易的趋势段"与"结构性错价"同时增多。媒体与研究机构也多次指出：当宏观不确定性上升、跨 资产相关性发生变化时，宏观与系统化策略往往会迎来更肥沃的交易土壤，近期宏观对冲基金板块也被 认为正处在一段自 2008 年以来更强劲的表现窗口。 与此同时，系统化能力正在从"对冲基金的专属武器"变为"资管巨头的核心配置"。以贝莱德为例其正在 重塑旗舰量化/系统化平台，并推动 Systematic Total Alpha(STA)等体系，试图在与传统对冲基金巨头的 竞争中扩大系统化配置与数据驱动决策的比重。 先讲结论：公开市场里，"≥50%"的回报样本确实存在，但在不同市场与不同产品形态中，它往往意味 着完全不同的风险侧写。 在海外市场，一个极具代表性的例子是 ARK Innovation ETF(ARKK)在 2020 年录得 150%+ 的年度回 报；但同样在市场切换与估值收缩的环境里，它也曾在 2022 年出现约 -60% 量级的年度回撤级别。这 种强烈对比说明："高回报"本身并不稀奇，真正稀缺的是回撤与风险暴露是否可 ...

Group 1 - Ark Invest, led by Cathie Wood, has made a significant investment in Bullish, a cryptocurrency exchange, acquiring over 2.5 million shares through three actively managed ETFs [1] - Bullish's stock surged 84% on its first day of trading on the NYSE, indicating strong investor interest in digital asset infrastructure despite ongoing regulatory scrutiny [1] - The flagship ARK Innovation ETF (ARKK) purchased more than 1.74 million shares of Bullish, while ARK Next Generation Internet ETF (ARKW) added 545,416 shares, and ARK Fintech Innovation ETF (ARKF) bought 272,755 shares [1] Group 2 - Bullish is a global cryptocurrency exchange supported by billionaire venture capitalist Peter Thiel, reflecting growing confidence in the cryptocurrency ecosystem [2] - Ark's inclusion of Bullish in its portfolio expands its involvement in the trading and media sectors of the cryptocurrency industry, as Bullish also owns the cryptocurrency news and data platform CoinDesk [2]