亚洲大宗经纪业务月度报告_2025 年 10 月-Prime Services Asia Monthly_ October 2025

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the performance of various fundamental long/short (L/S) managers across Asia, Japan, and China, highlighting their returns and market dynamics in October 2025. Core Insights and Arguments - Asia Fundamental L/S Performance: - Achieved a return of +1.5% compared to MXAP's +3.6% - Positive returns for six consecutive months, primarily driven by beta returns, with volatility noted in the first two weeks of October followed by a strong recovery in the latter half [2][2][2] - Year-to-date (YTD) performance stands at +23.8% against MXAP's +28.2% [2][2][2] - Global Fundamental L/S Managers: - Reported a gain of +1.8% in October, slightly trailing MSCI World AC's +2.0% - Positive returns were attributed to asset selection, concentrated longs, and sector tilts, particularly in Health Care and Info Tech [2][2][2] - China Fundamental L/S Managers: - Achieved a return of +2.1% compared to MXCN's -3.8% - Strong performance driven by alpha, with asset selection being the main factor [4][4][4] - Japan Fundamental L/S Managers: - Experienced a decline of -2.0% against MXJP's +7.9% - Negative alpha was the key detractor, with size and concentrated shorts impacting performance [5][5][5] - Trading Flows: - Asia recorded the largest risk-on flows in nearly a decade, with significant net inflows [15][15][15] - Asian equities saw a notable increase in net buying, with long buys exceeding short sales at a ratio of 3.3 to 1 [17][17][17] - Sector Positioning: - TMT (Technology, Media, and Telecommunications) stocks saw the highest monthly buying in records, with a sixth consecutive month of inflows [36][36][36] - Industrials and Financials were among the sectors with significant net buying, while Consumer Discretionary stocks faced selling pressure [41][41][41] Additional Important Insights - Leverage Trends: - Global Prime book gross leverage decreased by 4.2 points, while Asia Fundamental L/S managers saw an increase in both gross and net leverage [10][10][10] - Market Dynamics: - Hedge funds unwound macro shorts at a high pace post-elections, indicating a shift in market sentiment [23][23][23] - Net allocation to Japan in the GS Prime book increased by 65 basis points to 6.0%, while gross allocation declined slightly [30][30][30] - Sector-Specific Trends: - The Info Tech sector dominated inflows, with long buys significantly outpacing short sales [36][36][36] - Consumer Discretionary stocks reverted to selling after previous net buying, indicating a potential shift in investor sentiment [41][41][41] This summary encapsulates the key points from the conference call, providing insights into the performance of various markets and sectors, as well as trading flows and leverage trends.