宏观型对冲基金的经营策略分析

Macro hedge fund's management strategy analysis

投资策略和融资策略共同决定宏观型对冲基金的自身业绩和它对金融市场的宏观影响。交易部署和杠杆比例相互联系并最终决定基金能够取得多少回报。由于市场环境的改变,大量宏观型对冲基金已经从以往的宏观策略和新兴市场策略为主转向更加保守的价值与市场中立策略。宏观型对冲基金的宏观经济效应源于其风险管理行为模式而非其主观意图。

Investing strategies and financing strate gies both determine the performance of the macro hedge funds and their impacts to financial market.Transaction setting and leverage rate are factors that correlate each other and contribute to the return of the funds.Due to the change of the market environment,many macro hedge funds shift focus on more conservative approach of the value and market -neutral strategies rather than the macro and emerging market strategies that are commonly used in the past.The macroeconomic effects of the macro hedge funds shall be caused by the behavior model of risk management,not by traders’ subjective intent.