NOVEMBER, WITH its post-election market swings and the Jensen Huang affair(黄仁勋事件), has so far been bruising(令人受挫的) for hedge funds. But October was brutal(残酷的): many funds had their worst month since the covid-19 pandemic began, according to JPMorgan Chase, America’s biggest bank. A wobble(动摇) in markets’ enthusiasm for artificial intelligence forced a sell-off of technology stocks. The surprise re-election of Brazil’s left-wing president, worries over France’s sovereign debt(主权债务) and tumult(动荡) in credit markets added to the pain. A Bloomberg index of the industry’s returns fell by 1.7% in the month. The biggest fund at Millennium, a giant manager, lost 2.3%. The main fund of Arini Capital Management, a fast-growing credit shop(信贷机构), was down by 19.7%.
11月，随着大选后的市场波动以及“黄仁勋事件”的发酵，对冲基金迄今伤痕累累。但10月才是真正的残酷：据美国最大银行摩根大通称，许多基金经历了自新冠疫情暴发以来最糟糕的一个月。市场对人工智能的热情出现动摇，引发科技股抛售。巴西左翼总统出人意料地赢得连任、法国主权债务的担忧以及信贷市场的动荡，进一步加剧了痛苦。彭博行业回报指数当月下跌1.7%。巨头千禧年旗下最大基金亏损2.3%。快速成长的信贷机构Arini资本管理公司旗舰基金暴跌19.7%。
By the time tech stocks plunged again on November 5th, managers were already so light(仓位很轻) they had little left to sell. According to data compiled by UBS, another big bank, there were six days in the previous month on which funds had unload(抛售)ed more. Hedge funds sometimes get the blame for(因……背锅) market falls. This time they were innocent, though they have been given food for thought(值得深思的启发). The industry has been coasting on the AI boom: the Bloomberg returns index still ended October 4.1% higher then it began the year.(整个行业一直乘着AI热潮顺风顺水：彭博回报指数10月底仍比年初高出4.1%。) But October exposed the dangers of being caught on the way down(在下跌途中被套).
等到11月5日科技股再次暴跌时，基金经理们的仓位已经很轻，几乎无货可卖。根据另一家大银行瑞银汇编的数据，上个月有六天的基金抛售量比这天更大。对冲基金有时会因市场下跌而背锅。这一次它们是无辜的，但也得到了值得深思的教训。整个行业一直乘着AI的东风顺风顺水：彭博回报指数10月底仍比年初高出4.1%。但10月暴露了在下跌途中被套牢的危险。
One category, multi-strategy funds, has more to ponder(深思) than most. Whereas a typical hedge fund implements the vision of a single portfolio manager or a few working together, multi-strategy funds recruit several, all of whom are free to pursue their own trades.(典型对冲基金执行的是单一投资组合经理或几位经理共同的愿景，而多策略基金则招募多位经理，所有人都可以自由进行自己的交易。) The central fund constrain(约束)s them only by controlling capital allocation(资金分配) among its various “pods(交易舱)” of traders and imposing a strict risk policy to limit losses. In theory the managers’ independence makes their trades unrelated, raising the whole fund’s risk-adjusted performance(经风险调整后的表现) compared with that of one manager. In booming markets returns are also less volatile(波动剧烈的) than in single-manager funds.
有一个类别——多策略基金——需要反思的比大多数基金更多。典型对冲基金执行的是单一投资组合经理或几位经理共同的愿景，而多策略基金则招募多位经理，所有人都可以自由进行自己的交易。中央基金对他们的约束仅在于控制各“交易舱”之间的资金分配，并实施严格的风险政策以限制损失。理论上，经理们的独立性使他们的交易互不相关，从而提升整个基金经风险调整后的表现，优于单一经理管理的基金。在市场繁荣时，其回报波动性也低于单一经理基金。