<p>投资者将持股集中在更少的多策略管理人身上，以获得更好的回报</p>
<p>根据美银的说法，2025 年每只基金的配置从 4200 万美元增加到 5000 万美元</p>
<p>对冲基金行业资产在 2025 年第三季度达到 5 万亿美元，得益于强劲的表现</p>
<p>作者：Anirban Sen</p>
<p>纽约，1 月 15 日（路透社）——根据路透社看到的美银内部报告，在多策略基金表现强劲的一年之后，对冲基金投资者计划在 2026 年向最大的资金管理人配置更多资本。</p>
<p>根据美银全球市场资本战略小组对 280 名资产配置者的调查，对冲基金投资者也越来越倾向于将持股集中在更小的一组多管理人身上，因为他们希望加大对市场领先回报基金的投资。该调查预计将在本周晚些时候发布。</p>
<p>2025 年，资产配置者的投资组合平均由约 18 只对冲基金组成，而前一年中位数为 20 只基金。在同一时期，每只基金的平均配置从 4200 万美元上升到 5000 万美元。</p>
<p>“2025 年标志着一个小的转折点，情绪和配置发生了积极变化，这表明行业受益于近年来的健康表现，” 美银资本引介、优质融资全球负责人 Vanessa Bogaardt 表示。</p>
<p>约 62% 的对冲基金投资者在去年与银行谈判增加了配置的容量权利，较 2024 年的 17% 有所上升。大约 51% 的基金投资者计划在 2026 年增加对对冲基金的配置，领先于其他另类资产管理人。</p>
<p>“我们看到资产配置者非常关注与他们的高信念管理人确保容量权利……我们仍然看到更多的资产配置者计划在 2026 年扩大他们的对冲基金投资组合，这意味着他们不仅计划配置，还计划增加对对冲基金的配置，” Bogaardt 补充道。</p>
<p>在最近一个季度，华尔街最大的银行从其优质经纪业务中获得了健康的增长，因为他们从向大型多策略基金借贷中获得了可观的费用，这些基金在金融市场的波动中获得了强劲的回报。</p>
<p>根据美银的报告，到去年第三季度末，对冲基金行业资产触及约 5 万亿美元的历史高位，完整年度数据尚未发布。资产增长主要得益于强劲的表现和约 710 亿美元的健康流入。</p>
<p>根据美银对资产配置者的调查，全年对冲基金的平均回报率为 11.7%。方向性股票多头和空头基金是行业中表现最好的，平均回报率为 18%，其次是产生 15.4% 回报的宏观 discretionary 基金。</p>

美国银行

<p>Investors consolidating holdings in fewer multi-managers for better returns</p>
<div class="lb-trans"><p>投资者将持股集中在更少的多策略管理人身上，以获得更好的回报</p>
</div><p>Allocations per fund increased from $42M to $50M in 2025, BofA says</p>
<div class="lb-trans"><p>根据美银的说法，2025 年每只基金的配置从 4200 万美元增加到 5000 万美元</p>
</div><p>Hedge fund industry assets hit $5 trillion in Q3 2025, driven by strong performance</p>
<div class="lb-trans"><p>对冲基金行业资产在 2025 年第三季度达到 5 万亿美元，得益于强劲的表现</p>
</div><p>By Anirban Sen</p>
<div class="lb-trans"><p>作者：Anirban Sen</p>
</div><p>NEW YORK, Jan 15 (Reuters) - Following a buoyant year for multi-strategy funds, hedge fund investors aim to allocate more capital towards the biggest money managers in 2026, according to an internal report compiled by Bank of America that was seen by Reuters.</p>
<div class="lb-trans"><p>纽约，1 月 15 日（路透社）——根据路透社看到的美银内部报告，在多策略基金表现强劲的一年之后，对冲基金投资者计划在 2026 年向最大的资金管理人配置更多资本。</p>
</div><p>Hedge fund investors are also increasingly consolidating their holdings within a smaller group of multi-managers, as they look to double down on funds with market-leading returns, according to the survey of 280 asset allocators from Bank of America’s global markets capital strategy group. The survey is due to be released later this week.</p>
<div class="lb-trans"><p>根据美银全球市场资本战略小组对 280 名资产配置者的调查，对冲基金投资者也越来越倾向于将持股集中在更小的一组多管理人身上，因为他们希望加大对市场领先回报基金的投资。该调查预计将在本周晚些时候发布。</p>
</div><p>Portfolios of allocators comprised an average of about 18 hedge funds in 2025, compared to a median of 20 funds during the previous year. Allocations on average per fund rose to $50 million from $42 million during the same period.</p>
<div class="lb-trans"><p>2025 年，资产配置者的投资组合平均由约 18 只对冲基金组成，而前一年中位数为 20 只基金。在同一时期，每只基金的平均配置从 4200 万美元上升到 5000 万美元。</p>
</div><p>“2025 marks a little bit of a turning point where sentiment and allocations have shifted positively, which signals an industry tailwind fueled by healthy performance over recent years,” said Vanessa Bogaardt, global head of capital introduction, prime financing at Bank of America.</p>
<div class="lb-trans"><p>“2025 年标志着一个小的转折点，情绪和配置发生了积极变化，这表明行业受益于近年来的健康表现，” 美银资本引介、优质融资全球负责人 Vanessa Bogaardt 表示。</p>
</div><p>About 62% of the hedge fund investors polled by the bank negotiated increased capacity rights for allocations last year, up from 17% in 2024. Roughly 51% of fund investors plan to increase allocations to hedge funds in 2026, ahead of other alternative asset managers.</p>
<div class="lb-trans"><p>约 62% 的对冲基金投资者在去年与银行谈判增加了配置的容量权利，较 2024 年的 17% 有所上升。大约 51% 的基金投资者计划在 2026 年增加对对冲基金的配置，领先于其他另类资产管理人。</p>
</div><p>“We’ve seen allocators focus a lot on securing capacity rights with their high-conviction managers… We are still seeing more allocators planning to expand their hedge fund portfolio in 2026, which means not only are they planning to allocate, they are planning to allocate more to hedge funds,” added Bogaardt.</p>
<div class="lb-trans"><p>“我们看到资产配置者非常关注与他们的高信念管理人确保容量权利……我们仍然看到更多的资产配置者计划在 2026 年扩大他们的对冲基金投资组合，这意味着他们不仅计划配置，还计划增加对对冲基金的配置，” Bogaardt 补充道。</p>
</div><p>During the most recent quarter, Wall Street’s largest banks witnessed healthy growth from their prime brokerage units, as they earned handsome fees from lending to large multi-strat funds which navigated volatility in financial markets to produce robust returns.</p>
<div class="lb-trans"><p>在最近一个季度，华尔街最大的银行从其优质经纪业务中获得了健康的增长，因为他们从向大型多策略基金借贷中获得了可观的费用，这些基金在金融市场的波动中获得了强劲的回报。</p>
</div><p>Hedge fund industry assets touched record highs of about $5 trillion at the end of the third quarter of last year, according to the report from Bank of America, which is yet to publish the full-year figures. The asset growth was primarily fueled by strong performance and healthy inflows totaling about $71 billion.</p>
<div class="lb-trans"><p>根据美银的报告，到去年第三季度末，对冲基金行业资产触及约 5 万亿美元的历史高位，完整年度数据尚未发布。资产增长主要得益于强劲的表现和约 710 亿美元的健康流入。</p>
</div><p>For the year, hedge funds on average generated returns of 11.7%, according to the allocators surveyed by the bank. Directional equity long and short funds were the best performers in the industry with returns of 18% on average, followed by discretionary macro funds that produced returns of 15.4%, Bank of America said.</p>
<div class="lb-trans"><p>根据美银对资产配置者的调查，全年对冲基金的平均回报率为 11.7%。方向性股票多头和空头基金是行业中表现最好的，平均回报率为 18%，其次是产生 15.4% 回报的宏观 discretionary 基金。</p>
</div>

Asset allocators likely to direct more capital to multi-strategy hedge funds in 2026, BofA says

- 对冲基金投资者计划在 2026 年向大型资金经理配置更多资本。  
- 2025 年，对冲基金行业资产达 5 万亿美元，增长受强劲业绩推动。  
- 平均每个对冲基金的配置金额从 4200 万美元增至 5000 万美元。

美国银行表示，资产分配者可能会在 2026 年将更多资金投入到多策略对冲基金