<p>作者：朱尔斯·里默</p>
<p>对冲基金在 2025 年平均实现了连续第二年的双位数收益</p>
<p>对冲基金在应对地缘政治动荡和市场波动方面变得更加成熟</p>
<p>一项针对管理超过 1 万亿美元资产的顶级投资者的调查发现，他们将大部分对冲基金资金投入到所谓的量化基金，这些基金基于复杂的算法和机器学习进行交易。</p>
<p>高盛销售和交易部门的一份报告显示，量化基金首次成为最受欢迎的类别。</p>
<p>而这并不一定是追求业绩——这些基金实际上在去年表现不如人意，尤其是人类进行选择的类别，尤其是长短基金，这类基金通常将一部分资金用于押注股票上涨，而较小比例用于押注股票下跌。量化基金在去年七月也经历了高达 5% 的回撤。</p>
<p>然而，回顾五年的时间线，量化基金的表现最佳，整体回报率为 10%，且表现非常稳定。多策略基金或 “投资组合公司” 近年来是增长最快的趋势之一，在经历了艰难的开局后，2025 年实现了 11.5% 的回报。</p>
<p>按策略划分的表现 - 年化平均值</p>
<p>调查发现，寻求量化基金和基于宏观经济评估进行交易的基金的是捐赠基金、基金会和家族办公室。</p>
<p>分析师表示：“这尤其值得注意，因为这表明许多这些资金配置者现在正朝着对冲基金投资组合的 ‘绝对回报’ 导向转变，倾向于选择与股权长短策略无关的策略，而后者仍然是他们投资组合的传统基石（即使在今天，仍占对冲基金资产的约 35%）。”</p>
<p>在 2025 年，对冲基金行业成功实现了连续第二年的双位数收益，回报率为 11.8%，继前一年的 11.9% 之后。对这一资产类别来说，最令人鼓舞的是，去年也带来了对冲基金的首次净流入，时隔已久。</p>
<p>当前的情况与 2010 年代对冲基金所经历的困难形成对比，当时全球低利率抑制了波动性 VIX，并增加了收益的相关性。</p>
<p>-朱尔斯·里默</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>01-30-26 1035ET</p>

<p>根据高盛的一份报告，顶级投资者越来越多地将对冲基金投资分配给量化基金，这些基金利用算法和机器学习。尽管与人类管理的基金相比，去年表现不佳，但量化基金在过去五年中显示出最佳的回报率，达到了 10%。对冲基金行业在 2025 年实现了 11.8% 的回报，标志着连续第二年实现双位数增长，净流入表明投资者正在向与传统股票多空策略无关的策略转变</p>

<p>By Jules Rimmer</p>
<div class="lb-trans"><p>作者：朱尔斯·里默</p>
</div><p>Hedge funds on average posted their second consecutive year of double-digit gains in 2025</p>
<div class="lb-trans"><p>对冲基金在 2025 年平均实现了连续第二年的双位数收益</p>
</div><p>Hedge funds are getting better at navigating gepolitical turbulence and market volatility</p>
<div class="lb-trans"><p>对冲基金在应对地缘政治动荡和市场波动方面变得更加成熟</p>
</div><p>A poll of top investors who collectively run over $1 trillion in assets finds they are putting most of their hedge-fund money into so-called quantitative funds that trade based on complex algorithms and machine learning.</p>
<div class="lb-trans"><p>一项针对管理超过 1 万亿美元资产的顶级投资者的调查发现，他们将大部分对冲基金资金投入到所谓的量化基金，这些基金基于复杂的算法和机器学习进行交易。</p>
</div><p>Quant funds are now the most sought-after category for the first time in its records, a report from Goldman Sachs sales and trading desk found.</p>
<div class="lb-trans"><p>高盛销售和交易部门的一份报告显示，量化基金首次成为最受欢迎的类别。</p>
</div><p>And it's not necessarily chasing performance - those funds actually underperformed categories last year where humans did the selection, notably long-short funds which combine bets that stocks will appreciate with usually a smaller percentage allocated to betting that stocks will go down. The quant funds also experienced drawdowns of as much as 5% last July.</p>
<div class="lb-trans"><p>而这并不一定是追求业绩——这些基金实际上在去年表现不如人意，尤其是人类进行选择的类别，尤其是长短基金，这类基金通常将一部分资金用于押注股票上涨，而较小比例用于押注股票下跌。量化基金在去年七月也经历了高达 5% 的回撤。</p>
</div><p>Looking back on a five-year timeline, however, it is quant funds that have fared best with an aggregate return of 10% and a very consistent profile. Multi-strategy funds or 'pod shops' have been among the fastest-growing trends in recent years and they delivered a11.5% return in 2025 after a challenging start.</p>
<div class="lb-trans"><p>然而，回顾五年的时间线，量化基金的表现最佳，整体回报率为 10%，且表现非常稳定。多策略基金或 “投资组合公司” 近年来是增长最快的趋势之一，在经历了艰难的开局后，2025 年实现了 11.5% 的回报。</p>
</div><p>Performance by strategy - annualized averages</p>
<div class="lb-trans"><p>按策略划分的表现 - 年化平均值</p>
</div><p>The survey found it was endowments, foundations, and family offices that are seeking quant and funds that trade based on macroeconomic assessments.</p>
<div class="lb-trans"><p>调查发现，寻求量化基金和基于宏观经济评估进行交易的基金的是捐赠基金、基金会和家族办公室。</p>
</div><p>&#34;This is particularly notable as it suggests that many of these allocators are now moving toward more of an 'absolute return' orientation for their hedge fund portfolios in favoring uncorrelated strategies over equity L/S, the traditional bedrock of their portfolios (composing about 35% of their hedge fund assets even today),&#34; said the analysts.</p>
<div class="lb-trans"><p>分析师表示：“这尤其值得注意，因为这表明许多这些资金配置者现在正朝着对冲基金投资组合的 ‘绝对回报’ 导向转变，倾向于选择与股权长短策略无关的策略，而后者仍然是他们投资组合的传统基石（即使在今天，仍占对冲基金资产的约 35%）。”</p>
</div><p>In 2025 the hedge fund industry managed to carve out its second consecutive year of double-digit gains with a return of 11.8%, following on from the previous 11.9%. Most encouragingly for the asset class, was that last year also brought about the first net inflows for hedge funds in a long while.</p>
<div class="lb-trans"><p>在 2025 年，对冲基金行业成功实现了连续第二年的双位数收益，回报率为 11.8%，继前一年的 11.9% 之后。对这一资产类别来说，最令人鼓舞的是，去年也带来了对冲基金的首次净流入，时隔已久。</p>
</div><p>The current situation contrasts with the difficulties experienced by hedge funds in the 2010s when low interest rates globally suppressed volatility VIX and increased the correlation of returns.</p>
<div class="lb-trans"><p>当前的情况与 2010 年代对冲基金所经历的困难形成对比，当时全球低利率抑制了波动性 VIX，并增加了收益的相关性。</p>
</div><p>-Jules Rimmer</p>
<div class="lb-trans"><p>-朱尔斯·里默</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>01-30-26 1035ET</p>
<div class="lb-trans"><p>01-30-26 1035ET</p>
</div>

顶级投资者首次表示，他们将更多的资金投入量化基金，而不是其他类型的对冲基金