瑞士信贷的机构对冲基金投资者调查显示，今年对冲基金管理下的资产将增长3.5%，这意味着行业资产将超过3万亿美元，一月的资产量为2.96万亿美元。今年一月是2014年5月以来行业资产首次跌破3万亿美元。
瑞士信贷资本服务部的全球主管兼常务董事 Robert Leonard 指出：“机构投资者仍然信赖对冲基金的分配，也为未来一年内的进一步增长充满信心。”瑞士信贷的第八次对冲基金投资者年度调查共有369名投资者参与，其中87%的投资者计划在接下来的一年中维持现有对冲基金的比例，甚至考虑增加。
Leonard 说：“投资者对股票市场中性策略、全球宏观策略或交易导向的多头/空头策略的兴趣越来越高，这似乎表明投资者们正在进入2016年的另一个挑战。”股票市场中性基础策略是投资者最喜欢的策略之一，在去年的调查中已跃升至第五位。股票市场中性定律策略的排名也有大幅提升，从第七名升至第二名。
在股票市场中性策略之后，最受欢迎的是全球宏观自由支配策略、股票多头/空头交易以及股票长期/短期交易基础&整体策略。股票长期/短期交易策略的涨幅较大，去年尚排在第15位。
只有2%的投资者不太看重投资组合中的对冲基金。受访者中，约有半数的独立经理人认为对冲基金是他们在2015年赎回的主要原因，而其余的25%则是因为策略发生重大变化。
当问及2016年对冲基金的发展前景时，投资者们认为市场对拥有卖空技术、资产/债务错配、低佣金、与其他基金竞争能力的经理人的需求会大大增加。
此次调查是由瑞士信贷对冲基金资本服务集团发起的。这是业内最全面的调查，该调查重点关注养老基金、储蓄保险、基金会、咨询顾问、家族理财室以及对冲基金等。调查对象遍布所有领域。
Survey: Institutional Investors Expect Hedge Fund Growth in 2016
By: Credit Suisse
Published: March 9, 2016
Institutional hedge fund investors surveyed by Credit Suisse predict a 3.5 percent increase in hedge fund assets under management this year. That would push industry assets back over $3 trillion, a rebound from January, when assets declined to $2.96 trillion. January marked the first time industry assets dipped below $3 trillion since May, 2014.
“Institutional investors remain committed to their hedge fund allocations and are optimistic for further growth in the industry during the upcoming year,” said Robert Leonard, Managing Director and Global Head of Capital Services at Credit Suisse. Eighty-seven percent of the 369 institutional investors surveyed in Credit Suisse’s eighth annual Hedge Fund Investor Survey indicated that they plan to maintain or increase their hedge fund allocations in the coming year.
“Increased interest in strategies such as equity market neutral, global macro and equity long/short trading-oriented appears to indicate that investors are anticipating another challenging environment for 2016,” Leonard said. The Equity Market Neutral-Fundamental strategy ranks as the top choice among investors, moving up from fifth place in last year’s survey. Equity Market Neutral-Quantitative is the second most preferred strategy, also a marked improvement from last year, when it ranked seventh.
After the Equity Market Neutral strategies, the most preferred strategies are Global Macro-Discretionary. Equity Long/Short-Trading, and Equity Long/Short–Fundamental & General. Equity Long/Short-Trading saw a significant increase in demand over last year, when it ranked 15th.
Only 2 percent of investors highlighted a lower target weight of hedge funds in their portfolio as the key driver of their redemptions last year. Almost half of respondents listed individual manager underperformance as the key reason for redemptions in 2015, with another 25 percent indicating a top down shift in strategy preference as their main factor.
When asked about potentially significant developments that could occur in the hedge fund industry in 2016, investors predicted a high demand for managers with short-selling skills, potential for asset/liability mismatches, fee compression, additional fund closures and increased competition from alternative structures such as UCITS, Liquid Alternatives and Co-Investment funds.
The survey, entitled “Staying the Course,” was produced by Credit Suisse’s Hedge Fund Capital Services Group. It is one of the most comprehensive in the industry —focused on pension funds, endowments, foundations, consultants, family offices and funds of hedge funds—and with respondents diversified across all regions.
本文翻译由兄弟财经提供
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