機構投資者看好2016年對沖基金

瑞士信貸的機構對沖基金投資者調查顯示，今年對沖基金管理下的資產將增長3.5%，這意味著行業資產將超過3萬億美元，一月的資產量為2.96萬億美元。今年一月是2014年5月以來行業資產首次跌破3萬億美元。

瑞士信貸資本服務部的全球主管兼常務董事Robert Leonard指出：“機構投資者仍然信賴對沖基金的分配，也為未來一年內的進一步增長充滿信心。”瑞士信貸的第八次對沖基金投資者年度調查共有369名投資者參與，其中87%的投資者計劃在接下來的一年中維持現有對沖基金的比例，甚至考慮增加。 

Leonard說：“投資者對股票市場中性策略、全球宏觀策略或交易導向的多頭/空頭策略的興趣越來越高，這似乎表明投資者們正在進入2016年的另一個挑戰。”股票市場中性基础策略是投資者最喜歡的策略之一，在去年的調查中已躍升至第五位。股票市場中性定律策略的排名也有大幅提升，從第七名升至第二名。 

在股票市場中性策略之後，最受歡迎的是全球宏觀自由支配策略、股票多頭/空頭交易以及股票長期/短期交易基础&整體策略。股票長期/短期交易策略的漲幅較大，去年尚排在第15位。 

只有2%的投資者不太看重投資組合中的對沖基金。受訪者中，約有半數的獨立經理人認為對沖基金是他們在2015年贖回的主要原因，而其餘的25%則是因為策略發生重大變化。 

當問及2016年對沖基金的發展前景時，投資者們認為市場對擁有賣空技術、資產/債務錯配、低佣金、與其他基金競爭能力的經理人的需求會大大增加。 

此次調查是由瑞士信貸對沖基金資本服務集團發起的。這是業內最全面的調查，該調查重點關註養老基金、儲蓄保險、基金會、咨詢顧問、家族理財室以及對沖基金等。調查對象遍佈所有領域。

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. 

本文翻譯由兄弟財經提供

文章來源：https://www.thefinancialist.com/survey-institutional-investors-expect-hedge-fund-growth-in-2016/#sthash.bcDeYELh.dpuf