Macro Strategy Fund: Flexible and Flexible Wide investment scope

When it comes to hedge fund strategy, the most well-known one is macro strategy. Last century90In the era, the sniping of pounds and baht triggered the Asian financial crisis, making Tiger Fund and Quantum Fund famous for using this strategy. This strategic fund once had unlimited success in the market and also achieved the prosperity and glory of macro strategy hedge fund development. So what kind of operational techniques have macro strategy hedge funds used to create such a huge wave in the market, and what is the situation in the Chinese market?
Macro strategy hedge funds refer to the use of fundamental principles of macroeconomics to identify imbalances and mismatches in financial asset prices, and invest globallyforeign exchangeStocks, bondsfuturesandoptionA type of fund that aims to achieve high returns by waiting for targets. Specifically, global macro hedge funds first determine the current economic cycle and approximate duration based on various economic indicators, and then select corresponding investment varieties based on the economic cycle. By judging macroeconomic trends, they choose to allocate large categories of assets to obtain returns. For example, in the stage of economic recovery, investors will choose stocks for investment, invest in commodities in the stage of economic overheating, hold cash in the stage of economic stagnation, and invest in bonds in the stage of economic recession.
Macro strategy, as the fund with the widest investment scope among hedge funds, almost always appears in major markets and seeks investment opportunities worldwide. This strategy fund originated from20century80Several successful long short hedge funds in the era were limited by the liquidity of their basic stock portfolios due to the stock market's long short hedge funds. As their scale continued to expand, they needed to find larger and more liquid markets to allocate a large amount of managed assets in their hands, marking the beginning of global macro strategies.
　　1992In, hedge funds represented by Soros's Quantum Fund collapsed the Bank of England in one fell swoop, forcing Britain and Italy to withdraw from the European Union, and directly leading to a significant depreciation of the pound and Italian lira. This allowed hedge funds to create a net overnight profit by defeating a central bank with the power of one person10The myth of billions of pounds led to the flourishing of macro strategy hedge funds.
Entering China
In fact, due to various investment restrictions, there are still significant differences between China's macro strategy funds and those overseas, and they cannot be considered a true "global macro". At present, China's macro strategy funds are still mainly invested in the domestic market. According to the statistics of Haomai Fund Research Center, as of2015year2month26Day, shared19A macro strategy fund exists.
The biggest characteristic of overseas macro hedge funds is their global perspective. When investment or speculative opportunities arise in a certain region of the world, macro hedge funds may seek profits. However, returning to China, due to capital controls, the macro hedge funds in mainland China are currently unable to reach the global market. At present, there are relatively few hedge funds in China that adopt macro strategies, and most of them are issued through limited partnerships, resulting in a lack of data sources. The domestic hedge funds mainly based on macro strategies included in the Haomai Fund Research Center include Vanke, Honghu Zhongyu, Xinhe Oriental, Guofu Investment, Zunjia Asset, etc.
Multiple investment strategies
Trust Global with Macro Strategy Hedge Fund under Yitian PavilionCFor example, this product involves30Multiple investment strategies, primarily focused on quantitative trading, supplemented by fundamental analysis. Fund managers Huang Ruhong and Tang Weiye have conducted years of investment research on domestic and international financial and commodity futures markets, and have developed a unique quantitative model system. Utilizing the global pricing differences of similar assets and our own fund operation model to connect with the global market, investment strategies involve three major sectors: cross market, cross commodity, and cross term arbitrage. The investment scope mainly includes Shanghai and Shenzhen300SingaporeA50Index, Hong KongHStock State Enterprise Index, Cross border120The index and other investment targets are very diverse. As of2015year1month30Today, the yield of this product in the past year is14.57%。
Established in2011year9At the end of the month, Honghu Zhongyu Partnership is also a macro strategy fund, whose investment scope includes stocks, bonds, funds, commodity futuresstock market indexFutures and so on, conduct fundamental research through a top-down approach, and the company is relatively skilled in timing. In terms of risk control, this product has position restrictions, which stipulate that the net position cannot exceed a certain leverage ratio. Overall, the net asset value of the fund has remained stable, with stable returns mainly coming from hedging, diversified investment, and timing. As of2015year1month30In the past year, Honghu Zhongyu Partnership has created opportunities for investors21.30%The absolute return has been achieved since its establishment114.90%Absolute returns.
In addition, Guofu Investment's Guofu Global Multi Strategy Phase I is also a macro strategy fund. Its fund manager, Liu Haiying, has a background in economics and is skilled in combining quantitative technology, value philosophy, and macro research, applying the quantitative concepts of international hedge fundsAStock market investment. The fund's core investment philosophy is "risk reduction", aiming to integrate the benefits obtained from different strategiesalphaCombine the returns together to obtain a relatively smooth return curve. As of2015year2month6Day, Guofu Investment Global Multi Strategy Fund1Period from2014year5month4The largest pullback since its establishment is-2.09%And the annualized return rate is as high as35.58%。
Overall, macro strategy hedge funds, due to their strong flexibility and broad investment scope, can be a choice for investors to allocate.
                                                                                                                                                                                   Wang Mengli