對衝基金押注美元升值得手
Hedge funds have enjoyed their best quarter relative to US equities in four years as big bets on the rise in the US dollar paid off for some of the world’s best known managers, helping the industry break years of mediocre returns.
對衝基金在上個季度取得了四年來最佳業績（相對於美國股市的表現），一些全球最知名的經理人豪賭美元走高成功，從中大賺了一把，幫助該行業打破多年平庸回報的局面。
Funds including Ray Dalio’s Bridgewater, Louis Bacon’s Moore Capital and Alan Howard’s Brevan Howard have all enjoyed strong starts to 2015, after making the correct call that the US dollar would rise sharply against other major currencies.
雷•戴利奧(Ray Dalio)的布里奇沃特(Bridgewater)、路易斯•培根(Louis Bacon)的摩爾資本(Moore Capital)以及艾倫•霍華德(Alan Howard)的布勒旺霍華德(Brevan Howard)等基金，都在2015年開局強勁，此前它們正確地預測，美元相對於其它主要貨幣將大幅走高。Managers said the trade will remain a cornerstone of macro hedge fund portfolios in the coming months, despite a recent run of poor economic data from the US, because the Federal Reserve continues to edge towards tighter monetary policy while Europe and Japan are in the midst of quantitative easing.
經理們表示，這一交易在未來數月仍將是宏觀對衝基金的投資組合的基石，儘管最近美國發布了一連串糟糕的經濟數據，原因是美聯儲(Federal Reserve)繼續趨向於收緊貨幣政策，而歐洲和日本都在實行量化寬鬆政策。
“We all know the US economic story, we all know the European economic story and we all know that monetary policies are out of sync,” said Ray Nolte, chief executive of SkyBridge Capital, a fund of funds with stakes in many of the largest hedge funds.
“我們都知道美國經濟的故事，我們都知道歐洲經濟的故事，我們都知道貨幣政策不同步，”基金的基金、在許多最大的對衝基金持有股份的天橋資本(SkyBridge Capital)的首席執行官雷•諾爾特(Ray Nolte)表示。The widely held bet on the dollar meant hedge funds enjoyed their best quarter of performance relative to the US S&P 500 index since 2011, according to the data provider Hedge Fund Research.
數據提供商對衝基金研究(Hedge Fund Research)的數據顯示，對美元的普遍押注意味着，對衝基金取得了自2011年以來相對於美國標普500指數(S&P 500)表現最好的一個季度業績。Mr Dalio’s Bridgewater, the world’s largest hedge fund with $169bn of assets under management, saw its Pure Alpha fund rise about 14 per cent up to the end of March, said people familiar with the fund.
戴利奧的布里奇沃特是世界上最大的對衝基金，旗下管理着1690億美元資產。知情人士稱，其純粹阿爾法基金(Pure Alpha fund)截至3月底上漲大約14%。Louis Bacon’s Moore Global fund is up about 4 per cent, while Brevan Howard’s Master Fund has rebounded from its first losing year in 2014 to be up close to 3 per cent.
路易斯•培根的摩爾全球基金(Moore Global fund)上漲大約4%，而布勒旺霍華德的主基金(Master Fund)在2014年遭遇首次全年虧損後反彈，上漲近3%。Other managers that enjoyed strong starts to 2015 include Andrew Law’s Caxton, up almost 7 per cent and Paul Tudor Jones’s Tudor Global fund, up almost 5 per cent.
2015年開局強勁的其他經理人包括安德魯•勞(Andrew Law)的卡克斯頓(Caxton)，上漲近7%，以及保羅•都鐸•瓊斯(Paul Tudor Jones)的都鐸全球基金(Tudor Global fund)，上漲近5%。
