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资金管理人 · 仅10%合格


据2018年2月份,一家美国机构调查显示:在美国市场上大约有15,000个对冲基金中、只有10%是有价值的。

这句话啥意思?意思是:15,000个对冲基金中,只1500家比较好,只1500家有比较好的投资策略。

言外之意:其余13500家对冲基金,都是身着高档西装的、用豪华装饰撑公司门面的、靠赚取2%管理费的普通公司而已。

这份研究报告对中国的资金管理人有啥好处?

这极大增强了中国资金管理人的信心,不用低看自己、努力研究、拼命训练,力争进入美国所统计的10%人群中。


(后附原文)


Some 90% of hedge funds aren't worth the fees, but there's still a place for them, says expert


Just 10 percent of the roughly 15,000 hedge funds in the market are worth their fees, said Donald Steinbrugge, chief executive and founder of Agecroft Partners.
Despite that, Steinbrugge said hedge funds were still a good way to have a diversified portfolio.
"In a market correction, hedge funds that have market exposure are going to go down, but they should go down less than a long-only index," Steinbrugge said.
A total of $14.12 billion was allocated into hedge funds in last month, according to data from eVestment.

Published 12:56 AM ET Tue, 27 Feb 2018


This market watcher says 90% of hedge funds 'aren't worth the fees people pay'
7:38 PM ET Mon, 26 Feb 2018 | 03:01
Hedge funds have received their fair share of criticism for their hefty fees, but there are still reasons to invest in them, according to an expert.

"There's 15,000 hedge funds out there and I think 90 percent of those hedge funds aren't worth the fees that people pay," said Donald Steinbrugge, chief executive and founder of Agecroft Partners, a consulting and marketing firm that focuses on hedge funds.

Warren Buffett, famously compared active managers to monkeys in his annual shareholder letter last year and took issue with what he perceived as exorbitant fees. In his latest annual letter released on Saturday, Buffett also discussed winning a 10-year bet against hedge funds. "Performance comes, performance goes. Fees never falter," he wrote.

Despite that, Steinbrugge said hedge funds were a good way to have a diversified portfolio, adding that the hefty fees mentioned in Buffett's letter last year were "coming down a lot."

"I do think there're 10 percent of the market that has very talented managers or has strategies that you can't get in a mutual fund. For example, reinsurance, a lot of CTA (commodity trading advisor) strategies, direct lending. I think all of those provide valuable diversification and can generate returns even after you've paid the hedge fund fees," he told CNBC's "The Rundown."

Still, Steinbrugge made the case that the pick-up in volatility earlier this month during the stock markets sell-off was good for hedge funds. Volatility is usually seen as a positive for active managers like hedge funds as stock price swings mean that equity managers can hit their targets more quickly.

"In a market correction, hedge funds that have market exposure are going to go down, but they should go down less than a long-only index," Steinbrugge said.

"I think there is a place for hedge funds. Should people invest all their money in hedge funds? Absolutely not. Is it part of a well-diversified portfolio? I think it is," he added.

Data from eVestment showed that a total of $14.12 billion was allocated into hedge funds last month, making it the strongest start to the year since pre-financial crisis times. Those figures also contrasted with the $111.64 billion in flows withdrawn from funds in 2016 and was the first time since 2014 inflows were recorded in January.

— CNBC's Leslie Picker contributed to this report.