Domestic Macro Strategy Products Are Scarce, And Private Equity Is Optimistic About Hedge Strategy Funds.

It is understood that the current domestic macro strategy products are scarce, the main reason is

The requirements for fund managers are relatively high: not only do they have a deep understanding of asset allocation in large categories, but also have a deep insight into the investment logic behind assets.

Liu Chenjie, a global macro hedge fund director and a strategist at Goldman Sachs in Hongkong, said that compared with foreign countries, it is more advantageous to make macro hedging in China now.

China and the United States are the two most important countries in the global economy. Information from the US can be understood by investors at a glance, and equal opportunities for global investors. However, the Chinese market has a higher threshold for foreign countries.

Since the beginning of this year, the capital market has been shaking violently, and the performance of each investment strategy has shown obvious differentiation.

According to the Wind statistics, as of last Friday, the 9502 fund products registered with data this year have an average return of -4.97%. The best performing strategy is managed futures and macro strategies, with an average return of 18.8% and 2.53% respectively.

"In the current market environment and regulatory policy changes, the opportunities for private placement should be in the field of macro hedge asset allocation, and the market risk of macro hedging is relatively small, which is more suitable for long-term, steady profits."

Mr Guang Dongbin, deputy general manager of Kaifeng investment, made such a judgement on the recent development of private fund development forum under the new regulation.

Future opportunities.

It is understood that the macro strategy hedge fund is the use of the basic principles of macroeconomic identification.

The mismatch of price is a kind of fund that can invest in foreign exchange, stocks, bonds, futures and options all over the world in order to obtain high returns.

In the mature market, the macro strategy has achieved the prosperity and glory of the development of hedge funds.

According to statistics of capital network, in August, the average yield of 117 global macro strategies was 1.05%, which was much better than that of -0.03% CTA products. According to Credit Suisse statistics, the hedge fund index gained 8.51% annual yield from 1994 to 2015, while the traditional stock strategy was 9.33%, while the global macro strategy was 11.2%.

"Foreign investors, even if some investment gurus are very difficult to understand China, including what is the supply side reform, why there are" 811 reformed "and so on, many foreign investors can not accurately understand and judge.

He said that as a major market affecting the global economy, fluctuations in commodity 60%~70% came from China. Fluctuations in the RMB exchange rate, the central bank's monetary policy and further opening of bonds will cause fluctuations.

"Therefore, we have some advantages in making macro hedge in China. I made macro hedge in Hongkong and found that China's factors are becoming more and more important. This is also an important reason for supporting me to leave Goldman Sachs and return to China to make macro hedge."

Liu Chenjie said.