Hedge Fund: What is it?

对冲资金经常被误解为财务领域，但它们是全球市场的主要推动者之一，也是全球流动性的主要影响者之一。为了加入对冲基金，通常有必要拥有任何一项经验贸易,equity research或投资万博app网页版银行经验，尽管一些对冲基金确实直接从研究生院招募。获得MBA的获得对冲资金的少于私人产权公司，但CFA可能有些用。一些有关对冲基金中生活方式和一般活动的推荐阅读材料是Money Mavericks,TheBig Shortand当天才失败时.

什么是对冲基金？

A hedge fund is a pool of money from investors which is used to invest in wide-ranging areas of finance, i.e. in different asset classes, different regions etc and is part of the buy-side. Hedge funds are largely unregulated and have the ability to invest in many different ways, one of the most important being to short assets either through borrowing or through derivatives. Traditionally they were called hedge funds because they used derivatives and securities to hedge all their positions, but nowadays hedge funds do not do that to such an extent and are more speculative. Hedge funds will invest in all kinds of assets, including:

• Bonds
• Equities
• Derivatives
• Real Estate

对冲基金通常会积极投资并将很快将他们的资金转移到适应市场状况。他们经常借钱并利用资本来提高回报，但这也会放大损失，因此这是一把双刃剑，必须仔细处理。对冲资金为代表客户（共同基金，养老基金，保险公司等）管理资金的超高净值个人和机构提供餐饮资金。对冲基金中存入所需的典型金额为1-5毫米（100万至500万美元），通常有某种锁定协议表示您必须在指定的最低期限内将金钱保留在对冲基金中。

一些最著名的对冲基金是：

• CitadelLLC
• Paulson＆Co
• Fortress InvestmentGroup
• 索罗斯基金会Management
• 长期资本管理

Types of Hedge Funds

There are 4 main kinds of hedge fund:

• Directional
• Global Macro
• 事件驱动
• Relative Value

Below is a brief description of each kind of hedge fund.

Directional Hedge Fund
这些可能是最面向算法hedge funds. Their basic aim is to determine current market trends and to trade on them, i.e. if the market is going up, they will go long etc. If the hedge fund is large enough it can actually influence the market to continue to trend, and this gives it a lot of power. Directional hedge funds have the most exposure to the global markets and can either be immensely profitable or hit very hard by sudden volatile fluctuations in the markets. These types of hedge funds will usually invest in any kind of asset, as long as it is trending strongly and they can make a profit out of it.

Global Macro Hedge Fund
Hedge funds which operate on a global macro strategy will trade according to events in the global economy, usually in currency, bond and equity markets. They will trade on information such as government fiscal & monetary policy, geopolitical events and much more. Global macro funds attempt to seek out global imbalances and investment opportunities and to take advantage of these inefficiencies. Due to the fact that their investments are spread throughout the world, they are susceptible to events in localities such as banking collapses, political risk etc, exchange rates etc. A famous example of a global macro fund is the Quantum Fund (run by George Soros) which forced the devaluation of the British Pound in 1992 and made over $10 billion in profit.

事件驱动Hedge Fund
事件驱动的基金投资基于某些给定事件的可能性，然后从中获利。例如，猜测欧元区未来的事件驱动基金将投资于欧洲政府债券和涉及欧元的货币对。事件驱动的树篱资金的一个众所周知的例子是那些在2000年代中期没有炒作的CDO的示例，而是购买了CDS's on those CDOs and profited massively when they defaulted, i.e.Paulson＆Co. Event driven funds will invest in all kinds of events such as IPOs, scandals, mergers, wars, political turmoil etc.

相对价值对冲基金
Relative Value funds are perhaps the easiest to understand and the least risky to operate. They essential engage in value investing based on fundamental analysis, i.e. buying securities which are valued incorrectly in the market and then taking their profit when the prices correct themselves. The difference between hedge funds and mutual funds when it comes to value investing is that hedge funds can also short assets that are overvalued and be more speculative through the use of derivatives, as well as investing in a far broader range of assets (i.e. real estate).

在对冲资金中工作

Hedge funds employ a great range of different people, from equity researchers to asset managers to prop traders. Any background in finance can be used to get into a hedge fund, although experience with the markets is obviously preferred. The most common route into a hedge fund is to complete 2-3 years in an投资银行(either inIBD,贸易,asset managementorequity research），然后通过猎头招募成为对冲基金。通常，贸易andequity researchis preferred overIBDandasset management，尽管并非不可能移动。

您将在对冲基金中所做的工作非常可变，将完全取决于您所做的角色。您通常会在市场小时（即上午8点至下午6点）工作几个小时。对冲基金的补偿也有所不同，其中很大一部分是基于绩效奖金的（比在私人产权或投资万博app网页版银行）。

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