香港，10月2日：据券商融资部门报告及投资者透露，随着债券收益率飙升、油价走高及人工智能（AI）股票剧烈波动冲击市场，全球对冲基金在9月难以实现正回报。
HONG KONG, Oct 2 : Global hedge funds struggled to deliver positive returns in September as surging bond yields, higher oil prices and sharp swings in AI shares whipsawed the markets, according to prime brokerage notes and investors.
高盛券商融资服务团队在一份报告中指出，全球基本面股票多空基金上月平均下跌0.55%，尽管其表现仍优于下跌1.3%的MSCI世界指数。
Global fundamental equity long-short funds on average lost 0.55 per cent last month, Goldman Sachs Prime Services team said in a note, although they still outperformed the MSCI World Index which fell 1.3 per cent.
相比之下，根据高盛数据，计算机驱动的系统化股票多空基金上月上涨3.46%，录得今年以来最佳单月表现。
In contrast, computer-driven systematic equity long-short funds rose 3.46 per cent last month, marking their best monthly performance this year, according to Goldman Sachs.
9月市场主导因素为央行动态。美联储自2023年以来首次加息，并发出未来几个月将进一步加息的信号。伊朗冲突推高油价，并将美国国债收益率推至二十年高位。
September was dominated by central bank headlines. The US Federal Reserve raised interest rates for the first time since 2023, signaling more rate hikes in coming months. The Iran war pushed oil prices higher and sent US Treasury yields to two-decade highs.
对AI支出放缓的担忧也引发了从美国到韩国拥挤科技仓位的剧烈波动，增加了短线交易的复杂性。
Fears of AI spending slowdown also triggered sharp swings in crowded technology positions from the US to South Korea, complicating short-term trading.
高盛表示，在美国，对冲基金9月抛售了大多数板块，但科技板块内部出现分化：电子设备及硬件遭抛售，而半导体设备及软件板块则吸引强劲资金流入。
In the US, hedge funds sold most sectors in September, but divergence emerged within the tech sector where electronic equipment and hardware were sold off, while semiconductor equipment and software attracted strong inflows, Goldman Sachs said.
摩根斯坦利称，受经济不确定性影响，亚洲对冲基金9月表现低迷。该行估计，截至9月25日，各策略亚洲对冲基金下跌0.6%，而全球对冲基金同期下跌0.2%。部分策略从大宗商品和利率的剧烈波动中获利。
In Asia, Morgan Stanley said hedge fund performance was subdued in September due to economic uncertainty. The bank estimated Asian hedge funds across strategies fell 0.6 per cent last month through September 25, compared with a 0.2 per cent decline globally. Some strategies profited from the sharp moves in commodities and rates.
趋势跟踪型对冲基金是9月最大赢家之一，兴业社罗生趋势指数上涨逾4%。
Trend-following hedge funds were among the biggest winners in September with the Société Générale trend index gaining more than 4 per cent.
据Winton Group表示，做空固定收益和做多能源仓位主要推动了涨幅。
Short fixed income and long energy positions largely drove the gain, according to Winton Group.
加息环境可能在对冲基金行业内制造更大分化。"一些基金直接从较高的短期利率中获益，而另一些则面临更高的融资成本，这可能大幅降低回报，" Agecroft Partners首席执行官Don Steinbrugge表示。基金名称 九月 年初至今Dymon Asia 0.7% 7% Pinpoint -1.5% 5.8%多策略来源：路透社报道
The rate-hiking environment could create greater divergence across the hedge fund industry. "Some benefit directly from higher short-term rates, while others face higher financing costs that can materially reduce returns," said Don Steinbrugge, CEO at Agecroft Partners. Fund Name September YTD Dymon Asia 0.7 per cent 7 per cent Pinpoint -1.5 per cent 5.8 per cent Multi-strategy Source: Reuters reporting