香港10月13日电——随着养老金、家族办公室和其他投资者寻找另类资产管理人来帮助他们应对动荡的债务市场和不稳的股票市场，对冲基金正吸引着亚洲的新拥趸和大量资金。
KONG, Oct 13 - Hedge funds are drawing in new fans and a rush of capital from Asia, as pensions, family offices and other investors look to alternative managers to help them navigate volatile debt markets and wobbly equities.
私人银行家和资产配置人员对路透社表示，与通常配置股票和债券相比，亚洲投资者正日益寻求资产多元化。
Private bankers and asset allocators told Reuters that Asian investors are increasingly seeking asset diversification compared to their usual allocations to equities and bonds.
这一趋势是传统只做多基金面临的最新压力点，由于市场波动，这些基金的业绩受到了严格审视。这也对投资者对股票和固定收益进行60/40配置的默认风险管理策略提出了质疑。
The trend is the latest pressure point for traditional long-only managers, whose performances have come under scrutiny due to volatility in markets. It also raises questions on investors' default risk-management strategy of the 60/40 allocation to stocks and fixed income.
对冲基金研究公司（HFR）的数据显示，2026年第二季度，全球对冲基金资产创下任何季度增长纪录，增加了4090亿美元，达到5.6万亿美元。
Global hedge fund assets grew by a record for any quarter in the second quarter of 2026 when they rose $409 billion to $5.6 trillion, according to data from Hedge Fund Research (HFR).
瑞士私人银行联合私人银行（UBP）表示，自2024年底以来，在其亚洲全权委托投资管理客户中，纯对冲基金委托的份额已经增加了两倍多，但该行未提供具体数字。
At UBP, the share of hedge-fund-only mandates among its Asia-based discretionary portfolio management clients has more than tripled since end-2024, the Swiss private bank said, without providing any numbers.
联合私人银行亚洲全权委托投资管理主管帕拉斯·古普塔（Paras Gupta）表示：“在过去几年里，美国国债和政府债券作为多元化投资工具的可靠性已经降低。”他补充说，这扩大了对冲基金在投资组合中可以发挥的作用。
"US Treasuries and government bonds have become a less reliable diversifier over the last few years," said Paras Gupta, head of discretionary portfolio management Asia at UBP, adding that this has widened the role hedge funds can play in portfolios.
对冲基金的业绩也保持得相对良好，与此同时，债券市场经历了一段漫长的艰难时期，这使得本应保持价值的安全资产变成了投资组合中的输家。
Hedge fund performance has also held up relatively well, coinciding with a long rough patch in bond markets that has turned a safe asset supposed to hold its value into a loser in portfolios.
由对冲基金研究公司追踪的一项全球对冲基金指数在2025年上涨了12.4%，这是连续第三年实现正收益，也是自2009年以来最好的表现。今年迄今为止，该指数又上涨了7%。
A global hedge fund index tracked by HFR gained 12.4% in 2025, a third consecutive positive year and the best performance since 2009. The index is up another 7% year-to-date.
自2024年底以来，以MSCI世界指数衡量的全球股票上涨了约36%，而富时世界政府债券总回报指数下跌了7%。
Since the end of 2024, global stocks as measured by the MSCI world index have gained about 36% while the FTSE world government bond total return index has fallen 7%.
印度尼西亚主权财富基金旗下的达纳塔拉投资管理公司（Danantara Investment Management）公开投资高级总监拉尼·皮普特里（Rani Piputri）表示：“我们确实希望引入更多另类资产类别。”该公司目前的目标是将对冲基金敞口设为5%。
"We do want to bring in more on the alternative asset classes," said Rani Piputri, senior director of public investment at Danantara Investment Management, which is part of Indonesia's sovereign wealth fund and is aiming for a 5% hedge fund exposure.
“因为我们希望获得具有最小回撤的稳定回报。”新投资者，新驱动力战略顾问公司美世（Marsh）的全球首席投资官尼尔·奥沙利文（Niall O’Sullivan）表示，一些以前不使用对冲基金的机构投资者现在希望拥有大约10%的敞口，特别是对与更广泛市场低相关性的多策略基金。
"Because we want to have a stable return with minimum drawdown." NEW INVESTORS, NEW DRIVERS Niall O’Sullivan, global chief investment officer at strategic adviser Marsh, said some institutional investors that did not use hedge funds before now want a roughly 10% exposure, especially to multi-strategy funds with low correlation to broader markets.
美世亚洲投资主管陈阿德琳（Adeline Tan）表示，兴趣来自财富管理公司、家族办公室以及包括日本确定受益养老金在内的大型投资者，在这些投资者中，债券作为多元化工具表现不佳是一个特别令人担忧的问题。
Interest has come from wealth managers, family offices and big investors including Japan's defined-benefit pensions where bonds' poor performance as a diversifier has been a particular concern, said Adeline Tan, head of investments at Marsh Asia.
投资者还认为，极端的两极分化——无论是将市场划分为人工智能赢家和输家，还是受地缘政治裂痕驱动——为多空对冲基金利用价格差异获利创造了机会。
Investors also think the extreme bifurcation — whether splitting markets between AI winners and losers or driven by geopolitical rifts — creates opportunities for long-short hedge funds to profit from price differences.
星展银行（DBS Bank）高级投资策略师何达礼（Daryl Ho）表示：“在科技领域，你拥有跑赢软件的半导体……美国表现优于世界其他地区。”
"Within tech, you have semiconductors outperforming software ... (the) US is outperforming the rest of the world," said Daryl Ho, senior investment strategist at DBS Bank.
摩根大通私人银行（J.P. Morgan Private Bank）亚洲另类投资主管阿尔伯特·杨（Albert Yang）表示，对冲基金正越来越多地被用作长期配置以管理波动性，他提到了对人工智能领域集中度风险日益增长的担忧。
Albert Yang, head of Alternative Investments for Asia at J.P. Morgan Private Bank, said hedge funds are increasingly being used as a long-term allocation to manage volatility, citing growing concerns about concentration risk in AI.
可以肯定的是，对冲基金行业的业绩和投资流向差异很大。杨表示，向对冲基金敞口的转变并不是取代传统投资组合，而是以新的策略和韧性对其进行补充。
To be sure, performance and the flow of investment within the hedge fund industry are widely dispersed. Yang said the shift toward hedge fund exposure was not replacing traditional portfolios, but complementing them with new strategies and resilience.
灵活且能够产生独立于股票市场方向回报的多策略、宏观和量化管理人一直是最大的受益者之一。
Multi-strategy, macro and quantitative managers that are nimble and can generate returns independent of equity market direction have been among the biggest beneficiaries.
阿卡迪亚资产管理公司（Acadian Asset Management）是一家管理着2330亿美元资产的系统性基金，它收集数万家公司的数据并运行旨在适度但持续跑赢股票指数的策略，该公司在亚洲的资产在四年内翻了两番。
Acadian Asset Management, a $233 billion systematic fund that collects data on tens of thousands of companies and runs strategies that aim to modestly but consistently outperform equity indexes, has seen its assets in Asia quadruple in four years.
阿卡迪亚首席执行官凯利·杨（Kelly Young）表示：“我们认为，已经有20年没有见过这种水平的兴趣了。”
"It's been 20 years since we think we've seen this level of interest," said Kelly Young, Acadian's chief executive officer.