Investing.com —— 华尔街聚焦 AI 领域的抛售潮正在对冲基金行业内制造新一轮连带损失，管理规模达 170 亿美元的 Walleye Capital 正在重组其选股业务，因科技股遭遇又一轮急剧反转。
Investing.com -- Wall Street’s AI-focused sell-off is producing another round of collateral damage inside the hedge fund industry, with $17 billion Walleye Capital restructuring its stock-picking operation as technology shares suffer another sharp reversal.
此举让人联想到 7 月的情形，当时专注 AI 的 Situational Awareness 组合价值暴跌 67%，并将其大部分公开股票持仓出售给了肯·格里芬旗下的 Citadel。不足四个月后，另一波抛售再次暴露出：对于使用杠杆的投资者而言，拥挤的 AI 仓位能多快演变成流动性问题。
The move is reviving memories of July, when AI-focused Situational Awareness lost 67% of its portfolio value and sold most of its public-equity holdings to Ken Griffin’s Citadel. Less than four months later, another wave of selling is exposing how quickly crowded AI positions can become a liquidity problem for investors using leverage.
Walleye 周四告知投资者，将精简其内部股票多空业务，与该部门负责人及大部分投资团队分道扬镳，并向投资者返还部分资本。这家多策略公司 10 月亏损 5.9%，录得自 2020 年 3 月以来最差单月表现。
Walleye told investors Thursday that it would simplify its internal equity long-short business, part ways with the unit’s leadership and a substantial portion of its investment teams, and return some capital to investors. The multi-strategy firm lost 5.9% in October, its worst month since March 2020.
截至第二季度末，该对冲基金在 KLA 公司、美光科技、AMD 和应用材料等 AI 股票中持有大量仓位。
As of the end of the second quarter, the hedge fund held large positions in AI stocks like KLA Corporation, Micron, AMD, and Applied Materials, among others.
在一封信中，首席执行官兼首席投资官 Will England 表示，在经历艰难的一个月后，公司已对业务各个环节进行了深入审视。他称，内部股票多空业务自 2023 年以来一直是 Walleye 表现最弱的策略，且大幅跑输其外部多空业务。为改善该业务所作的努力，包括引入新负责人，均未能产生预期成果。
In a letter, CEO and Chief Investment Officer Will England said the firm had taken a hard look at every part of its business after the difficult month. He said the internal equity long-short operation had been Walleye’s weakest-performing strategy since 2023 and had substantially underperformed its external long-short business. Efforts to improve it, including bringing in new leadership, failed to produce expected results.
England 写道：“这是一个主动决定”，并强调 Walleye 并未放弃选股。公司计划继续通过外部股票管理人及其信心最足的投资组合经理进行投资，同时将更多资源投向波动率、量化及其他其认为具备竞争优势的业务。England 表示，Walleye 的波动率业务在 10 月创下有记录以来最强单月表现，并有望实现按美元计算的最佳年度业绩。
“This is a proactive decision,” England wrote, emphasizing that Walleye is not abandoning stock picking. The firm plans to continue investing through outside equity managers and its highest-conviction portfolio managers, while directing more resources toward volatility, quantitative and other businesses where it believes it has a competitive edge. England said Walleye’s volatility business had its strongest month on record in October and was on track for its best year in dollar terms.
Engineers Gate 也浮现在关于股票型对冲基金面临压力的更广泛讨论中。据周四报道，这家管理数十亿美元资产的对冲基金正与其大部分“综合”股票团队分道扬镳。
Engineers Gate has also surfaced in the broader discussion about pressure on stock-focused hedge funds. The multi-billion-dollar hedge fund is parting ways with most of its ‘synthesis’ stock team, according to reports Thursday.
其他大型管理机构也报告了亏损。据彭博报道的数据，Millennium 的旗舰多策略基金 10 月下跌 2.3%，Marshall Wace 的 Eureka 策略下跌 5.4%，ExodusPoint 下跌 2.4%，North Rock Capital 下跌 2.3%。
Other large managers have also reported losses. Millennium’s flagship multi-strategy fund fell 2.3% in October, while Marshall Wace’s Eureka strategy dropped 5.4%, ExodusPoint lost 2.4% and North Rock Capital declined 2.3%, according to Bloomberg-reported figures.
这波回撤来得迅猛。对冲基金行业出版物引用的高盛数据显示，管理人在两周内抛售了约 200 亿美元科技股，并在仅五个交易日内抹平了自 2025 年初以来对 AI 股票的净买入。周四，半导体指数一度下跌多达 11%，为 2020 年 3 月以来最大跌幅。
The broader retreat has been swift. Goldman Sachs data cited by hedge fund industry publications show managers sold about $20 billion of technology stocks over two weeks and erased, in just five sessions, their net purchases of AI stocks accumulated since the start of 2025. On Thursday, the semiconductor index fell as much as 11%, its steepest decline since March 2020.
最新的动荡并不意味着每只基金都面临 Situational 式的崩盘。但这凸显了一个共同弱点：当管理人拥挤买入同一批 AI 赢家股票，往往还加上杠杆，一旦反转就会迫使他们同时抛售。一笔建立在非凡增长之上的交易，可能迅速变成对流动性、风控和生存能力的考验。
The latest turmoil does not mean every fund is facing a Situational-style collapse. But it highlights a common vulnerability: when managers crowd into the same AI winners, often with leverage, a reversal can force them to sell at the same time. A trade built on extraordinary growth can quickly become a test of liquidity, risk controls and survival.