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道道道格拉斯

2020-10-15

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106亿对冲基金关门，因为价值投资

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在信中写到：我们仍然相信价值投资是有未来的，悲观的是，未来没有那么快到来，至少对于我们来说是如此。所以,现在最好的安排是归还资产,然后就这样告别。我们的客户都是成熟的大型机构客户，他们还有更好的选择。</p>\n<p>据分析，导致该基金停止运营的罪魁祸首是其旗下的AJO大盘股绝对价值策略基金，管理着51亿美元的资产。截止到今年9月，AJO大盘股绝对价值策略基金下跌15%。在截止到6月30日披露的数据中，该基金最大的持仓股是英特尔，年初至今跌幅大约为10%。</p>\n<p>实际上，今年美股价值股表现都不佳，罗素1000价值指数年初至今跌约12%。但市场的另一面是不断高涨的成长股，比如苹果公司年初至今涨幅达到66%，特斯拉年初至今涨约451%！这对价值投资基金的投资者来说，这是极其需要耐心和定力的。</p>\n<p>AJO大盘股绝对价值策略基金成立于1984年，提供一系列基于价值等因素构建的系统化策略。然而，在超过10万亿美元债券收益率为负的、通货紧缩的环境下，这一策略被证明是令人沮丧的。截止到6月30日公布的信息中，该基金持有25只股票，不出意外目前这些股票都将遭受抛售。</p>\n<p><img src=\"https://static.tigerbbs.com/d9e695d79a878d3ecc329220b3b67c44\" tg-width=\"758\" tg-height=\"597\"></p>\n<p>Ted Aronson 已经宣布退休，不再蹚价值投资的浑水。</p>\n<p>数据显示，价值投资鼻祖，股神巴菲特近几年也星光暗淡，但买苹果是近几年最正确的决定无疑，挽救了声誉。据其二季度公布的数据显示，剔除苹果之后，巴菲特上半年持有的股票资产是1250亿美元，即同期亏损幅度高达27%。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n106亿对冲基金关门，因为价值投资\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time\">2020-10-15 14:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>最近十年的前五年间，美股的价值股和成长股还能“肩并肩”一起玩耍，而在后五年，成长股一骑绝尘，抛下价值股独自在风中凌乱坠落……，这对于价值投资者来说，这简直不能再糟糕。而那些跟踪价值的纯量化基金则更加艰难，管理着106亿美元资产的对冲基金AJO Partners 就因此而关闭。</p>\n<p><img src=\"https://static.tigerbbs.com/e432d506c51907bf89a8ed6bbc3dc1a1\" tg-width=\"796\" tg-height=\"567\"></p>\n<p>成长股一直向上，而价值股始终难有表现。市场上没有谁比跟踪价值股的纯量化基金更加痛苦了，在最近四年几乎没有获取到任何阿尔法。逃离价值股成为投资者的上上之选，更多的基金因为没有及时调整策略也因此关门。因为在当前的市场氛围中，依靠整张的市场机制和套利手段不再有效。</p>\n<p><img src=\"https://static.tigerbbs.com/f2ca799379680a7a0f25bf16661eb85b\" tg-width=\"777\" tg-height=\"440\"></p>\n<p>AJO Partners 就是跟踪价值股的纯量化基金之一，但其价值策略使其遭受了重大损失。AJO Partners的创始人Ted Aronson 在一封信中表示，该对冲基金宣布在11月30日停止交易，为这家运营了36年的公司画上句号。</p>\n<p>Ted Aronson 在信中写到：我们仍然相信价值投资是有未来的，悲观的是，未来没有那么快到来，至少对于我们来说是如此。所以,现在最好的安排是归还资产,然后就这样告别。我们的客户都是成熟的大型机构客户，他们还有更好的选择。</p>\n<p>据分析，导致该基金停止运营的罪魁祸首是其旗下的AJO大盘股绝对价值策略基金，管理着51亿美元的资产。截止到今年9月，AJO大盘股绝对价值策略基金下跌15%。在截止到6月30日披露的数据中，该基金最大的持仓股是英特尔，年初至今跌幅大约为10%。</p>\n<p>实际上，今年美股价值股表现都不佳，罗素1000价值指数年初至今跌约12%。但市场的另一面是不断高涨的成长股，比如苹果公司年初至今涨幅达到66%，特斯拉年初至今涨约451%！这对价值投资基金的投资者来说，这是极其需要耐心和定力的。</p>\n<p>AJO大盘股绝对价值策略基金成立于1984年，提供一系列基于价值等因素构建的系统化策略。然而，在超过10万亿美元债券收益率为负的、通货紧缩的环境下，这一策略被证明是令人沮丧的。截止到6月30日公布的信息中，该基金持有25只股票，不出意外目前这些股票都将遭受抛售。</p>\n<p><img src=\"https://static.tigerbbs.com/d9e695d79a878d3ecc329220b3b67c44\" tg-width=\"758\" tg-height=\"597\"></p>\n<p>Ted Aronson 已经宣布退休，不再蹚价值投资的浑水。</p>\n<p>数据显示，价值投资鼻祖，股神巴菲特近几年也星光暗淡，但买苹果是近几年最正确的决定无疑，挽救了声誉。据其二季度公布的数据显示，剔除苹果之后，巴菲特上半年持有的股票资产是1250亿美元，即同期亏损幅度高达27%。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148487599","content_text":"最近十年的前五年间，美股的价值股和成长股还能“肩并肩”一起玩耍，而在后五年，成长股一骑绝尘，抛下价值股独自在风中凌乱坠落……，这对于价值投资者来说，这简直不能再糟糕。而那些跟踪价值的纯量化基金则更加艰难，管理着106亿美元资产的对冲基金AJO Partners 就因此而关闭。\n\n成长股一直向上，而价值股始终难有表现。市场上没有谁比跟踪价值股的纯量化基金更加痛苦了，在最近四年几乎没有获取到任何阿尔法。逃离价值股成为投资者的上上之选，更多的基金因为没有及时调整策略也因此关门。因为在当前的市场氛围中，依靠整张的市场机制和套利手段不再有效。\n\nAJO Partners 就是跟踪价值股的纯量化基金之一，但其价值策略使其遭受了重大损失。AJO Partners的创始人Ted Aronson 在一封信中表示，该对冲基金宣布在11月30日停止交易，为这家运营了36年的公司画上句号。\nTed Aronson 在信中写到：我们仍然相信价值投资是有未来的，悲观的是，未来没有那么快到来，至少对于我们来说是如此。所以,现在最好的安排是归还资产,然后就这样告别。我们的客户都是成熟的大型机构客户，他们还有更好的选择。\n据分析，导致该基金停止运营的罪魁祸首是其旗下的AJO大盘股绝对价值策略基金，管理着51亿美元的资产。截止到今年9月，AJO大盘股绝对价值策略基金下跌15%。在截止到6月30日披露的数据中，该基金最大的持仓股是英特尔，年初至今跌幅大约为10%。\n实际上，今年美股价值股表现都不佳，罗素1000价值指数年初至今跌约12%。但市场的另一面是不断高涨的成长股，比如苹果公司年初至今涨幅达到66%，特斯拉年初至今涨约451%！这对价值投资基金的投资者来说，这是极其需要耐心和定力的。\nAJO大盘股绝对价值策略基金成立于1984年，提供一系列基于价值等因素构建的系统化策略。然而，在超过10万亿美元债券收益率为负的、通货紧缩的环境下，这一策略被证明是令人沮丧的。截止到6月30日公布的信息中，该基金持有25只股票，不出意外目前这些股票都将遭受抛售。\n\nTed Aronson 已经宣布退休，不再蹚价值投资的浑水。\n数据显示，价值投资鼻祖，股神巴菲特近几年也星光暗淡，但买苹果是近几年最正确的决定无疑，挽救了声誉。据其二季度公布的数据显示，剔除苹果之后，巴菲特上半年持有的股票资产是1250亿美元，即同期亏损幅度高达27%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":309498544,"gmtCreate":1602755255288,"gmtModify":1703827755231,"author":{"id":"3487301826694964","authorId":"3487301826694964","name":"道道道格拉斯","avatar":"https://static.laohu8.com/696fa63ab3df3671ef8ad3e16d0499be","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"说说你对这篇新闻的看法...","listText":"说说你对这篇新闻的看法...","text":"说说你对这篇新闻的看法...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/309498544","repostId":"1148487599","repostType":2,"isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}