据媒体援引知情人士说法称，桥水中国去年年底管理的资产比两年前翻了两番，达到400多亿人民币，而Two Sigma中国的资产规模增长稍逊于桥水，但也实现了翻倍。并且，两家公司的旗舰产品在去年的熊市里均收获两位数回报率。Source: Wall Street News Author: Chang Jiashuai
The bear market reaped double-digit returns, and America's top hedge funds remained strong.
In the volatile market last year, thanks to diversification strategies, the Chinese branches of the two super hedge funds performed brilliantly.
According to media quoting people familiar with the matter, the assets managed by Qiaoshui China at the end of last year quadrupled from two years ago, reaching more than 40 billion yuan. Two Sigma China's asset growth was slightly lower than that of Qiaoshui, but it also doubled. Furthermore, both companies' flagship products received double returns in the bear market last year.
Among them, the Qiaoshui All-Weather Strategy China Fund, which started at RMB 5 million, achieved a yield of 10.2% last year, while the three Chinese funds under Two Sigma had a return of more than 16% during the same period.
Commodities are a key driver of outstanding performance
In 2023, the Shanghai and Shenzhen 300 Index fell 11.7%, but against the backdrop of a sluggish market, the excellent performance of Qiaoshui and Two Sigma highlighted the potential for asset management institutions to profit from the Chinese market.
Hashimizu and Two Sigma's strategy is mainly to diversify investments, especially by purchasing alternative assets such as commodities and derivatives as a hedge against securities products.
In a roadshow with Chinese investors this month, Qiaoshui said that it overcame the market by diversifying its investment in commodities and bonds, and that the decline resistance of large assets helped Qiaoshui offset losses in its stock portfolio.
An executive of the Qiaoshui All-Weather Strategy China Private Equity Fund said during the roadshow that the fund's commodity investment contributed the most to its overall performance. In particular, the gold ETF among them created double-digit returns during the downturn in the stock market last year. The price of gold denominated in RMB rose 17% throughout the year
According to public records, many gold ETFs listed in Shanghai and Shenzhen listed the Qiaoshui All-Weather Strategy China Private Equity Fund as one of the top ten investors in the first half of last year.
At a time when other funds are underperforming, Qiaoshui is still further and deeper involved in the Chinese market. Throughout 2023, Qiaoshui China released a record 56 investment products, up from 30 in 2022 and 1 when it started in 2018.
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