GameStop Resurgence Reinforces New Reality for Hedge Funds
GameStop Resurgence Reinforces New Reality for Hedge Funds
DJ GameStop Resurgence Reinforces New Reality for Hedge Funds
DJ GameStop的復甦強化了對衝基金的新現實
By Julie Steinberg in London and Juliet Chung in New York
朱莉·斯坦伯格(Julie Steinberg)倫敦報道，朱麗葉·鍾(Juliet Chung)紐約報道
Investors have pared back their bearish bets a full month after the GameStop frenzy took off, showing the lasting effects of the Reddit-fueled saga on funds that make money by shorting.
在GameStop狂熱開始整整一個月後，投資者已經減少了看跌押注，顯示出Reddit推動的傳奇故事對通過做空賺錢的基金的持久影響。
Firms across the hedge-fund industry unloaded short positions that gain when stock prices fall, after a handful of stocks touted on Reddit and other social media platforms surged in January. They feared other stocks might experience the same meteoric rise.
1月份，在Reddit和其他社交媒體平台上兜售的幾隻股票飆升後，對衝基金行業的公司紛紛拋售股價下跌時上漲的空頭頭寸。他們擔心其他股票可能會經歷同樣的快速上漲。
The result: U.S. stock-picking hedge funds, which bet on and against stocks, are more tilted toward bullish bets than in any other period since 2010, Morgan Stanley's prime brokerage unit said in a note this week.
其結果是：摩根士丹利的大宗經紀部門本週在一份報告中表示，美國的選股對衝基金，即做多和做空股票的對衝基金，比2010年以來的任何時期都更傾向於看漲。
Short interest relative to the shares available to trade for stocks in the broad Russell 3000 index fell to 5.6% on Feb. 22 from 7.5% on Jan. 19, according to S3 Partners, a data-analytics firm. That follows a year-long pattern of hedge funds reducing their short bets as markets soared after March.
數據分析公司S3 Partners的數據顯示，2月22日，相對於羅素3000指數(Russell 3000 Index)可交易股票的空頭利率從1月19日的7.5%降至5.6%。在此之前，隨着3月份之後市場的飆升，對衝基金一年來一直在減少空頭押注。
"This is the equivalent of the hack on Sony," said Bob Sloan, managing partner of S3, referencing the 2014 hack of the Hollywood studio that brought down its email and leaked sensitive data. "Everyone has looked around and said, 'Wow, this could be me.'"
S3管理合夥人鮑勃·斯隆(Bob Sloan)表示：“這相當於對索尼(Sony)的黑客攻擊。”他指的是2014年這家好萊塢製片公司遭受的黑客攻擊，那次黑客攻擊導致其電子郵件被攻破，敏感數據泄露。“每個人都環顧四周説，‘哇，這可能是我。’”
GameStop's resurgence this week -- its stock price more than doubled over the course of a few trading hours Wednesday and Thursday -- highlights the risks. As of Feb. 12, 30% of GameStop shares were shorted, down from more than 100% in January, according to Dow Jones Market Data. The stock, however, remains among the most heavily shorted on Wall Street.
GameStop本週的復甦--其股價在週三和週四的幾個交易小時內上漲了一倍多--突顯了其中的風險。道瓊斯市場(Dow Jones Market)的數據顯示，截至2月12日，有30%的GameStop股票被做空，低於1月份的100%以上。然而，該股仍是華爾街賣空最嚴重的股票之一。
To protect themselves, hedge funds have gravitated toward bets that spread out their risk, said managers and their clients. Some are following new internal rules to close out short positions before they lose too much money. Others are finding ways to take positions without having to disclose them to the market.
基金經理及其客户表示，為了保護自己，對衝基金傾向於分散風險的押注。一些公司正在遵循新的內部規則，在虧損過多之前結清空頭頭寸。其他人正在想方設法在不向市場披露頭寸的情況下建立頭寸。
Short interest on U.S. exchange-traded funds has ticked up to 21.4% from 20.3% from mid January, according to the S3 data, a sign that some investors are switching out of single-name shorts into shorts on indexes instead.
S3的數據顯示，美國交易所交易基金(ETF)的空頭利率從1月中旬的20.3%升至21.4%，這表明一些投資者正從單一名稱的做空轉向指數做空。
Valiant Capital Management, a $2.8 billion San Francisco firm, told investors it is likely to reduce the number of companies it bets against, according to a Feb. 4 letter. And for the first time in its 13-year history, Valiant is avoiding stocks that lack near-term events that could trigger a price collapse.
根據2月4日的一封信，市值28億美元的舊金山公司Valant Capital Management告訴投資者，它可能會減少做空的公司數量。Valiant在其13年的歷史上首次避開了缺乏可能引發價格暴跌的近期事件的股票。
The firm, which had a yearslong bet against German fintech company Wirecard AG before it imploded last year, is still committed to shorting. Valiant founder Chris Hansen wrote that the current market recalled the "waning months" of the dot-com bubble and ultimately would lead to opportunities for short sellers.
該公司在去年倒閉之前曾與德國金融科技公司Wirecard AG進行了長達數年的押注，目前仍致力於做空。Valant創始人克里斯·漢森(Chris Hansen)寫道，目前的市場讓人回想起互聯網泡沫“消退的幾個月”，最終將為賣空者帶來機會。
Some firms are weeding out their portfolios and avoiding crowded trades or small stocks that could get swept up in retail mania.
一些公司正在剔除他們的投資組合，避免擁擠的交易或可能被零售狂潮席捲的小型股票。
"We still have on shorts, but they're plain-vanilla, larger-cap stocks where short interest is not that high," said Pieter Taselaar, founder of the $900 million Lucerne Capital Management in Greenwich, Conn. His shorts include bets against Dutch payments firm Adyen NV and German e-commerce company Zalando SE, shares of which have been pandemic lockdown winners.
康涅狄格州格林威治9億美元盧塞恩資本管理公司(Lucerne Capital Management)的創始人皮特·塔塞拉爾(Pieter Taselaar)表示：“我們仍在做空，但它們是普通的、大盤股，空頭利率並不高。”他的空頭包括做空荷蘭支付公司Adyen NV和德國電商公司Zalando SE，這兩家公司的股票一直是大流行鎖定的贏家。
In Europe, where short positions over 0.5% must be disclosed publicly, more than half of the more than 1,100 short-related disclosures since Jan. 31 were reductions in such positions, according to research firm Breakout Point.
根據研究公司Breakout Point的數據，在歐洲，超過0.5%的空頭頭寸必須公開披露，自1月31日以來，1,100多份與做空相關的披露中，有一半以上是此類頭寸的減少。
Melvin Capital Management and D1 Capital Partners, two firms hurt by losses related to GameStop and other wagers, have continued cutting their European short positions since late January, the data show.
數據顯示，受到GameStop和其他賭注相關損失的兩家公司Melvin Capital Management和D1 Capital Partners自1月底以來一直在繼續削減歐洲空頭頭寸。
Tiger Global Management is moving the other way: Over a stretch earlier this month it added to shorts on French train maker Alstom SA and European property company Unibail-Rodamco-Westfield SE. A Tiger Global spokesperson declined to comment.
老虎全球管理公司(Tiger Global Management)正朝着相反的方向前進：本月早些時候，該公司增加了法國火車製造商阿爾斯通(Alstom SA)和歐洲房地產公司Unibaal-Rodamco-Westfield SE的空頭。老虎環球發言人拒絕置評。
Another lesson from GameStop is to avoid disclosing certain holdings so as to not attract attention from opposite-minded investors. One strategy is to use so-called total return swaps, in which investors pay a bank a fee to earn returns on certain securities but don't actually own those securities, eliminating the need for disclosure.
GameStop的另一個教訓是避免披露某些持股情況，以免引起持相反想法的投資者的注意。一種策略是使用所謂的總回報掉期(Total Return SWAP)，即投資者向銀行支付費用，以賺取某些證券的回報，但實際上並不擁有這些證券，從而消除了披露的必要性。
A hedge-fund manager with $2.5 billion in assets under management said he now uses total return swaps 80% of the time, up from 50% before GameStop. He avoids buying put options, which give investors the right to sell stock at a certain time and price and must be disclosed, and times his trades to minimize disclosure at quarter-end.
一位管理着25億美元資產的對衝基金經理説，他現在80%的時間使用總回報掉期，高於GameStop之前的50%。他避免購買看跌期權，看跌期權賦予投資者在一定時間和價格出售股票的權利，必須進行披露，並對他的交易進行計時，以最大限度地減少季度末的披露。
Melvin and Maplelane Capital LLC, which lost more than 50% and about 45% in January, respectively, said in quarterly regulatory disclosures about their U.S. stock and options positions filed last week that they had omitted information. Confidential filings with the SEC are a tool activists have long used to build positions in companies quietly.
Melvin和Maplelane Capital LLC在上週提交的有關其美國股票和期權頭寸的季度監管披露中表示，他們遺漏了信息。這兩家公司1月份分別虧損逾50%和約45%。提交給美國證券交易委員會(SEC)的機密文件是維權人士長期以來一直用來悄悄在公司建立頭寸的工具。
Laurel FitzPatrick, an attorney who works with hedge funds at Ropes & Gray LLP, said clients are growing more attuned to social media. One fund manager wondered if a short might be problematic because of its catchy ticker, which could draw Redditors' attention, Ms. FitzPatrick said.
與對衝基金合作的律師勞雷爾·菲茨帕特里克(Laurel Fitzpatrick)在Rpes&Gray LLP工作，他説，客户對社交媒體的適應程度越來越高。菲茨帕特里克説，一位基金經理想知道，做空是否會因為其朗朗上口的報價器而出現問題，這可能會引起Redders的注意。
Hedge-fund manager Ricky Sandler bailed out of his bets against individual companies in January, trying to prevent losses as their stock prices rallied. By the end of the month, his $7.8 billion Eminence Capital LP had covered most of those shorts, clients said. His hedge fund lost about 11% in January.
對衝基金經理桑德勒(Ricky Sandler)在1月份放棄了做空個別公司的押注，試圖在股價上漲時防止虧損。客户説，截至月底，他78億美元的Eminence Capital LP已經回補了大部分空頭。他的對衝基金1月虧損約11%。
Mr. Sandler wrote in a letter to clients earlier this year that managing the risk of shorts due to the individual-investor-driven Robinhood phenomenon could mean taking smaller losses "to avoid unacceptably large, unbounded losses."
桑德勒在今年早些時候寫給客户的一封信中寫道，管理個人投資者驅動的羅賓漢現象導致的做空風險，可能意味着“為了避免不可接受的鉅額、無限損失”而承受較小的損失。
He has started placing some bets against individual companies again in February, said a person familiar with the fund, and has gained 9% for the month through Feb. 19.
一位知情人士説，他在2月份再次開始做空個別公司，截至2月19日的一個月裏，他已經獲得了9%的收益。
Write to Julie Steinberg at julie.steinberg@wsj.com and Juliet Chung at juliet.chung@wsj.com
寫信給Julie Steinberg(julie.steinberg@wsj.com)和Juliet Chung(juliet.chung@wsj.com)
(END) Dow Jones Newswires
(完)道瓊通訊社
February 26, 2021 05:30 ET (10:30 GMT)
2021年2月26日東部時間05：30(格林尼治標準時間10：30)
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