宏观基金

大型宏观基金bridgewater因在黄金和美国及欧洲债券上下注，收获了近45%的利润。

Bridgewater , a large macro fund , gained nearly 45 % , aided by its bets on gold and American and European bonds .

对冲基金研究公司的数据显示，宏观基金今年平均亏损1%。

The average macro fund lost 1 per cent this year , according to HFR .

尽管宏观基金2010年的业绩差强人意，但投资者仍然趋之若鹜。

Despite tepid performance in 2010 investors have remained enthusiastic about macro funds .

这使得宏观基金成为最受欢迎的对冲基金类型之一。

That made macro funds one of the most popular types of hedge fund .

但对于2009年迄今全球宏观基金的平淡表现，投资者不应加以误读。

But investors should not misinterpret the lacklustre year global macro is having so far in 2009 .

投资者对宏观基金的热情使得其他类型的对冲基金们也开始对宏观跃跃欲试。

That enthusiasm means other kinds of hedge fund are busy buffing up their expertise in macro .

但与某些全球宏观基金经理不同，他同时还深入挖掘单个市场行为，寻找那些价值未得到市场价格充分体现的投资品种。

But unlike some other global macro fund managers , he also drills down into individual market behaviour , searching for value that is not fully reflected in market prices .

预计旨在从全球经济变动中获利的所谓“全球宏观基金”的表现将最佳，多空股票基金在最受青睐的类别中名列第二。

So-called global macro funds , which aim to profit from shifts in the world economy , are expected to fare best , with equity long / short managers the second most favoured category .

但宏观基金运用自上而下的方法找出股票、利率、外汇和大宗商品中的价格偏差损失最为惨重，下跌了8%。

But macro funds , which use a top-down approach to identify extreme price valuations in equities , interest rates , foreign exchange and commodities - suffered most , and are down 8 per cent .

据一些大宗经纪商预计，随着宏观基金和亚洲的信贷基金纷纷在香港和新加坡设立办事处，未来几个月将有更多资金规模逾10亿美元的对冲基金问世，投资策略也将呈现更加多样化的趋势。

Prime brokers anticipate more $ 1bn hedge fund launches in coming months and a more diverse set of strategies as macro funds and Asian credit funds set up shop in Hong Kong and Singapore .

今年迄今，亚洲对冲基金没能实现它们对于绝对回报的承诺，只有亚洲宏观基金实现了正业绩，增值超过6%。

Asian hedge funds failed to deliver on their promise of absolute performance so far this year with only Asian macro funds managing to turn in a positive performance , up more than 6 per cent .

对冲基金研究（HedgeFundResearch）表示，今年迄今为止，全球宏观对冲基金平均下跌0.2%。

The average global macro hedge fund is down 0.2 per cent so far this year , according to Hedge Fund Research .

grantcapital将避开难以出手的资产担保证券和高杠杆率（正是这些金融工具导致了peloton的垮台），坚持走自由式全球宏观对冲基金（globalmacrohedgefund）路线。

Grant capital will avoid the hard-to-sell asset-backed securities and heavy leverage that proved the downfall of peloton and stick to the freewheeling global macro hedge fund style now coming back into fashion .

在宏观对冲基金中，这两个职能的分离非常重要，因为其经理人要就经济走势下注，这些交易需要非常小心的风险配置，Lau女士说道。

" A separation of the two functions is important in macro funds , because these managers make a lot of directional bets that require a very careful risk allocation ," says Ms Lau .

新系统能让gam发现投资组合持仓过度集中的现象，还可以防止基金经理转换投资类型比如，全球宏观型基金经理本应投资于利率和外汇产品，但事实上他们却购买了股票。

The system allows gam to spot too much concentration in the portfolio , but also to avoid managers switching styles - for example , global macro managers supposed to be betting on interest rates and currencies but in fact buying equities .

全球宏观对冲基金也呼应这种目标。

There is an echo here of global macro hedge funds .

这已经超越了全球宏观对冲基金的交易策略。

That goes beyond the trading strategies of global macro hedge funds .

（量化基金，做多/做空基金，全球宏观型基金等）

( Quant , Long / Short , Global Macro , etc * )

通常，宏观对冲基金建仓的节奏很慢。

Typically macro funds build their positions slowly .

全球宏观对冲基金在流动性最高的一些市场展开交易，如利率衍生品、货币与主要股指。

Global macro involves trading some of the most liquid markets such as interest rate derivatives , currencies and major stock market indices .

一封取笑亲爱的投资者信件目前正在互联网上流传，它是由一位宏观对冲基金经理写给其客户的。

A spoof Dear Investor letter from a macro hedge fund manager to his clients is currently doing the rounds on the internet .

特别是宏观对冲基金，它们对全球经济趋势下注，交易几乎所有的金融工具，所面临的投资地形尤其复杂。

For macro hedge funds , which bet on global economic trends by trading instruments of almost any description , the terrain is especially perplexing .

因此，过去十年里，汇市投资者（不是政府）持有的货币总量达到了不切实际的水平，他们或通过银行、或通过大型宏观对冲基金进行投资操作。

Thus the past decade saw currencies held at unrealistic levels not by governments but by currency investors , whether operating through banks or large macro hedge funds .

向资产净值较高的投资者提供的更为明确的投资策略是，进行大规模国际性资产配置投资的宏观对冲基金可以使财富保值。

More apparent wisdom , offered to high net worth investors , was that macro hedge funds , which make big international bets on asset allocation , were the way to conserve wealth .

眼下这种环境对于那些请得起有经验宏观对冲基金经理的人是有利的。随着政治和经济事态的发展在不同资产类别之间大举押注，应该会再次提供赚大钱的机会。

This environment is good for those who can afford a skilled macro hedge fund manager . Making big bets between asset classes as politics and economics unfold should again offer the chance for big profits .

过去几周里，看涨的现货石油交易员与看跌的宏观对冲基金经理之间的拉锯战已向前者倾斜。虽然经济新闻透出形势暗淡，但10月和11月的能源价格却在上扬。

The tug of war between bullish physical oil traders and bearish macro hedge fund managers has tilted in favour of the former over the past few weeks , with energy prices rising in October and November in spite of gloomy economic news .

斯坦恩说，虽然新兴市场债券的收益率不算太高，但也比美国国债好得多。他管理的64亿美元规模的伊顿万斯全球宏观绝对收益基金（EatonVanceGlobalMacroAbsoluteReturnfund）持有马来西亚、菲律宾和墨西哥的债券。

The payouts might not be astronomical , but they are much better than those offered by Treasurys , Mr. Stein says , whose $ 6.4 billion Eaton Vance Global Macro Absolute Return fund owns the bonds of Malaysia , the Philippines and Mexico .

量子基金等有能力对从外汇到银行股或黄金等各类品种押注的“宏观”对冲基金，如今在整个对冲基金界占据的份额较以往小得多。

" Macro " hedge funds such as quantum , able to bet on anything from currencies to bank stocks or gold , now make up a much smaller chunk of the overall hedge fund world .

从理论上讲，每当油价上升超过一个参考价格（现在是9美元每桶）的时候，委内瑞拉政府必须将其石油收入存入其宏观经济稳定投资基金中。

In theory , Venezuela 's government is obliged to deposit oil revenues into its Investment Fund for Macroeconomic Stabilisation whenever oil rises above a reference price ( currently $ 9 a barrel ) .

流动性管理在宏观层面关系到基金产业乃至证券市场的安全运行，在微观层面决定了开放式基金的生存发展。

In macrocosm , the liquidity management relates the fund industry , and even the safe operating of the security market . In microcosm , it decides whether the open-end fund can survive and develop or not .