中国人登顶巴朗全球对冲基金榜首

巴朗全球对冲基金100强是业界最具有权威性和影响力的奖项之一。2016年6月18日，巴朗发布排行榜时却卖关子说“今年夺魁的博煊真的是大黑马，看官你们可能都不认识耶”。博煊基金由中国科学技术大学8900校友居雄伟博士创办。以下为英文新闻。

Best 100 Hedge Funds by the Barron’s

Our Top 100 Hedge Funds

Appaloosa and Citadel return, but No. 1 on the Barron’s Penta list is a big surprise.

Even on Wall Street, the name of the Barron’s Penta No. 1 hedge fund this year is one that many serious investors wouldn’t recognize. Parametrica Management, a small Hong Kong–based firm, posted a three-year compound annualized return of nearly 30% by the end of 2015, about double the return of the Standard & Poor’s 500 index. A remarkable gain of 45% in 2015’s occasionally frightening market helped the stock-focused quants at Parametrica’s Global Master fund leap 58 spots from its previous ranking.

Not only is the firm a bit obscure, but its focus isn’t exactly Main Street, either. It specializes in statistical arbitrage, a strategy that relies on quantitative analysis to identify equities anywhere in the world that are trading outside of their historical price ranges. These market-neutral funds feed on the kind of instability and dispersion in prices that overtook markets for much of 2015 in the U.S., Europe, and especially emerging markets. That gives funds like Parametrica a chance to profit by either buying or selling short securities, depending on values.

Parametrica declined to speak with us, but that didn’t stop us from learning a little more about it. The hedge fund was founded in 2009 by Xiongwei Ju. After earning a Ph.D. in finance from The University of Illinois at Urbana-Champaign, he worked briefly at hedge fund Deephaven Capital. He then joined Nomura Securities International in its proprietary equity-trading unit and eventually became a managing director and senior portfolio manager at Israel Englander’s $34 billion Millennium International Management (ranked No. 92), which spreads its money over a variety of strategies, including statistical arbitrage. Parametrica, which reportedly has an Asia-focused fund in the works, is said to run some Millennium money.

“Last year’s substantial volatility fueled the return of the quants as leading performers,” says Eric Siegel, head of hedge fund research and management at Citi Private Bank in New York. Even the same asset classes offered disparate outcomes. For instance, bond rates mostly fell, but oil-related junk bonds got creamed. This helped make distressed securities, off more than 10%, the worst-performing hedge fund strategy last year, according to BarclayHedge research.

Spreading bets across many markets worked best last year, keeping household names like Ken Griffin’s Citadel Partners and David Tepper’s Appaloosa Management on our list for several years running. (Here is a list of funds that have made our Top 100 survey most often.) Overall, the Barron’s Penta Top 100 Hedge Funds posted an average three-year return of 17%, net of fees, versus the S&P 500’s 15.1% gain and the BarclayHedge Fund Index’s 4.6% return.

Big, concentrated investments proved costly last year. Pershing Square’s Bill Ackman was slammed by his large position in drugmaker Valeant Pharmaceuticals International. And Larry Robbins’ Glenview Offshore Opportunity’s chart-leading position (our No. 1 in the two previous years) came to an end in 2015, hurt by health care. Missing our list entirely this year were Daniel Loeb’s Third Point Capital and David Einhorn’s Greenlight Capital. Others fared far worse. Analysts at Hedge Fund Research reported that 979 funds shut down last year, due to investors’ impatience with poor returns and high fees. Although total industry assets under management rose to nearly $2.9 trillion in 2015, HFR reported a net outflow from hedge funds in the fourth quarter, a trend that continued in the first quarter of 2016.

Parametrica’s results may be unusual, but its foreign address isn’t. About a third of this year’s Top 100 firms are based outside of the U.S., compared with a quarter a year ago and just 19 in 2013. Ten Europe-focused firms made the list, two in the top seven. Jonathan Herbert’s $455 million Camox fund, which specializes in small- and mid-cap European shares, came in second. And BlackRock’s European Hedge fund, run by Alister Hibbert, with $1.7 billion in assets, finished seventh while generating the second-largest 2015 gain, over 36%. On page 28, we discuss Europe’s prospects with a duo who have all of their bases covered: No. 25 Lucerne Capital’s Pieter Taselaar and Thijs Hovers, two Dutchmen who work in Greenwich, Conn., but invest in Europe.

In the year ahead, challenges may be greater for firms like Parametrica, which thrive in volatile, heavily traded markets. Ronen Israel, portfolio manager of the $2.3 billion AQR Style Premia fund (No. 61), believes there will be continued tension between worries about global growth and the divergent policies of the world’s central banks. As a market-neutral investor, Israel expects to be fine however the tug-of-war plays out. That’s the kind of stability top hedge funds are supposed to provide to investors.

Despite tough markets, Appaloosa’s David Tepper, top, and Citadel’s Ken Griffin again posted solid returns for their investors. Photos from top: Victor J. Blue/Bloomberg; Andrew Harrer/Bloomberg

新闻来源：英文新闻来自巴朗官方网站。

2015年相关新闻：博煊全球入选巴朗全球对冲基金100强

2015年，博煊全球基金（Parametrica Global Master Fund，后简称“博煊”）入选巴朗(Barron’s) 2015年全球对冲基金100强，并荣列第59名。该基金由8900居雄伟创立。巴朗全球对冲基金100强是业界最具有权威性和影响力的奖项之一。参加评选的包括业内推荐的知名基金和三大对冲基金数据库（BarclayHedge,MorningStar和eVestment）中的数千家基金；巴朗从这些数据中遴选出业绩持续突出的基金，并按最近三年的业绩对入围的百强基金进行排名。入选的基金都具有良好的流动性和稳定性。这次与博煊同时入围百强的不乏 AQR, Blackrock, Citadel, Man Group和Pine River等颇负盛名的业内巨头。

2015年4月博煊在Asia Investor Choice Award 2015评比中被评为“最佳市场中性基金——长期业绩”（"Best Market Neutral Fund - Long Term Performance"）之后，这次继续得到巴郎青睐。

居雄伟博士简介

　　居雄伟1989年自湖南邵阳市第二中学保送至中国科技大学教改试点班（8900），1993年－1996年在约翰霍普金斯大学留学，后转入伊利诺伊大学香槟分校（UIUC）。

　　居雄伟于1999年获得金融学博士学位后，供职于避险基金Arbitrade / Deephaven Capital 担任量化策略师。2000年底加盟日本最大券商野村证券美国自营部，担任董事。2002年至2009年任职于顶级避险基金千禧年基金（Millennium Partners），担任资深基金经理、董事总经理。

　2009年初，居雄伟创立避险基金 Parametrica Capital Management。

　　居雄伟在UIUC金融博士期间从事有关金融市场的多方面的研究工作，发表数篇学术论文，并曾在美国联邦储备银行，参与银行风险自我控制项目的研究。居雄伟目前是UIUC金融工程硕士项目顾问委员会成员。(以上简历系居雄伟2008年返校报告时所作，并未更新。未经本人审核，如有谬误或过期处，由新创基金会编辑负责。）

2016-06-19 上一篇: 《运行经费审批制度》原则通过 下一篇: 芝城校友迎猪倌