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cover of episode Why Asset Allocators Love Multi-Strategy Hedge Funds

Why Asset Allocators Love Multi-Strategy Hedge Funds

2025/5/26
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J
Joe Weisenthal
通过播客和新闻工作，提供深入的经济分析和市场趋势解读。
R
Ronan Cosgrave
T
Tracy Alloway
知名金融播客主播和分析师，专注于市场趋势和经济分析。
Topics
Tracy Alloway: 我观察到市场出现异常波动时，多策略对冲基金经常受到指责，这反映了围绕它们的神秘感。人们对大型资本配置者为何如此青睐这些基金感到好奇，因为他们本可以自行构建多元化的投资组合。 Joe Weisenthal: 我认为多策略基金持续证明其价值，在市场波动期间表现稳健，并承诺提供非相关回报。我对 alpha 的来源、这种模式的可持续性以及是否存在大量模仿者等问题感到好奇。此外，薪酬和激励机制的调整是人们一直试图解决的关键问题之一。 Ronan Cosgrave: 作为 Albourne Partners 的合伙人，我深入研究了多策略基金的内部运作机制，发现它们之间存在巨大差异。薪酬结构是影响这些基金运作方式的核心因素，它驱动着资本配置和风险管理。在 pod shop 模式中，基金经理与投资者完全一致，因为他们只从所有通过式管理的净收益中获得报酬。然而，这种模式也可能导致更高的费用和杠杆率。管理者需要决定是侧重于人才还是侧重于结构，类似于组建专业运动队时选择聘请明星球员还是建立完善的体系。竞争可能导致员工倦怠和离职，而合作则可能导致投资组合内部更高的相关性和更低的夏普比率。最终，多策略基金对机构配置者具有吸引力，因为它们能够更好地管理风险，并提供比投资于多个单一策略基金更高的回报。

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Shownotes Transcript

Multi-strategy hedge funds have been having a moment with big asset allocators pouring billions of dollars into names like Millennium and Citadel. And given all the growth, multi-strat funds have also been battling each other for talent. But why, exactly, do big investors seem to love multi-strats so much? What actually makes a multi-strat good to invest in? And how do fees and compensation work? In this episode, we speak with Ronan Cosgrave, a partner at Albourne Partners, which advises institutional investors on investing in hedge funds and other alternative asset classes. We talk about key differences between multi-strats and pod shops, plus the importance of pay to the business model.The Math Powering Profits at Multi-Strategy Hedge Funds)Multistrategy Hedge Funds Delivered Again in 2024)

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