高盛:對衝基金再次押注大型科技股
高盛的Ben Snider等策略師週二在一份報告中表示,對衝基金在上個季度降低了整體持股量,但樂觀情緒大幅上升,加大了對美國大型科技股的押注,持倉集中在受青睞的股票上。這些基金還加大買入了非必需消費品股,同時減少了對能源和材料板塊的押注。在截至6月的三個月裏,前10大持倉股的平均權重上升至70%,達到2020年第一季度以來的最高集中度。亞馬遜(AMZN.US)取代微軟(MSFT.US)成爲最受歡迎的多頭頭寸,二季度前者上漲26%,是後者8%漲幅的三倍多。
報告稱,這些對衝基金還增加了對英偉達、蘋果、Atlassian和特斯拉的押注。
高盛表示:“受不確定的市場環境和近期回報不佳的阻礙,對衝基金降低了槓桿,重新轉向成長股,並提高了投資組合的集中度。它們最近的投資表現有所改善,符合修正反彈期間的典型情況,儘管市場在保持韌性的情況下其槓桿率仍有上升空間。

陷入困境的科技股在6月中旬受到提振,因爲在美國經濟出現放緩跡象後,交易員重新評估了對美聯儲未來加息次數的押注。在二季度,大型科技股上漲了10%,而標普500指數的漲幅爲9%。
然而,傑克遜霍爾全球央行年會即將在本週召開,由於市場擔憂鷹派言論再度出現,這種樂觀情緒已經逐漸消退。市場對納斯達克100指數7月上漲近13%是否僅僅是熊市反彈存在分歧。
Saxo Capital Markets Pte策略師Charu Chanana表示:“由於市場仍然低估了美聯儲的利率路徑,未來投資者可能會面臨更多痛苦。”
高盛的報告還指出,其他一些跡象也顯示市場很樂觀,對衝基金的頭寸換手率降至23%,創歷史新低。該報告分析的對衝基金持有的總頭寸達到2.4萬億美元。
高盛策略師表示,自7月初以來,對衝基金的收益平均上漲4%,將年初至今的跌幅收窄至9%。
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