作者:admin 日期:2023-12-13 00:49:27 浏览:100 分类:资讯
“4倍快乐”变“4倍回撤”?
中国证券报记者12月12日获悉,受期指基差收窄、小微盘股上周遭遇短期急跌等因素影响,今年以来持续火热的私募量化DMA策略(Direct Market Access,指私募管理人通过自身的交易终端直接连接到交易所进行下单交易的一种交易模式,DMA策略通常为100%贝塔风险对冲的股票中性策略,并带有多倍交易杠杆,目前国内相关产品杠杆倍数一般为4倍)遭遇了一轮行业性整体回撤。其中,回撤最大的一只DMA产品,净值单周跌近8%。
行业性回撤
记者12日从某第三方机构获得的私募DMA策略业绩监测周报显示,12月2日至12月8日,亏损幅度最大的一只DMA策略产品全周亏了7.69%,这对于作为中性策略的DMA私募产品而言,较为罕见。
12月8日当周部分DMA策略产品业绩表现 图片来源:某第三方机构
有业内人士向记者表示,上周小微盘股整体显著跑输中证500、中证1000等量化指增产品对标的基准指数,前期在小微盘股有较多市值风格风险暴露的量化指增策略,普遍出现显著的“负超额”。在这一背景下,大量量化私募DMA策略产品的多头头寸,在对冲掉指数下跌之后,出现不小的“负收益”;叠加DMA策略主流4倍的交易杠杆,单周亏损幅度被放大。
另据记者了解,上周DMA策略的单周大回撤,在当周主流头部量化私募的量化指增产品的超额收益表现上,也能寻得“一定解释”。某券商托管最新业绩监测数据显示,12月8日当周,该券商监测到的19家百亿级量化私募的中证500量化指增产品,仅有一家实现正超额收益,其余18家当周全部跑输对标的中证500指数。其中,幻方、灵均、聚宽等知名百亿私募,单周超额收益均在-1%左右。
此前监管曾“严控规模”
根据资管圈此前的消息,在11月初,多家券商收到监管通知,要求自11月9日开始,按管理人维度每日日终量化DMA业务【名义本金规模=max(多空组合多头名本,多空组合空头名本)+非多空组合名本】的口径,严格控制DMA策略业务规模不得超过11月8日日终规模。
相关监管要求提出,坚持集约化、专业化原则,审慎开展重资本业务,督促各证券公司在资本空间打开后,应重点用于拓展做市、跟投、投行等服务资本市场的业务,场外衍生品、融资融券、单方向自营等业务规模应得到有效管控。规模受控则意味着DMA业务将不得新增规模。
业内人士对此分析,DMA策略作为“加杠杆的量化中性策略”,其高收益的核心来源并非是挖掘到更高的阿尔法收益,而是通过“放杠杆”实现中性收益(亏损)的放大。在产品净值或市场本身短期大幅波动的情况下,往往存在大幅波动乃至“股票多头头寸强平”的风险。即便不考虑券商行业自身的业务发展,在行业规模过大时,也可能存在较大的运行风险,并可能存在“投资者适当性问题”。
高收益需关注高风险
有百亿量化私募负责人11月在接受采访时曾透露,从该私募历史业绩表现来看,DMA策略出现“以月为单位的阶段性失效”难以避免;产品净值出现较为剧烈的波动也并不少见。因此,该机构研发的DMA策略更多是公司自营产品在运行,资管端仅备案了极个别的定制化产品。前期DMA策略始自监管层面的“降温”,以及相关产品自身净值的高波动,将有助于各方对于这一策略的合理认知以及这一细分赛道的良性发展。
对于上周量化DMA策略出现的行业性回撤,该私募人士进一步表示,今年以来,表现领先的DMA策略产品年化收益率已经达到40%-50%;“对于年化40%、50%的产品而言,最大回撤幅度超过20%也合理”。
上海某中型量化私募研究部负责人12日向记者表示,对于持续高热的DMA或者其他高收益的产品而言,上周的大回撤和外部关注,对于行业和投资者是很及时的警醒。“过高的超额收益是有代价的,尤其是尾部风险。”该私募人士称。
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