作者:admin 日期:2023-12-25 08:24:02 浏览:53 分类:资讯
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会!
◎记者 王彭
继元盛、英仕曼、德劭、迈德瑞、锐联等之后,又有外资量化私募“落子”中国市场——宽立资本将在上海设立办公室。业内人士表示,中国优质资产是吸引外资量化私募在华布局的重要原因。
外资量化私募来华布局
据悉,知名量化投资私募宽立资本将在上海设立办公室,部分核心人员已确定,包括中国区负责人和合规相关人士等。资料显示,宽立资本是一家总部位于英国的量化投资机构,其最新管理规模超过80亿美元。中国证监会网站显示,宽立资本在2022年12月4日便已获批合格境外投资者资格。
近年来,越来越多外资量化私募来华布局。截至目前,在进入中国市场的外资量化私募中,德劭、元盛、英仕曼、迈德瑞、锐联等机构均已设立外商独资证券私募。其中,部分机构的资产管理规模在50亿元至100亿元之间。
从外资量化私募的布局来看,不同机构根据其擅长领域发行了不同策略的产品。迈德瑞中国副总经理、基金经理康兰表示,迈德瑞中国的CTA策略专注于这一领域的主流策略——中长周期趋势跟踪策略,并在这一策略上取得了相对精细化的研究成果。
“该策略通过数学统计推断模型过滤掉短期市场‘噪音’,对包括金融期货和商品期货在内的多个期货品种进行跨品种、连续定量的中长期趋势刻画,同时结合相关性和波动率等短周期动态风险管理指标实现组合的分散化投资。”康兰称。
锐联则在中国市场沿用了其擅长的基本面量化策略。“通过基本面量化,我们可以规避纯粹靠统计学与数据来投资所产生的偏差,以及规避投资经理本身存在的行为偏差。同时,相较传统选股,基本面量化的方法也让我们能够拓展研究范围,同步研究大量股票,从而优中选优。”锐联集团创始人兼首席投资官许仲翔称。
许仲翔表示,公司最为突出的策略特色,就是将在海外市场积累的量化研究成果和成功投资模式,以基本面量化的方式与中国市场进行更有机的结合。
中国优质权益资产具有吸引力
外资机构缘何热衷于布局中国市场?安联投资董事总经理、中国资产管理业务负责人沈良表示,中国在全球经济中扮演着举足轻重的作用,而在市场相关性上,中国股市却与其他地区股市呈现较弱的相关性。数据显示,过去10年,中国股市与美国、德国、日本等国家股票市场相关性系数平均值约为0.52,与以印度为代表的新兴市场的股市相关性系数平均值约为0.35。
“在指数成分股的重合度上,中国股市也明显区别于发达国家市场与其他新兴国家市场。这一独特现象让越来越多国际投资机构把中国视作一个单独的资产类别。当下,中国已经不是一个可选项,而是一个投资必选项。”沈良称。同时,中国市场的阿尔法收益也成为吸引海外资金的重要原因,外国资产管理机构进入中国,不是来找贝塔,而是来找阿尔法。
许仲翔表示,目前很多中东、南美、非洲等地区的海外机构投资人认为,长期来看,中国优质权益类资产具有较高的投资价值,其将不断加仓中国资产。
“对于海外投资者而言,中国资产的一大关键吸引力是性价比较高。即使部分中国优秀公司的成长性没有过去10年那样高,但大概率仍超过一般的欧美、日本企业。以更便宜的估值去买具有更高成长性的资产,显然是划算的。”许仲翔称。
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