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2021-07-24
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Hedge Funds Dump The Rally After Buying The Dip<blockquote>对冲基金逢低买入后抛售涨势</blockquote>
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Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17 and t","content":"<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.</p><p><blockquote>不能说高盛的客户对高盛的交易记录过于自信。</blockquote></p><p> As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally and<b>on Tuesday the GS Prime book saw the largest 1-day net selling since June 17</b>(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.</p><p><blockquote>当高盛的流量交易员约翰·弗拉德 (John Flood) 周一敦促客户“不要逢低买入”时,他们就这么做了,周一高盛的主要经纪服务观察到,随着标准普尔跌至 4,220 点,对冲基金逢低买入激增。然而,这些对冲基金显然不确定接下来会发生什么,然后开始抛售反弹并<b>周二,GS Prime book 出现了自 6 月 17 日以来最大的单日净销售额</b>(-2.2 SDs 与过去一年的平均每日净流量相比)以及自 2019 年 11 月以来最大的单一名称净销售额,由多头和空头销售(1.6 比 1)推动,因为所有地区的净销售额均以美元计算领先北美和 DM 亚洲,并由多头和空头销售(2.5 比 1)推动。这种防御性定位在周一后的大部分反弹中持续存在。</blockquote></p><p> Some more observations from Goldman Prime on the post-bottom action:</p><p><blockquote>Goldman Prime 对触底后走势的更多观察:</blockquote></p><p> <ul> <li>Single names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).</li> <li>8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.</li> <li>Despite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.</li> <li><b>Buying Stay at Home (GSXUSTAY</b>) vs. Selling Go Outside (GSXUPAND) for a second straight day.</li> </ul> <ol> <li>Constituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.</li> <li>Members of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.</li> </ol> <ul> <li><b>Buying Expensive Software (GSCBSF8X) again</b>– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.</p><p><blockquote><ul><li>单只股票出现了自 19 年 11 月以来最大的 1 日净卖出额(-4.0 SDs),远远超过了宏观产品(指数和 ETF 合计)的净买入额。</li><li>11 个行业中有 8 个行业被净卖出,以美元计算,其中医疗保健、工业、消费光盘和公用事业领先,而信息技术、能源和金融则被净买入。</li><li>尽管整体净交易活动出现逆转,但周一突出的潜在主题在周二普遍延续。</li><li><b>购买居家住宿(GSXUSTAY</b>) 与连续第二天卖出 (GSXUPAND)。</li></ul><ol><li>GSXUSTAY 的成分股再次集体净买入,并在多头买入的推动下出现了自 6 月 28 日以来最大的单日净买入。</li><li>GSXUPAND 成员连续第二天集体净卖出,多头买入超过空头回补的避险资金流动。也就是说,与我们周一看到的情况相比,该集团的净销售速度显着放缓。</li></ol><ul><li><b>再次购买昂贵的软件 (GSCBSF8X)</b>– 篮子成分股连续第二天集体净买入,并出现了年初至今最大的单日美元净买入,完全由多头买入推动。</li></ul></blockquote></p><p></li> <li><b>Risk-off in FAAMG (GSTMTMEG</b>) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).</p><p><blockquote><li><b>FAAMG 中的风险规避 (GSTMTMEG</b>) – TMT 大盘股总体净卖出幅度不大,完全由多头卖出推动,尽管净流量因个别名称而异。该集团在过去 10 个交易日中有 9 个交易日(7/19 除外)集体净卖出。</li></blockquote></p><p></li> </ul> And visually:</p><p><blockquote>和视觉上:</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c10eb63e147e5e14ef3cb10e25db2523\" tg-width=\"1089\" tg-height=\"1006\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> What does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD</p><p><blockquote>这对对冲基金的业绩意味着什么?尽管面临重创,高盛指出,基本面 LS 经理连续第三天经历了正 alpha 和 MTD</blockquote></p><p> <b>Yesterday (July 20th)</b></p><p><blockquote><b>昨天(7月20日)</b></blockquote></p><p> <ul> <li>Fundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.</li> <li>Systematic LS -0.2%</li> </ul> <b>July MTD</b></p><p><blockquote><ul><li>基本面 LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%。</li><li>系统性LS-0.2%</li></ul><b>7月MTD</b></blockquote></p><p> <ul> <li>Fundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li> <li>Systematic LS +1.5%</li> </ul> <b>2021 YTD</b></p><p><blockquote><ul><li>基本面 LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li><li>系统性LS+1.5%</li></ul><b>2021年初至今</b></blockquote></p><p> <ul> <li>Fundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li> <li>Systematic LS +12.2%</li> </ul> <img src=\"https://static.tigerbbs.com/3d794cb43ddc7266af19225539b4d607\" tg-width=\"1088\" tg-height=\"442\" width=\"100%\" height=\"auto\">Finally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.</p><p><blockquote><ul><li>基本面 LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li><li>系统LS+12.2%</li></ul>最后,在定位方面,高盛观察到整体杠杆率已经下降MTD;虽然基本的LS总收入现在仅为一年的第19个百分位,但净资产仍然相对较高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d8fb3c9c67200b83051956e49b33e1c\" tg-width=\"1088\" tg-height=\"665\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Funds Dump The Rally After Buying The Dip<blockquote>对冲基金逢低买入后抛售涨势</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Funds Dump The Rally After Buying The Dip<blockquote>对冲基金逢低买入后抛售涨势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-23 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.</p><p><blockquote>不能说高盛的客户对高盛的交易记录过于自信。</blockquote></p><p> As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally and<b>on Tuesday the GS Prime book saw the largest 1-day net selling since June 17</b>(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.</p><p><blockquote>当高盛的流量交易员约翰·弗拉德 (John Flood) 周一敦促客户“不要逢低买入”时,他们就这么做了,周一高盛的主要经纪服务观察到,随着标准普尔跌至 4,220 点,对冲基金逢低买入激增。然而,这些对冲基金显然不确定接下来会发生什么,然后开始抛售反弹并<b>周二,GS Prime book 出现了自 6 月 17 日以来最大的单日净销售额</b>(-2.2 SDs 与过去一年的平均每日净流量相比)以及自 2019 年 11 月以来最大的单一名称净销售额,由多头和空头销售(1.6 比 1)推动,因为所有地区的净销售额均以美元计算领先北美和 DM 亚洲,并由多头和空头销售(2.5 比 1)推动。这种防御性定位在周一后的大部分反弹中持续存在。</blockquote></p><p> Some more observations from Goldman Prime on the post-bottom action:</p><p><blockquote>Goldman Prime 对触底后走势的更多观察:</blockquote></p><p> <ul> <li>Single names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).</li> <li>8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.</li> <li>Despite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.</li> <li><b>Buying Stay at Home (GSXUSTAY</b>) vs. Selling Go Outside (GSXUPAND) for a second straight day.</li> </ul> <ol> <li>Constituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.</li> <li>Members of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.</li> </ol> <ul> <li><b>Buying Expensive Software (GSCBSF8X) again</b>– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.</p><p><blockquote><ul><li>单只股票出现了自 19 年 11 月以来最大的 1 日净卖出额(-4.0 SDs),远远超过了宏观产品(指数和 ETF 合计)的净买入额。</li><li>11 个行业中有 8 个行业被净卖出,以美元计算,其中医疗保健、工业、消费光盘和公用事业领先,而信息技术、能源和金融则被净买入。</li><li>尽管整体净交易活动出现逆转,但周一突出的潜在主题在周二普遍延续。</li><li><b>购买居家住宿(GSXUSTAY</b>) 与连续第二天卖出 (GSXUPAND)。</li></ul><ol><li>GSXUSTAY 的成分股再次集体净买入,并在多头买入的推动下出现了自 6 月 28 日以来最大的单日净买入。</li><li>GSXUPAND 成员连续第二天集体净卖出,多头买入超过空头回补的避险资金流动。也就是说,与我们周一看到的情况相比,该集团的净销售速度显着放缓。</li></ol><ul><li><b>再次购买昂贵的软件 (GSCBSF8X)</b>– 篮子成分股连续第二天集体净买入,并出现了年初至今最大的单日美元净买入,完全由多头买入推动。</li></ul></blockquote></p><p></li> <li><b>Risk-off in FAAMG (GSTMTMEG</b>) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).</p><p><blockquote><li><b>FAAMG 中的风险规避 (GSTMTMEG</b>) – TMT 大盘股总体净卖出幅度不大,完全由多头卖出推动,尽管净流量因个别名称而异。该集团在过去 10 个交易日中有 9 个交易日(7/19 除外)集体净卖出。</li></blockquote></p><p></li> </ul> And visually:</p><p><blockquote>和视觉上:</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c10eb63e147e5e14ef3cb10e25db2523\" tg-width=\"1089\" tg-height=\"1006\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> What does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD</p><p><blockquote>这对对冲基金的业绩意味着什么?尽管面临重创,高盛指出,基本面 LS 经理连续第三天经历了正 alpha 和 MTD</blockquote></p><p> <b>Yesterday (July 20th)</b></p><p><blockquote><b>昨天(7月20日)</b></blockquote></p><p> <ul> <li>Fundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.</li> <li>Systematic LS -0.2%</li> </ul> <b>July MTD</b></p><p><blockquote><ul><li>基本面 LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%。</li><li>系统性LS-0.2%</li></ul><b>7月MTD</b></blockquote></p><p> <ul> <li>Fundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li> <li>Systematic LS +1.5%</li> </ul> <b>2021 YTD</b></p><p><blockquote><ul><li>基本面 LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li><li>系统性LS+1.5%</li></ul><b>2021年初至今</b></blockquote></p><p> <ul> <li>Fundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li> <li>Systematic LS +12.2%</li> </ul> <img src=\"https://static.tigerbbs.com/3d794cb43ddc7266af19225539b4d607\" tg-width=\"1088\" tg-height=\"442\" width=\"100%\" height=\"auto\">Finally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.</p><p><blockquote><ul><li>基本面 LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li><li>系统LS+12.2%</li></ul>最后,在定位方面,高盛观察到整体杠杆率已经下降MTD;虽然基本的LS总收入现在仅为一年的第19个百分位,但净资产仍然相对较高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d8fb3c9c67200b83051956e49b33e1c\" tg-width=\"1088\" tg-height=\"665\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124707956","content_text":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.\nAs Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.\nSome more observations from Goldman Prime on the post-bottom action:\n\nSingle names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).\n8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.\nDespite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.\nBuying Stay at Home (GSXUSTAY) vs. Selling Go Outside (GSXUPAND) for a second straight day.\n\n\nConstituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.\nMembers of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.\n\n\nBuying Expensive Software (GSCBSF8X) again– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.\nRisk-off in FAAMG (GSTMTMEG) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).\n\nAnd visually:\n\nWhat does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD\nYesterday (July 20th)\n\nFundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.\nSystematic LS -0.2%\n\nJuly MTD\n\nFundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%\nSystematic LS +1.5%\n\n2021 YTD\n\nFundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%\nSystematic LS +12.2%\n\nFinally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":847,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/174255928"}
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