Fidelity tsis paub txog macro hedge funds uas ua thawj koom ruam ntawm tag nrho cov lag luam. Lub tuam txhab Boston-raws li kev sib koom ua lag luam nrog $ 4.3 trillion nyob rau hauv kev tswj hwm thawj zaug tau ua nws lub npe los ntawm kev muaj cov neeg xaiv khoom lag luam zoo tshaj plaws, tshwj xeeb tshaj yog Peter Lynch ntawm Magellan koob meej.
Tab sis lub sij hawm tau hloov. Ob qho khoom lag luam thiab cov ntawv cog lus tau poob qis hauv 2022 vim tias kev nce nqi thiab cov paj laum tau nce. Nrog rau S&P 500 nqis 13% xyoo no, tsis muaj ntau txawm tias cov khoom lag luam zoo tshaj plaws tuaj yeem ua tau los tsim cov txiaj ntsig zoo. Tias yog vim li cas Fidelity qhov kev txiav txim siab tshaj tawm ob qho tshiab cov nyiaj ua kua lwm txoj uas lub hom phiaj los tsim kom muaj txiaj ntsig zoo txawm tias nyob rau hauv kev lag luam qis yog qhov muaj peev xwm ua tau zoo.
Ob qhov nyiaj "alts" tshiab, Fidelity Advisor Macro Opportunities Fund (ticker: FAQFX) thiab Fidelity Advisor Risk Parity Fund (FAPZX), uas tau pib lub Xya Hli 7, yog tsom tshwj xeeb ntawm cov kws pab tswv yim thiab cov tuam txhab lag luam. Lawv yog ib feem ntawm lwm qhov kev nqis peev hauv ntiaj teb vim tias lawv siv cov tswv yim feem ntau pom hauv cov peev nyiaj, siv cov peev txheej thiab cov txiaj ntsig los tswj kev pheej hmoo, tsis yog vim lawv tsom mus rau cov haujlwm tshwj xeeb xws li qiv nyiaj ntiag tug lossis cov khoom lag luam, cov npe nrov ntawm "alt" nyiaj rau cov kws pab tswv yim. . Raws li lawv daim ntawv qhia, lawv txhua tus yuav muaj tsib chav kawm, los ntawm A-shares nrog rau pem hauv ntej-kawg load ntawm 5.75% mus rau tsis muaj-load Z-shares.
Nrog rau tus nqi qis qis li 0.80% rau Macro Opportunities thiab 0.64% rau Risk Parity's Z qhia cov chav kawm, ob qhov nyiaj pab tshiab no tsim nyog them rau. Lawv pheej yig rau lwm cov peev nyiaj uas, piv txwv li, them 1.56% rau cov nyiaj nruab nrab hauv Morningstar's Macro Trading qeb thiab pheej yig heev piv rau cov nyiaj tiv thaiv, uas feem ntau siv cov txiaj ntsig loj, feem ntau 20%, raws li tus nqi.
Vadim Zlotnikov, tus thawj tswj hwm ntawm Fidelity Asset Management Solutions hais tias "Yog tias koj saib kaum xyoo ua ntej kawg ntawm 2021, koj yeej tsis xav tau ib qho ntxiv," hais tias Vadim Zlotnikov, tus thawj tswj hwm ntawm Fidelity Asset Management Solutions, qhov kev faib ua haujlwm uas khiav ob lub nyiaj. "Koj tuaj yeem nyuam qhuav yuav 60/40 portfolio ntawm US cov peev txheej thiab cov ntawv cog lus thiab ua tau zoo heev. Koj tab tom pib pom qee qhov kev cia siab rov qab los qis dua. Peb paub tias cov kws pab tswv yim tab tom nrhiav qee qhov kev xaiv uas tuaj yeem muaj kev ntseeg siab muab ntau haiv neeg. "
Risk parity. Zlotnikov hais tias qhov Risk Parity Fund lub tswv yim yog qhov tshwj xeeb, raws li nws saib muaj kev pheej hmoo sib txawv dua li cov peev nyiaj sib tw. Parity funds 'cov tswv yim feem ntau yog ua raws li cov qauv hauv computer thiab haum rau hauv qhov dav dav quant fund ntug. Ntau dua li ntsuas qhov tsis sib xws ntawm cov cuab yeej cuab tam xws li cov khoom lag luam, cov ntawv cog lus, thiab cov khoom muag thiab sim sib npaug cov kev pheej hmoo, uas yog txoj hauv kev zoo sib xws, Fidelity's fund sim sib npaug cov kev pheej hmoo ntawm ntau yam kev pheej hmoo premia - kev loj hlob, kev nce nqi, tus nqi tiag. , thiab liquidity.
Nyob rau hauv kev loj hlob kev pheej hmoo-premium qeb, ib tug yuav pom cov khoom vaj khoom tsev uas them nyiaj rau cov tub ua lag luam rau qhov kev pheej hmoo tias kev lag luam loj hlob poob qis thiab peb nkag mus rau kev lag luam poob qis. (Risk parity funds yuav tsom mus rau qhov kev pheej hmoo ntawm qhov kev pheej hmoo-qhib nyiaj txiag sib npaug.) Hauv kev nce nqi thiab cov nqi tiag tiag tej zaum koj yuav pom ntau yam ntawm cov ntawv cog lus rhiab rau qhov kev pheej hmoo ntawm kev nce nqi nce lossis cov paj paj nce. Tab sis tej zaum qhov nthuav tshaj plaws yog cov "kwv yees" qeb uas them nyiaj rau cov tub ua lag luam rau kev pheej hmoo ntawm kev nqis peev hauv cov khoom muaj nqis uas nyuaj rau muag. Zlotnikov hais tias cov nyiaj yuav tau txais kev lag luam tawm pej xeem rau kev ncaj ncees thiab vaj tsev nyob hauv pawg no xws li tuam txhab kev lag luam.
Zoo li feem ntau cov kev pheej hmoo-parity funds, cov nyiaj yuav siv leverage los sib npaug ntawm qhov kev pheej hmoo ntawm, hais tias, tsis tshua muaj nqi Treasuries thiab siab volatility stocks. Lub hom phiaj, Zlotnikov hais tias, yog rau cov nyiaj volatility kom piv rau 60/40 stock/bond portfolio - 10% mus rau 11% txhua xyoo - tab sis rau nws tsis coj zoo li 60/40 portfolio thaum lub sij hawm kev ruaj ntseg 'kev lag luam poob.
Macro cov cib fim. Thaum Fidelity Advisor Risk Parity muaj txoj hauv kev tshiab, Fidelity Advisor Macro Cov Sijhawm zoo li nthuav dav rau cov kws pab tswv yim nrhiav kom tau txais txiaj ntsig los ntawm Fidelity lub zog keeb kwm - kev tswj hwm. Risk Parity feem ntau yog cov kev cai tswj hwm kom muaj kev sib npaug ntawm plaub yam kev pheej hmoo sib txawv. Meanwhile, Macro Opportunities tso cai ntau npaum li cas yooj.
"Yog tias koj xav txog ntau npaum li cas ntawm qhov kev pheej hmoo [hauv Risk Parity fund] los ntawm kev faib tawm, nws tsuas yog 1% lossis 2%, "Zlotnikov hais. “Yog li ntawd, [kev faib nyiaj pab dawb] tseem ceeb heev, tab sis nws yog me me. Nyob rau hauv rooj plaub ntawm Macro Opportunities, 100% [ntawm qhov kev pheej hmoo thiab rov qab los] los ntawm kev txawj thiab kev faib ua haujlwm. "
Macro Opportunities manager Jordan Alexiev tuaj yeem mus ntev lossis luv, piv txwv li, thawj koom ruam lossis tawm tsam, kev ncaj ncees, nuj nqis, txiaj, thiab cov khoom lag luam thoob ntiaj teb siv cov khoom lag luam xws li cov ntawv cog lus yav tom ntej, ETFs thiab Fidelity cov peev nyiaj uas twb muaj lawm ntawm nws tus kheej txiav txim siab. Qhov ntawd zoo li qhov tseeb macro hedge fund. "[Lub peev nyiaj macro] muaj kev txiav txim siab siab thiab hloov tau yooj yim los siv qhov zoo tshaj plaws ntawm [Fidelity's] kev tshawb fawb," Zlotnikov hais. "Cov kev txwv yog qhov txwv tsis pub muaj kev pheej hmoo, yog li nws yeej tsis tuaj yeem dhau qhov kev hloov pauv hauv cov ntsiab lus ntxhib ntawm 10%. "
Cov lus nug tom qab ntawd puas yog Fidelity muaj kev txawj ntse los ua qhov kev hloov pauv dav dav? Cov lus teb zoo li yog. Alexiev yuav muaj ob pawg neeg ua haujlwm tshawb fawb sib cais los txhawb nws. Nees nkaum tus neeg nyob hauv Fidelity's Global Asset Allocation Group coj los ntawm tus thawj coj saib xyuas Neville McCaghren. Lawv ua cov lej ntau-kev tshawb fawb ntawm cov khoom vaj khoom tsev sib txawv. Muaj lwm 12 tus neeg ua haujlwm nyob rau hauv kev tswj tus thawj coj Lisa Emsbo-Mattingly nyob rau hauv lub Asset Allocation Research division. Lawv ua qhov kev tsom xam, sim nkag siab txog lub voj voog kev lag luam cuam tshuam rau cov khoom vaj khoom tsev thiab cov teb chaws thoob plaws ntiaj teb.
Qhov kev txhawb nqa no yog nyob rau sab saum toj ntawm qhov ruaj khov loj ntawm tus neeg saib xyuas kev ruaj ntseg uas khiav qee cov nyiaj Fidelity Alexiev tuaj yeem nqis peev yog tias nws nyiam. Ntxiv mus, Zlotnikov cov pab pawg, Fidelity Asset Management Solutions, khiav ib qho $ 622 billion nyob rau hauv ib txwm muaj peev txheej faib nyiaj, xws li Fidelity's Freedom series ntawm lub hom phiaj hnub nyiaj. Yog li, kev hloov ntawm cov khoom vaj khoom tsev yog nyob rau hauv lawv lub wheelhouse.
Txawm hais tias cov tswv yim no ua haujlwm raws li kev npaj ua lag luam tam sim no tseem tsis tau pom. Lwm cov thawj coj zoo xws li T. Rowe Nqe thiab Vanguard tsuas muaj kev vam meej hauv alts.
Txawm hais tias nws tsis tuaj yeem nthuav tawm yam twg, Zlotnikov hais tias Fidelity yuav tshaj tawm cov nyiaj ntau dua nyob rau lub hlis tom ntej. Muab tus thawj tswj hwm kev txawj ntse hauv ib tus neeg cov khoom lag luam thiab cov ntawv cog lus, nws yuav zoo siab dua kom pom nws tso tawm cov tswv yim alt uas hais txog cov kev muaj zog xws li kev sib koom ua ke arbitrage, luv luv luv luv lossis hloov pauv daim ntawv cog lus arbitrage.
Txawm li cas los xij, txawm li cas los xij, nws yog qhov chaw tshiab rau Fidelity los tshawb nrhiav.
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Tau qhov twg los: https://www.barrons.com/advisor/articles/fidelity-liquid-alts-funds-launch-51659381105?siteid=yhoof2&yptr=yahoo