Global Environment Overall Downturn, Hedge Funds Generally Poor Performance.

The overall performance of the global economy in 2015 was weak. In 2016, this situation had not changed for the time being, which made the managers of hedge funds very anxious. They racked their brains and found it hard to find a stable project to ensure investors' profitability in the world.

Last year, Larry Robbins, founder and chief executive of Glenview Capital Management, made some special things about his identity as a hedge fund alligator. He apologized to his investors at the end of last year, saying he was sorry to make them lose money, but at the same time said he would make the situation better as soon as possible. It also raised $1 billion from investors and set up a new fund, and promised to cancel all costs. In the current situation this year, Larry Robbins is still losing money.

In the last two months of 2016, 9 billion 200 million of the Glenview Capital Management flagship fund is currently losing 15%. The company has another 1 billion 700 million of its total funds, and hedge funds, which rely on hedging and leverage, have lost 22.4% this year.

Larry Robbins is not alone, the name of another hedge fund industry, Pershing Square Capital Management LP chief executive William A. Ackman and he is a difficult fellow. The company's fund also suffered two digit losses in the first two months of this year.

These losses have been impatient. Investor They have chosen to withdraw funds to provide a salt for the hedge fund companies that have already faced difficulties.

The California University Endowment Fund, one of the gold companies of the two companies, announced on Thursday that it would reduce the proportion of hedge fund investment, and the proportion of investment decreased from 32% of the total assets of the fund to 10%.

The final answer seems obvious. It can only be placed in another hedge fund. Global foreign exchange, futures, stock markets and other markets are usually not the direct investment markets of large foundations, and bond yields are now showing signs of global downturn. This makes it difficult for funds to find other ways out. Eventually, we have to go back to the hedge fund industry.

"I don't think they (investors) know where they can put money aside from hedge funds," said Dean Backer, head of international marketing at Goldman Sachs. They have no other choice. "

Quite a lot hedge fund The manager has recorded a continuous loss in the past few months, and investors are showing signs of further withdrawals.

But the problem with investors is also very cumbersome. When they are withdrawn from a hedge fund, where can they put their money? The current market situation does not seem to provide many choices. According to a Goldman Sachs report, investors are expected to withdraw $25 billion from hedge fund companies in the first quarter of this year. capital However, after the withdrawal of funds from a hedge fund, it is still the biggest headache for investors.