问题如下：
John Puten is the chief investment officer of the Markus University Endowment Investment Office. Puten seeks to increase the diversification of the endowment by investing in hedge funds. He recently met with several hedge fund managers that employ different investment strategies. In selecting a hedge fund manager, Puten prefers to hire a manager that uses the following:
● Fundamental and technical analysis to value markets
● Discretionary and systematic modes of implementation
● Top-down strategies
● A range of macroeconomic and fundamental models to express a view regarding the direction or relative value of a particular asset
Puten’s staff prepares a brief summary of two potential hedge fund investments:
Hedge Fund 1: A relative value strategy fund focusing only on convertible arbitrage.
Hedge Fund 2: An opportunistic strategy fund focusing only on global macro strategies.
Determine which hedge fund would be most appropriate for Puten. Justify your response.
解释：
Hedge Fund 2 would be most appropriate for Puten because it follows a global macro strategy, which is consistent with Puten’s preferences. Global macro managers use both fundamental and technical analysis to value markets, and they use discretionary and systematic modes of implementation. The key source of returns in global macro strategies revolves around correctly discerning and capitalizing on trends in global markets.
Global macro strategies are typically top-down and employ a range of macroeconomic and fundamental models to express a view regarding the direction or relative value of a particular asset or asset class. Positions may comprise a mix of individual securities, baskets of securities, index futures, foreign exchange futures/forwards, fixed-income products or futures, and derivatives or options on any of the above. If the hedge fund manager is making a directional bet, then directional models will use fundamental data regarding a specific market or asset to determine if it is undervalued or overvalued relative to history and the expected macro-trend.
Hedge Fund 1 follows a relative value strategy with a focus on convertible arbitrage, which is not aligned with Puten’s preferences. In a convertible bond arbitrage strategy, the manager strives to extract “cheap” implied volatility by buying the relatively undervalued convertible bond and taking a short position in the relatively overvalued common stock. Convertible arbitrage managers are typically neither using fundamental and technical analysis to value markets nor employing top-down strategies to express a view regarding the direction or relative value of an asset.
Global Macro 哪里用到tech analysis
