绝对回报

的确，绝对回报突显了灵巧beta和资产配置技能的元素，且具有多样化的额外优点，因为经理人不受单一资产类别或地区的束缚。

Indeed , absolute return manifests elements of smart beta and skill in asset allocation , with the bonus of diversification because managers are not bound by a single asset class or region .

但就像alpha这个术语一样，一些做多基金最近将绝对回报作为一个标记，它们自称“无视基准”，且参照现金基准运行。

But just like the term alpha , absolute return has recently been appropriated as a label by long-only funds that claim to be " benchmark-blind " and run against a cash benchmark .

易方达基金管理公司（efundmanagement）指数与量化投资部驻广州总经理刘震表示，允许专户投资于大宗商品期货的规定，将促使基金公司开发能产生绝对回报的产品。

Allowing segregated accounts to invest in commodities futures will encourage fund managers to develop products that generate absolute returns , says Liu Zhen , Guangzhou-based general manager of the index and quantitative strategies department at e fund management .

“这种绝对回报是由绝对回报基金经理提供的，而不是那些试手绝对回报的相对回报基金经理，”pioneer的戴维汉拉蒂（davidhanratty）表示。

" It is absolute return provided by people who do absolute return , rather than relative return managers trying their hand at absolute return , " said David Hanratty for pioneer .

该公司推出的绝对回报股票基金最初在西班牙和意大利发行，是第一批基于一只纯粹对冲基金的ucitsiii投资工具之一。

The absolute return equity fund , initially available in Spain and Italy , is one of the first UCITS III vehicles based on a pure hedge fund .

向英国养老计划提供咨询的hymansrobertson基金经理研究主管斯蒂芬伯奇（stephenbirch）在绝对回报定义中，不愿把做多股票的基金经理包括在内，除非它们能够几乎完全以现金进行战术性投资。

In his definition of absolute return , Stephen birch , head of manager research at hymans Robertson , a consultancy to UK pension schemes , would not include long-only equity-only managers , unless they can invest tactically almost entirely in cash .

但许多对冲基金未能兑现其有关绝对回报的承诺。

But many hedge funds have failed to deliver on their promise of absolute returns .

然而，缺乏优质上市公司将阻碍绝对回报产品的发展。

However , a lack of quality companies would hinder the development of absolute return products .

因此绝对回报的吸引力在于，相对于市场中性等单个战略，基金经理在各个资产类别拥有更大的灵活性。

So the attraction of absolute return is that managers have greater flexibility across asset classes than single strategies such as market-neutral .

谈到对冲基金业赚取“绝对回报”的信条，索罗斯可谓个中翘楚。

When it comes to the hedge fund mantra of " absolute returns " , Mr Soros is leader of the pack .

这些技术难题导致绝对回报策略崛起，成为传统参考市场投资的最大挑战者。

These technical difficulties have led to the rise of absolute return strategies as the greatest challenger to conventional , market-reference investing .

不过，作为一项分析工具，它将绝对回报放回了应有的位置：对冲基金管理的核心。

As an analysis tool , though , it puts absolute return back where it should be : at the heart of hedge fund management .

如果真正采取市场中性策略，那么股票型绝对回报基金就应当是信贷紧缩中的安全投资产品，但多数基金都未能做到这一点。

Equity-based absolute returns , if genuinely market neutral , should have offered a safe haven from the credit squeeze , but most failed to do so .

她还认为，养老基金将转向绝对回报，同时将寻求加大货币投资，英国地方政府已开始采取这一策略。

She also sees funds moving towards absolute returns as well as seeking increasing exposure to currency , an approach that UK local authorities have begun to follow .

这不仅对期盼神话般的“绝对回报”的对冲基金投资者是坏消息（雷曼倒闭后发生的亏损，已使多数人意识到了现实）。

This is not just bad news for hedge fund investors expecting the mythical " absolute returns " ( realism set in for most after post-Lehman losses ) .

传统基金管理集团正在求助于对冲基金行业的专长，旨在提振陷入困境的绝对回报股票型基金。

Traditional fund management groups are falling back on the expertise of the hedge fund industry in an attempt to prop up the struggling absolute return equity sector .

除了只做多的股票型基金，该基金公司还可能推出它称之为“绝对回报”的基金即偏向做多的多/空型基金。

Alongside long-only equity funds it is also likely to roll out what it terms " absolute return " funds , long / short funds with a long bias .

达斯表示：“这些差异表明，投资新兴市场（尤其是金砖四国）应从相对价值的角度着眼，而非绝对回报。”

Mr Das says : " this differentiation suggests trading emerging markets and the BRICs in particular should be from a relative value perspective , rather than an absolute return perspective . "

今年迄今，亚洲对冲基金没能实现它们对于绝对回报的承诺，只有亚洲宏观基金实现了正业绩，增值超过6%。

Asian hedge funds failed to deliver on their promise of absolute performance so far this year with only Asian macro funds managing to turn in a positive performance , up more than 6 per cent .

在对冲基金行业上个月的溃败中，只有3种投资策略得以全身而退，而这个“绝对回报”行业再一次未能在市场动荡中保护大多数投资者。

Only three strategies adopted by hedge funds appear to have survived unscathed the rout of the sector last month , as the " absolute return " industry again mostly failed to protect investors against market turmoil .

这进而表明，最明智的策略是目前所说的绝对回报投资，现金是需要超越的基准，而关键是永远不要亏损。

That suggests in turn that the most sensible strategy is what is now known as " absolute return " investing , where cash is the benchmark to beat , and the key is never to lose money .

记得短期（1年）和长期（10年以上）记录都要问到，并问问你的顾问，他是采用绝对回报还是相对于大盘市场表现的相对回报来评估业绩。

Remember to ask about both short-term ( one year ) and long-term ( 10 years or more ) records , and ask if your adviser is using absolute returns or returns relative to the performance of the market .

想象一下，如果在过去10年里那些杰出人才一直在从事更有价值的工作，而不是进行高杠杆并购交易，或追求（常常虚幻的）绝对回报率，他们可能会取得怎样的成就。

Think what the outstanding talents of the past decade might have achieved if they had been employed on more worthy tasks than highly leveraged mergers and acquisitions , or the pursuit of ( often illusory ) absolute returns .

统计套利是一种可以脱离市场趋势判断在较低的投资风险下获得稳定收益，获取超额绝对回报的市场中性策略，该策略只适用于有做空机制的市场。

Statistical arbitrage is one kind of market neuter strategy without regard of market trend . This strategy can gain more stable earnings under lower investment risk which is only suit for market with short mechanism and long mechanism .

许多银行热情地鼓励客户不要再将对冲基金看作绝对回报产品，而要将之看作相对回报产品、或使投资组合多元化的产品对冲基金的机构投资者早已开始这种观念转变。

Many banks are keen to encourage clients to stop viewing hedge funds as absolute return products and instead view them as relative return offerings or portfolio diversifiers a shift that has already taken place among institutional investors in hedge funds .

客户寻求超过基准的回报，而客户需求促使从仅以股票和债券为重点的相对回报，转向包括对冲基金、商业地产和一些私人股本在内更为灵活的投资组合，以寻求绝对回报。

Clients were looking for more than benchmark returns and client demand drove a change from the relative returns of just an equity and bond focus to a more flexible portfolio including hedge funds , commercial property and some private equity in the search for absolute returns .

一切的努力绝对会有回报。

All that work will definitely pay off .

作为绝对忠诚的回报，员工的收入逐年增加，不论业绩如何。

In return for absolute loyalty , the employee would be paid more each year regardless of performance .