题目
In regard to various hedge fund strategies, each of the following statements is generally true EXCEPT which statement is false?
选项
A.Although prior to 2009, hedge fund returns lagged the S&P 500, since 2009 hedge funds have outperformed the S&P 500.
B.A Distressed Securities hedge fund investor is more likely to earn an illiquidity risk premium than a typical Global Macro manager.
C.A Merger Arbitrage (aka, risk arb) hedge fund investors should have a lower correlation to the broad equity markets than a typical Long\/Short Equity manager.
D.A Systematic Managed Futures hedge fund investor is more likely to employ technical analysis than an Emerging Markets manager.
答案
A
解析
Prior to 2009, hedge fund returns generally beat the S&P 500, but since 2009 hedge funds have generally lagged behind the S&P 500 在2009年之前，对冲基金的回报率通常高于标准普尔500指数，但自2009年以来，对冲基金的回报率普遍落后于标准普尔500指数。 B：困境证券是一种事件驱动的策略，通常需要高超的技能去进行缺乏流动性的投资 。另一方面，全球宏观型对冲基金倾向于赌市场是高效的。 C：并购套利（merger arbitrage）涉及在兼并和收购消息公布后进行交易，同时寄希望于并购交易的达成。市场上有两种并购形式：现金交易和换股交易，这是事件驱动型策略。而Long/Short Equity是直接面向股票市场的。 D：对冲基金经理利用管理期货（ managed futures）策略来预测将来大宗商品价格的变动。类型：依赖基金经理的判断、计算机程序、技术分析、基本面分析等。系统管理期货策略往往是高度技术性的（倾向于技术分析），而新兴市场往往是基本面分析。