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 '所以军队作战没有固定的态势,如同水也没有固定的形状'

'So, in conduct of war, there are no fixed situations and conditions, just like water has no constant shape and configuration.'

Art of War by Sun Tzu - Chinese strategist, general, philosopher, 496 BC

Financial markets is very much like warfare that requires fluidity in strategy and tactics to adapt to changing environments and business cycles to succeed. Water represents absolute flexibility to adapt and to thrive - Macrowaters Asia was founded on such principles.

Investment Strategy

Our Multi-Strategy/Global Macro  is recognized as the most adaptable and resilient strategy over time in search of alpha across multi-asset classes globally.

We do deep and independent analysis of macroeconomics, history, politics, fundamental & technical analysis, socio-cultural trends and behavioral finance to preserve capital in good & bad times.

Risk control is a key part of macro trading and playing good defense is vital to long-term investment success. Global Macro essentially is a multi-asset class strategy that allow us to flow between all asset classes (Currencies, Equities, Bonds, Commodities and Cash) to diversify, lower risks and use absolute return strategies (that can work in downtrends). 

Selling overvalued assets at 'euphoric highs' and buying undervalued assets at 'panic lows'. We can go short sell futures and buy put options to anticipate downtrends and hedge our portfolios unlike traditional investments.

Beyond top-down and bottom-up

Besides being top-down macro analysis and bottom-up value investing, we believe markets are not normally distributed and uncertainty cannot be fully quantified against conventional wisdom.

We hedge our portfolios against 'Black swan' events like the 2008 Global Financial/Lehman Crisis by buying 'put option protection' when insurance is cheap due to complacency and low volatility. 

Always looking for highly skewed asymmetric risk-reward ratios help us refine our opportunities to those with highest potential upside and lowest possible downside. In general, we look for 1-3 or even 1-5 risk/reward ratios.  

Risk management is a critical part of what we do. Risk budgeting, diversification to non-correlated assets to equity markets, asset allocation & rebalancing, stop loss in price & time and culture of risk control. This comes with lot of hard work.

Creativity and  diversity in views help us to filter down to the best ideas in each asset class and keep us 'ahead of the curve': A constant work-in-progress


Investment Philosophy - Best of 'East & West'

Classic teachings and new thinking in books like Art of War by Sun Tzu, Tao Te Ching by Lao Tzu and Confucius values combined with modern Western, Theory of Empirical Falsification by Karl Popper and Theory of Reflexivity by George Soros give us clues to to enhance our investment process. In addition, we incorporate 1700 Japanese rice trader Honma Munehisa's trading techniques and Benjamin Graham's value investing. 

Our investment philosophy guides us to be trend-following and trend-bucking, never married to one side and always adaptable to survive - just like water adapting to the environment.

This is why we are distinct from most other hedge funds, including other macro strategies. Contrarian thinking and anti-contrarian. (numerous examples in business & investment world, esp in the tech space, has shown that being rigid will face obsolescence)

Dynamic Asset Allocation

Our advantage lies in not being mandated to be fully invested at all times and can hold more cash if there are no compelling opportunities. By reallocating capital from equities to currencies or bonds and cash allow us to be anticipate trends and avoid being caught when market turmoil hits. Macro has more opportunity sets to find alpha returns. Our initial allocation of 20% in each asset class gives us a balanced 'risk-neutral' position.

Thus, allowing us to do battle when and where our probabilities of victory are highest. This gives us a natural edge to focus on defending our portfolios well when others may be blindly 'following the herd'. Allow us to put our extra cash to work when there are 'panic corrections or crashes'.

Our golden rule is 'Anticipate' and not 'react' to new trends and event risks.

Interest aligned with our investors

Our own capital is invested in the fund so whatever we do puts us in the same boat as our investors. This is a critical difference with traditional investment managers in the market and can affect motivation and  performance. 

Our passion, dedication and focus cannot be shaken as our core belief is to take care of our investors portfolio before everything else. End of day, survival first and doing what is right. 



Disclaimer: All information is strictly for Professional Investors and not meant to be a sale, advice or marketing of any product or service. No information here is allowed to be duplicated nor forwarded and belong to Macrowaters Asia Fund Management. We will not hesitate to take legal action according to copyright laws. All charts and performance metrics (gross returns before fees) are based on our actual model portfolio for illustration and not indicative of future performance. Past performance does not guarantee nor indicate future performance. Investment in financial markets involves all kinds of risks and may result in losses.

宏水亚洲基金管理

适应市场条件,为子孙后代保持长期的资本和增长

金融市场非常像战争,需要战略和战术的流动性,以适应不断变化的环境和商业周期取得成功。水代表了适应和繁荣的绝对灵活性 - 宏水亚洲是基于这样的原则。


们的战

资策略

我们的全球宏观战略被公认为是随着时间的推移,在全球跨多资产类别寻找超额市场回报的最适应性和弹性的策略。

我们对宏观经济,历史,政治,基础和技术分析,社会文化趋势和行为金融进行深入和独立的分析,以在好和坏的时期保护资本。

风险控制是宏观交易的关键部分,而良好的防御是长期投资成功的关键。全球宏基本上是一个多资产类策略,允许我们在所有资产类别(货币,股票,债券,商品和现金)之间流动,以多元化,降低风险和使用绝对回报策略(可以在下降趋势中工作)。

在“欣快的高点”卖出被高估的资产,在“恐慌低点”买入被低估的资产。我们可以进行卖空期货和买入期权,以预测下跌趋势和对冲我们的投资组合不同于

资理念 - “东西方

一千年的哲学,如孙子的战争艺术,老子的陶德清和孔子的价值观与现代西方,卡尔·波普尔的经验论证理论和反思性理论乔治·索罗斯指导我们通过“噪音”,以加强我们投资过程。

我们的投资理念指导我们追求趋势和趋势,从未结婚,总是适应生存 - 就像水适应环境。

这就是为什么我们不同于大多数其他对冲基金,包括其他宏观策略。反对思想和反相变。(业务中的许多例子,已经表明刚性将会满足其衰落,即柯达,宝丽来,棕榈公司,摩托罗拉,罗孚,边界)

超越自上而下和自下而上

除了自上而下的宏观分析和自下而上的价值投资,我们认为市场不是正态分布,不能完全量化传统智慧的不确定性。

我们通过购买“看跌期权保护”来保护我们的投资组合不受“黑天鹅”事件,如2008年全球金融/雷曼危机,因为保守廉价,由于自满和低波动。

始终寻找高度歪曲的不对称风险回报率,有助于我们将机会改善为具有最高潜在上升和最低可能下行的人。一般来

动态资产分配

我们的优势在于,没有强制要求在任何时候完全投资,如果没有令人信服的机会,可以持有更多的现金。通过将资本从股票重新分配到货币或债券和现金,使我们能够预测趋势,避免在市场动荡冲击时被捕获。宏有更多的机会集来查找超额市场回报。

因此,允许我们在我们的胜利概率最高的时候和地点做战。这给了我们一个自然的边缘,专注于保护我们的投资组合,当别人可能盲从“牧群”。允许我们在有“恐慌纠正或崩溃”时将我们的额外现金工作。

们的黄金法则是预测,而不是对趋势和事件风险

风险管理是我们做什么的关键部分。风险预算,与股票市场的不相关资产的多元化,资产配置和再平衡,价格和时间的止损以及风险控制的文化。

意见的创造力和多样性帮助我们过滤到每个资产类别的最好的想法,并保持我们的领先。

利益与我们的投资者

我们自己的资本投资于基金,所以无论我们做什么,我们都与我们的投资者在同一条船。这是与市场上传统投资经理的关键区别,并可能影响动机和绩效。

我们的激情,奉献和专注不能动摇,因为我们的核心信念是在其他事情之前照顾我们的投资组合。

 


免责声明:所有信息仅供专业投资者使用,并不代表任何产品或服务的销售,建议或营销。此处不允许重复或转发任何信息,属于宏水亚洲基金管理。我们将根据版权法律毫不犹豫地采取法律行动。所有图表和绩效指标(费用前的总回报)都是基于我们的实际模型组合进行说明,而不是未来表现的指标。过去表现不能保证也不表示未来表现。金融市场投资涉及各种风险,可能导致损失。