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Hedge funds have enjoyed their best quarter relative to US equities in four years as big bets on the rise in the US dollar paid off for some of the world’s best known managers, helping the industry break years of mediocre returns.
对冲基金在上个季度取得了四年来最佳业绩（相对于美国股市的表现），一些全球最知名的经理人豪赌美元走高成功，从中大赚了一把，帮助该行业打破多年平庸回报的局面。
Funds including Ray Dalio’s Bridgewater, Louis Bacon’s Moore Capital and Alan Howard’s Brevan Howard have all enjoyed strong starts to 2015, after making the correct call that the US dollar would rise sharply against other major currencies.
雷•戴利奥(Ray Dalio)的布里奇沃特(Bridgewater)、路易斯•培根(Louis Bacon)的摩尔资本(Moore Capital)以及艾伦•霍华德(Alan Howard)的布勒旺霍华德(Brevan Howard)等基金，都在2015年开局强劲，此前它们正确地预测，美元相对于其它主要货币将大幅走高。
Managers said the trade will remain a cornerstone of macro hedge fund portfolios in the coming months, despite a recent run of poor economic data from the US, because the Federal Reserve continues to edge towards tighter monetary policy while Europe and Japan are in the midst of quantitative easing.
经理们表示，这一交易在未来数月仍将是宏观对冲基金的投资组合的基石，尽管最近美国发布了一连串糟糕的经济数据，原因是美联储(Federal Reserve)继续趋向于收紧货币政策，而欧洲和日本都在实行量化宽松政策。
“We all know the US economic story, we all know the European economic story and we all know that monetary policies are out of sync,” said Ray Nolte, chief executive of SkyBridge Capital, a fund of funds with stakes in many of the largest hedge funds.
“我们都知道美国经济的故事，我们都知道欧洲经济的故事，我们都知道货币政策不同步，”基金的基金、在许多最大的对冲基金持有股份的天桥资本(SkyBridge Capital)的首席执行官雷•诺尔特(Ray Nolte)表示。
The widely held bet on the dollar meant hedge funds enjoyed their best quarter of performance relative to the US S&P 500 index since 2011, according to the data provider Hedge Fund Research.
数据提供商对冲基金研究(Hedge Fund Research)的数据显示，对美元的普遍押注意味着，对冲基金取得了自2011年以来相对于美国标普500指数(S&P 500)表现最好的一个季度业绩。
Mr Dalio’s Bridgewater, the world’s largest hedge fund with $169bn of assets under management, saw its Pure Alpha fund rise about 14 per cent up to the end of March, said people familiar with the fund.
戴利奥的布里奇沃特是世界上最大的对冲基金，旗下管理着1690亿美元资产。知情人士称，其纯粹阿尔法基金(Pure Alpha fund)截至3月底上涨大约14%。
Louis Bacon’s Moore Global fund is up about 4 per cent, while Brevan Howard’s Master Fund has rebounded from its first losing year in 2014 to be up close to 3 per cent.
路易斯•培根的摩尔全球基金(Moore Global fund)上涨大约4%，而布勒旺霍华德的主基金(Master Fund)在2014年遭遇首次全年亏损后反弹，上涨近3%。
Other managers that enjoyed strong starts to 2015 include Andrew Law’s Caxton, up almost 7 per cent and Paul Tudor Jones’s Tudor Global fund, up almost 5 per cent.
2015年开局强劲的其他经理人包括安德鲁•劳(Andrew Law)的卡克斯顿(Caxton)，上涨近7%，以及保罗•都铎•琼斯(Paul Tudor Jones)的都铎全球基金(Tudor Global fund)，上涨近5%。
