Investors look to shelter portfolios from rising AI concentration risks - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Investors look to shelter portfolios from rising AI concentration risks

Fund managers see hedge funds and emerging markets assets as bulwarks against sudden shift in sentiment on artificial intelligence
00:00

{"text":[[{"start":7.8,"text":"Investors are hunting for strategies that will protect their portfolios against too much exposure to AI, as financial markets and the wider US economy become increasingly dependent on the health of the booming sector."}],[{"start":20.85,"text":"US equity and credit markets have become increasingly concentrated in AI-related companies. More than two-thirds of groups on the Russell 1000 index of large US groups are linked to AI, either directly or because the technology is becoming embedded in their business models, according to Citigroup research. "}],[{"start":38.7,"text":"At the same time, Big Tech “hyperscalers” and companies that are beneficiaries of the AI spending boom make up around 16 per cent of the US high-grade bond market after a huge borrowing binge in recent years, JPMorgan data shows. That makes them the biggest grouping in the investment-grade market."}],[{"start":57.400000000000006,"text":"The dominance of AI across equities and credit markets presents a growing challenge to fund managers, who say they are looking to track down assets and strategies not exposed to sudden shifts in sentiment on the technology. "}],[{"start":70.60000000000001,"text":"“Clients are revisiting the way they need to diversify,” said Vincent Mortier, chief investment officer at Amundi. The AI theme is “very powerful”, he noted, but a curveball such as a “big revision in earnings” could cause it to change direction. “It’s not imminent,” he said, but “I think it will come.”"}],[{"start":88.45000000000002,"text":"Ryan Marshall, BlackRock’s global head of multi-asset strategies and solutions, said that “trying to build portfolios where we’re bringing in independent, uncorrelated sources of return is absolutely in demand”."}],[{"start":101.25000000000001,"text":"One of the challenges “for multi-asset portfolios where you’re trying to bring in breadth and diversification”, he added, “is the concentration in AI-related exposures”."}],[{"start":111.70000000000002,"text":"“[Then] there’s just this second concentric circle of suppliers to that, which could be power-related, infrastructure-related, supply-chain-related,” he said, while “we also have this general economic growth correlation with AI right now.”"}],[{"start":125.50000000000001,"text":"Marshall noted that “this phenomenon is leading people to private asset classes, hedge funds, other areas of the market with lower correlations”."}],[{"start":134.35000000000002,"text":"In the hedge fund sector, he pointed to “managers who can demonstrate that the return streams that they are producing are independent of, or uncorrelated with” broader debt and equity market risks, including those running global macro and equity long-short strategies."}],[{"start":149.90000000000003,"text":"Mortier agreed that hedge funds were “big time” becoming more attractive to clients, but “the issue here is the hedge fund community is super diverse . . . [The challenge] is to find the right strategies and the right managers that are still open to taking money.”"}],[{"start":165.30000000000004,"text":"The Amundi investment chief added that clients are also “considering more and more emerging markets at large” — including local currency stocks and bonds, such as Latin America, India and China among others. "}],[{"start":180.35000000000005,"text":"Another popular avenue was, he said, “to go back to some fundamental real assets” where “you have something tangible”, noting that “mining is an interesting spot” while “renewables as well [are] a kind of diversification”."}],[{"start":193.50000000000006,"text":"Daniel Gamba, co-president and chief commercial officer at Franklin Templeton, said designated investment teams were assessing AI as a driver of returns, similar to other so-called factors such as value, momentum and growth, in a bid to build portfolios “with the least exposure to the volatility of AI”. "}],[{"start":212.45000000000005,"text":"“There’s more systematic [hedge fund] demand,” he added. “We see that also ourselves; our systematic business is growing. And there’s more factor diversification demand related to AI.”"}],[{"start":223.15000000000003,"text":"“We’re still positive [on] US equities,” noted Gamba, though “less bullish than at the beginning of the year, for sure” and “not just concentrated on the few companies who are investing close to $1tn on AI infrastructure.”"}],[{"start":235.50000000000003,"text":"“[We’re] clearly trying to look for diversified exposure.” "}],[{"start":239.50000000000003,"text":"Franklin was also positive on Japan and a number of EMs, he said, while in fixed income, it is looking at bonds with shorter maturities and “not really taking any big rate risk on the long end other than when people are looking for income.”"}],[{"start":254.05000000000004,"text":"“I would say just be careful about your factor diversification risk, and be careful about being just too exposed to just AI in your companies,” said Gamba. “Be a bit more defensive,” he added, though he noted that “we don’t think it’s going to be anything imminent that will trigger a big sell-off.”"}],[{"start":271.85,"text":"Still, referring to an infamous quote from former Citigroup boss Chuck Prince to the FT in July 2007 — shortly before the onset of the global financial crisis — Mortier cautioned that “we are a little bit in this environment today; the music plays, and people are still dancing.” "}],[{"start":289,"text":"“The music will stop playing at a moment in time. But the timing is so difficult to predict, so that’s why diversification is more than ever necessary.”"}],[{"start":308.25,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1791183247_3923.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

火箭、机器人和风险:马斯克的3.6万亿美元豪赌

全球首富试图促成迄今最大胆的一笔合并交易,但他还需要说服股东和全球监管机构。

埃博拉疫情扩散至西非,世卫组织发布警报

尼日利亚当局正紧急追踪一名本迪布焦型埃博拉病毒检测呈阳性者的数十名密切接触者。

让美国国务卿感兴趣的印度大型炼油厂

在白宫努力应对中期选举前燃油价格高企之际,特朗普的首席外交官鲁比奥将拜访信实工业董事长安巴尼。

投资方寻求退出渠道,运动品牌新贵Castore积极接洽中国买家

获安迪•穆雷爵士和吉姆•拉特克利夫爵士支持的英国品牌正与安踏、李宁及美国鞋履品牌洽谈出售事宜。

中国如何打破西方的电池壁垒

保护主义壁垒不断抬高之际,中国企业正加速打造全球供应链。

伊朗战争使全球石油力量平衡向美洲倾斜

随着买家竞相寻找替代来源,以弥补霍尔木兹海峡航运受阻造成的供应损失,南北美国家的石油投资和产量均大幅增长。
设置字号×
最小
较小
默认
较大
最大
分享×