近年来,股市的持续低迷催生了投资者对绝对收益类基金产品的旺盛需求。除了“固定收益”基金、即主要投资于固定收益或货币市场的基金,随着监管政策的放开,偏股类基金中也开始出现追求“绝对收益”的创新产品。这里所谓的“绝对收益”基金,是与“相对收益”相对应的。传统的偏股类基金通常只采取单向做多股票的策略,追求超越指数表现的相对收益。当系统性风险发生时,多数基金采取降低股票仓位来尽可能规避风险,往往造成收益的较大波动。对于持股比较集中或小盘股仓位偏高的基金来说,即使减仓也很难抵抗系统性风险。与“相对收益”基金不同,绝对收益基金不考虑投资的方向(做多或者做空),而是利用对冲、 In recent years, the stock market’s downturn has spurred investors’ strong demand for absolute return fund products. With the exception of “fixed income” funds, which are funds that mainly invest in fixed-income or money markets, with the release of regulatory policies, there are also innovative products in partial stock funds that are pursuing “absolute returns.” The so-called “absolute return” fund here corresponds to “relative return”. Traditional partial stock funds usually only take one-way strategy to do more stocks, the pursuit of performance beyond the relative performance of the index. When systemic risk occurs, most funds take the risk of lowering their stock positions to the greatest possible extent, often resulting in large fluctuations in earnings. For funds that hold a relatively concentrated or small-cap position, it is hard to resist systemic risk even if lighten up. Unlike a “relative return” fund, an absolute return fund does not consider the direction of the investment (whether it is long or short), but uses hedging,