模仿 Bridgewater 系统化框架的 All Weather 基金今年以来下跌约1.4%。同期间，裁量型宏观基金更差，至4月3日累计下跌10.3%，成为中国今年表现最弱策略。对比全球市场，裁量型宏观基金三月下跌5.5%，为近六年最差，显示地缘冲击下风险具有同向传导。Bridgewater 表现仍呈高波动：All Weather Plus 一月上涨14.7%，二月回落3%，截至3月31日自成立以来年化报酬为21.5%，突显其在地缘冲击下可出现剧烈波动。
市场环境差异下，不同机构采取不同风控。Hainan Infinity 的中等波动宏观产品在3月中受股市、债券、商品与黄金下跌影响，出现历史性单周回撤。上海弘虎投资 Shanghai? no, Honghu Investment Management Co. 的平衡型宏观基金三月下跌近3%，股票与债券亏损、商品贡献收益；更主动策略在近期回升超过3%以对冲二月大跌。Star Fund Management Co. 的 Tianji No.1 自2月底下跌8.5%，至4月3日年初至今为2%亏损，但自2022年12月成立以来累计上涨101%。该行业措施包括降持股、缩短债券久期与加空，并提及流动性和基本面「双重压力」。同时，中国经济一季度GDP同比增长5%，为近三个季度最快；在美伊谈判乐观预期下，CSI 300回升并抹平冲击后期初亏损，市场仍将回撤视为暂时而非常态。
China’s macro hedge funds were hit hard after Iran-war volatility, with Bridgewater Associates’ All Weather Plus down 5.6% from Feb 27 to Apr 3, reducing first-quarter net return to 3.9% while remaining above its long-term target. Shanghai Longlife Investment Co.’s Macro Hedging No. 1 fell 25% in March, cutting its Q1 gain to 13%, mainly due to equity losses. PaiPaiWang Investment & Management Co. data showed tracked China macro funds lost an average 6.3% last month, the worst monthly result since at least last year’s start.
All Weather strategies modeled on Bridgewater were down about 1.4% year-to-date, while discretionary macro funds were far weaker at a 10.3% loss through Apr 3, the worst in China this year. Globally, discretionary macro funds also struggled, down 5.5% in March, their weakest six-year result, showing synchronized risk. Bridgewater remains highly cyclical: All Weather Plus gained 14.7% in January, dropped 3% in February, and had a 21.5% annualized return since inception through Mar 31, highlighting volatility around geopolitical shocks.
Individual managers reported mixed internal outcomes. Hainan Infinity said mid-volatility macro products hit a record single-week drawdown in mid-March after declines across stocks, bonds, commodities, and gold. Honghu Investment Management Co.’s balanced macro fund fell nearly 3% in March, with equities and bonds negative while commodities were positive, and risk-control adjustments were emphasized amid “double pressures” on liquidity and fundamentals. Star Fund Management Co.’s Tianji No.1 was down 8.5% since late Feb and 2% year-to-date, yet up 101% since inception in Dec 2022. China’s GDP rose 5.0% year-on-year in Q1, the fastest in three quarters; the CSI 300 recovered as optimism over U.S.-Iran talks returned, and managers framed the drawdowns as likely cyclical rather than permanent.