A hedge fund designed to profit from a slowdown in the Chinese economy, run by the London hedge fund manager Hugh Hendry, has soared in value over the past two months as global markets have plummeted and industry peers have suffered damaging losses.

　　在全球市場暴跌、業(yè)內(nèi)同行遭受巨額虧損之際，倫敦對沖基金經(jīng)理休?亨德利(Hugh Hendry)管理的一只旨在從中國經(jīng)濟放緩中獲利的對沖基金的價值在過去兩個月里大幅飆升。

　　Mr Hendry – a former Odey Asset Management trader – is one of only a handful of hedge fund managers positioned against Chinese growth and therefore pitted against heavyweight investors such as Anthony Bolton.

　　曾任Odey Asset Management交易員的亨德利，是少數(shù)幾個做空中國經(jīng)濟增長、從而與安東尼?波頓(Anthony Bolton)等重量級投資者唱對臺戲的對沖基金經(jīng)理之一。

　　Mr Hendry’s Eclectica Credit Fund is constructed from a portfolio of short positions against highly cyclical Japanese corporate credits that have high exposure to Chinese demand.

　　亨德利的Eclectica Credit Fund建立了一系列空頭頭寸，做空高度依賴中國需求、周期性很強的日本企業(yè)信貸。

　　The fund, which raised a modest $150m from a handful of London investors when it launched late last year, is up 38.65 percent so far this year, having returned 22.5 percent in August – the hedge fund industry’s worst month since the collapse of Lehman Brothers three years ago.

　　去年底成立時，Eclectica基金從倫敦幾名投資者手中籌資1.5億美元。今年迄今，該基金凈值累計上漲了38.65%，8月份的回報率達到22.5%，而該月是自三年前雷曼兄弟(Lehman Brothers)破產(chǎn)以來對沖基金業(yè)表現(xiàn)最差的一個月。

　　The news comes as concerns of a Chinese slowdown gather speed. Wu Xiaoling, the former deputy central bank governor and vice director of the finance and economy committee of the National People’s Congress, said the economy would cool next year and efforts to spur growth will be constrained by inflation, in an article published on Monday by the Chinese central bank’s official newspaper.

　　上述消息傳出之際，外界對中國經(jīng)濟放緩的擔憂日益升溫。原中國央行副行長、現(xiàn)擔任全國人大財經(jīng)委副主任的吳曉靈在周一發(fā)表于央行官方報紙《金融時報》(Financial News)上的一篇文章中表示：2012年中國經(jīng)濟增速放緩將成為大概率事件；當前中國經(jīng)濟正面臨通貨膨脹和財政債務的壓力，這意味著政策方面不能再走信貸和財政雙擴張的道路。

　　Mr Hendry’s fund is up a further 11 percent for September, according to an investor. Mr Hendry declined to comment.

　　據(jù)一位投資者表示，亨德利基金的凈值在9月份又上漲了11%。亨德利拒絕置評。

　　In comparison, the average hedge fund has lost money this year, data from Hedge Fund Research show. The HFRI composite index, which tracks performance numbers from across the industry, is down 1.47 percent since January.

　　相比之下，來自對沖基金研究(Hedge Fund Research)的數(shù)據(jù)顯示，平均而言，對沖基金今年處在虧損狀態(tài)。追蹤整個對沖基金業(yè)業(yè)績數(shù)據(jù)的HFRI綜合指數(shù)自今年1月以來下跌了1.47%。

　　Mr Hendry, a noted contrarian, began raising concerns about a Chinese slowdown in 2009 – even uploading a homemade video on to the popular video sharing site YouTube based on a visit to deserted Chinese real estate developments.

　　作為一位著名的反向投資者，亨德利在2009年開始表示出對中國經(jīng)濟放緩的關切——他甚至跑到中國拍攝空蕩蕩的樓盤，并將自制的視頻上傳至廣受歡迎的視頻共享網(wǎng)站YouTube。

　　His flagship Eclectica fund has had a short position against Japanese corporate credit for some time, but the strategy was only broken out as a separate specialist fund 12 months ago.

　　亨德利招牌性的Eclectica基金建立針對日本企業(yè)信貸的空頭頭寸已有相當一段時間，但只是在12個月前，這種做空策略才演變?yōu)橐恢华毩⒌膶I(yè)基金。

　　Japan was the most industrially exposed economy to China, Mr Hendry told the Financial Times then. The “slightest sneeze” in south-east Asia “will give me so much... bang for my buck,” he said.

　　亨德利當時向英國《金融時報》表示，日本是工業(yè)上最依賴中國的經(jīng)濟體。他說，東南亞“稍微打個小噴嚏，我就能大發(fā)橫財”。

　　The fund bought up cheap credit protection on companies such as Nippon Steel or JFE Holdings for as little as 50 basis points annually, expecting spreads between to widen following an export-led slowdown.

　　這只基金以低至每年50個基點的價格，購買了針對新日鐵(Nippon Steel)或日本川鐵(JFE)等公司的廉價信用保險(credit protection)，寄望于在出口拉動型經(jīng)濟增長放緩之后價差會擴大。

　　Japanese companies were highly exposed to China but such risks were currently underpriced, he said. The cost of CDS protection on US Steel, for example, was at the time about 500 basis points annually.

　　亨德利當時表示，日本公司對中國的風險敞口非常大，但此類風險眼下被低估了。例如，當時美國鋼鐵公司(US Steel)信用違約互換(CDS)的成本是每年約500個基點。

　　Very few hedge fund managers share Mr Hendry’s pessimism. Only James Chanos – the noted short seller who correctly highlighted corruption at Enron – has also launched a dedicated ‘short China’ fund, which bets against the Chinese property market through Hong Kong-listed entities.

　　很少有對沖基金經(jīng)理認同亨德利的悲觀觀點。唯有知名空頭投資者、曾對安然(Enron)腐敗行為予以恰當關注的詹姆斯?查諾斯(James Chanos)也創(chuàng)立了一只專門“做空中國”的基金，該基金通過在香港上市的實體押注中國房地產(chǎn)市場崩盤。

　　China bulls have had a rough ride so far this year, however. Mr Bolton, one of the most notable, raised $743m for his Fidelity China fund in 2010, but was forced to admit in June that returns for his fund had been “disappointing”.

　　然而，今年迄今，做多中國的投資者日子并不好過。作為其中名氣最大的人物之一，波頓在2010年為自己管理的富達中國基金(Fidelity China Fund)籌集了7.43億美元，但他被迫在今年6月承認，該基金的回報率一直“令人失望”。