2025 年 11 月：对对冲基金表现和仓位的首次观察

2025年11月：对对冲基金表现和仓位的首次观察 2 December 2025 | 4:14 AM China Standard Time Vincent LinGoldman Sachs & Co. LLCGlobal Banking & MarketsKartik SinghalGoldman Sachs InternationalGlobal Banking & MarketsTanya RatraGoldman Sachs & Co. LLC * More details and charts in the attached PDF report * * 更多细节和图表见附带的 PDF 报告 * * GS Prime clients can request access to Gross/Net leverage, L/S ratios,trading flows/exposures data and visuals by region, sector, and factorthrough Marquee API andMarketView– Please reach out to your GS * GS Prime客户可通过Marquee API和MarketView请求按地区、行业和因子划分的毛/净杠杆、多空比率、交易流/敞口数据及可视化—请联系您的高盛客户代表获取更多详情。 L/S Performance Estimates:Fundamental and Systematic L/S managers bothoutperformed the market benchmark in November, driven by strong alpha returns. 多空组合业绩估算：基本面与系统性多空经理在十一月均跑赢市场基准，主要由强劲的阿尔法回报推动。 Trading Flows:HFs net bought global equities for a third straight month and atthe fastest pace since June, driven by long buys in Single Stocks and to a lesserextent Macro Products.Overall gross trading activity – long and short combined – 交易流：对冲基金连续第三个月净买入全球股票，且买入力度为六月以来最快，主要由个股的多头买入力度推动，宏观类产品亦有一定贡献。总体毛交易活动（多头与空头合计）在过去20个交易日中有18个交易日出现增长。 What are the Hedge Funds flows on their long leg portoflio globally? 对冲基金在其多头投资组合上的全球资金流向是什么？ Z-Scores (+ve means long buying, -ve means long selling)Z分数（正值表示做多买入，负值表示做空卖 Data Source:Prime Book Flows and Exposures 数据来源：做市账簿流动与敞口 Source:Marquee MarketView 来源：Marquee MarketView What are the Hedge Funds flows on their short leg portoflio globally? 对冲基金在其空头组合上的全球资金流动情况如何？ Z-scores (+ve means short covering, -ve means short selling)Z分数（正值表示回补空头，负值表示卖 Source:Marquee MarketView 来源：Marquee MarketView Exposures:Fundamental L/S Gross and to a lesser extent Net leverage bothticked up in November, led by US L/S managers. 敞口：基础多空策略的总敞口和较小幅度的净杠杆在11月均有所上升，主要由美国多空经理推动。 How has the US-Focused Fundamental Long/Short Funds leverage evolved over 来源：Marquee MarketView How has the US-Focused Fundamental Long/Short Funds long/short ratio evolved Regional Positioning:North America and DM Asia were net bought for a thirdstraight month, while HFs net sold European equities at the fastest pace in seven 区域配置：北美和已发展市场亚洲连续第三个月被净买入，而对冲基金对欧洲股票的净卖出速度为七个月来最快。 US Sector Positioning:HFs rotated into Health Care, Comm Svcs, ConsumerDisc, and Financials in November, while Info Tech, Industrials, and Energy were 美国行业配置：在11月，对冲基金转向投资医疗保健、通信服务、非必需消费品和金融板块，而信息技术、工业和能源被净卖出最多。 Source for all charts: Goldman Sachs FICC & Equities and Prime Services data,MarketViewasof December 1, 2025. Past performance is not indicative of future results.All references to Conflict of Interest Disclosure: We are a full-service, integrated corporate advisory, investmentmanagement, and brokerage firm. The professionals who prepared this material are paid in partbased on the profitability of The Goldman Sachs Group, Inc., which includes earnings from the firm'strading, capital markets, corporate advisory and other business. They, along with other salespeople,traders, and other professionals may provide oral or written market commentary or tradingstrategies to our clients that reflect opinions that are contrary to the opinions expressed herein or theopinions expressed in research reports issued by our Research Departments, and our market making, investing and lending businesses may make investment decisions that are inconsistent with Certain information included in the Information relies on data from external vendors; Goldman Sachshas not verified such information. Your data may be used along with other client's data on anaggregate and anonymized basis to populate the Information. However, not all clients that useGoldman Sachs as a prime broker are necessarily included in the data set. Additionally, certain data Notice to Australian Investors: When this document is disseminated in Australia by Goldman Sachs& Co. LLC ("GSCO"), Goldman Sachs International ("GSI"), Goldman Sachs (Asia) L.L.C.("GSALLC"), or Goldman Sachs (Singapore) Pte ("GSSP") (collectively the "GS entities"), this • the person is a Sophisticated or Professional Investor for the purposes of section 708 of the • the person is a wholesale client for the purpose of section 761G of the Corporations Act of To the extent that the GS entities are providing a financial service in Australia, the GS entities areeach exempt from the requirement to hold an Australian financial services licence for the financial foreign laws which differ from Australian laws, specifically: • GSCO is regulated by the US Securities and Exchange Commission under US laws;• GSI is authorised by the Prudential Regulation Authority and regulated by the Financial ConductAuthority and the Prudential Regulation Authority, under UK laws; Notice to Brazilian Investors Marquee is not meant for the general public in Brazil. The services or products provided by or through Marquee, at any time, may not be offered orsold to the general public in Brazil. You have received a password granting