10月30日，彭博发布上海高级金融学院金融学教授严弘的采访报道，6月末起中国股市巨震之下，对冲基金业绩却异军突起获得平均70%的收益率，对此，严弘教授结合中国私募投资研究中心的研究展开解读。 

 (Bloomberg) -- China’s summer market selloff wasn’t a total rout if you were one of the country’s top-performing hedge funds that gained an average 70 percent as almost 1,300 other funds were wiped out.

The country’s top 10 performers, run by Ze Quan Investment, Sunrise Investment, Zexi Investment and Yingyang Asset Management, found gains in the June-August period by heeding a famous maxim: Markets are ruled by fear and greed.

 “I was scared,” said Jiao Ji, chairman of Sunrise, based in northeastern China’s Jilin province, who dumped all his stock holdings in May, sat out the post-June 12 crash, and then made strategic purchases on brief upswings prompted by government intervention in July. Chasing gains at the top of the market was like “sucking blood from the tip of the knife,” he said.

Four of Sunrise’s funds made the top-10 list of the 2,193 stock funds in China in the three months through August, according to Shenzhen Rongzhi Investment Consultant Co., which tracks hedge funds. All 10 funds had sold their holdings or stayed out of the market before the June selloff.

Chinese funds have few sustainable strategies to avoid large declines. They mostly only buy and sell shares, rather than engage in tactics such as short-selling and trading in stock-index futures, which Chinese authorities have clamped down on after the market crash. While private investment firms are broadly categorized as hedge funds in China, they differ from their global counterparts in not making extensive use of hedging strategies.  That makes it harder to produce consistent returns.

“Pure market timing is very difficult, if not impossible, from a statistical point of view,” Hong Yan, Shanghai-based director of China Hedge Fund Research Center, said by phone.

Timing it right becomes crucial because “there are no other tools” for hedging, such as derivatives, he said.