Emerging markets may be out of favour, but Asian analysts trounce their peers in Europe and the US in the success of their recommendations, according to the world’s second-biggest hedge fund.

全球第二大对冲基金称，尽管新兴市场可能开始失宠，但亚洲股票分析师在荐股表现上胜过欧美同行。

Research by London-based Man Group, covering more than 35,000 buy or sell ratings, found that buy recommendations of Asia-based analysts outperformed benchmarks by an average of 4.3 per cent in the 100 days after they were made.

总部位于伦敦的曼氏集团(Man Group)掌握着3.5万个“买入”或“卖出”评级纪录。它的研究显示，亚洲分析师所推荐股票在100天内的表现平均比所在市场股指的表现强4.3%。

In comparison, UK, European and US analysts’ recommendations managed 1.5 per cent.

相比之下，英国、欧洲及美国分析师所荐股票的表现仅比市场股指强1.5%。

Man has collected data on more than 6,500 analysts’ large-cap recommendations globally going back eight years, to develop its “Europe plus” ETF – the largest actively managed equity ETF in the world.

曼氏集团收集了逾6500名分析师过去8年在全球范围内推荐的大盘股数据，开发出“Europe plus”交易所交易基金(ETF)——这是全球规模最大的一支积极管理股票型ETF。

The vehicle trades based on a system that automatically collects and filters analysts’ recommendations.

这一投资工具的交易会自动收集并过滤分析师的荐股信息。

“We did a lot of detailed work looking at European analysts’ tips,” Sandy Rattray, chief executive of Man’s quantitative AHL division told the Financial Times. “It was a fully logical extension to look globally.”

曼氏集团旗下AHL量化部门首席执行官桑迪·拉特雷(Sandy Rattray)对英国《金融时报》表示：“我们十分仔细地分析了欧洲分析师的荐股报告，并自然而然地扩大到对全球分析师荐股的研究。”

According to Man, the results appear to reflect a genuine ability of Asia-based analysts, rather than being down to informational inefficiencies in local markets or inside information. Within Asian markets there was little difference between the performance of recommendations in those that were highly developed, with strong reporting requirements, and those that were not, Mr Rattray said.

曼氏集团称，研究结果看来反映了亚洲分析师的真实能力，他们靠的并非当地市场的信息不对称或内幕消息。拉特雷表示，亚洲分析师推荐的股票当中，那些已经非常成熟且需要满足严格披露要求的股票与其他股票的表现差别很校

As a result, Man was ramping up the trading strategy’s Asian exposure and launching an Asia-only version, he added.

他补充道，曼氏集团因此在交易策略中提高了亚洲股投资比例，并推出了一个亚洲版ETF。

Shares in the ETF have risen more than 17 per cent this year, compared with a 5.5 per cent loss for Man’s flagship quant fund AHL, and a lacklustre performance for its GLG funds.

亚洲版ETF投资的股票今年已上涨逾17%，相比之下，曼氏集团的旗舰量化基金AHL则亏损了5.5%，其GLG基金也表现疲弱。

“It turns out, Asian analysts’ opinions matter a lot,” said Mr Rattray. “And the effect has been consistent over time.”

拉特雷表示：“这证明，亚洲分析师的看法非常重要，他们的荐股表现一贯不错。”