1. The types and regions of asset allocation are different.

China's investment institutions are basically concentrated in the bonds and stocks of China market and China companies. The asset allocation of American hedge funds is more international and diversified. For example, last year, technology stocks and Japanese government bonds were the heavy positions of American hedge funds. This year, funds were transferred to blue-chip companies, emerging markets and some European countries.

2. Different operation strategies.

Funds in China are basically long-only, while funds in the United States play a variety of ways, including long-only funds, short-only funds, long-short funds and high-frequency trading funds based on quantification. At the same time, according to the degree of fund managers' participation in the invested company, they are divided into active funds and passive funds. For example, currently active funds include Pershing Plaza founded by bill ackman and Karl Yichang Enterprise, which are "Wall Street killers". These active funds put forward their own board members to promote the changes in the strategy, cost and capital allocation of the invested company, thus enhancing the company's stock.

3. Different status.

Many companies in the United States do not have concentrated shares, and even the founders of the companies hold a small proportion of shares. If external funds hold about 65,438+00%, they can basically have a strong voice and voting right on the board of directors. But in China, either the founder's family is absolutely controlled or the state is absolutely controlled.