金吾财讯 | 高盛发布机构持仓分析报告指出，对冲基金整体对于AI板块的风险敞口依旧高于共同基金，二季度两大类型机构在AI相关股票上面，采取了大量截然相反的调仓动作。对冲基金的投资组合依旧和AI交易高度绑定，共同基金整体则处在AI低配状态，今年虽然共同基金小幅加仓AI基础设施类标的，增持力度仍然没能追上基准指数的权重水平。
分歧在头部科技巨头当中体现得最为突出。二季度对冲基金选择买入微软（MSFT）与亚马逊（AMZN），共同基金却对这两家公司执行减持操作。与此同时对冲基金降低不少热门AI大盘股的持仓敞口，当中包含Alphabet（GOOGL）、MetaPlatforms（META）、英伟达（NVDA）、博通（AVGO）等多家产业链龙头。半导体存储赛道同样出现多空错位，共同基金加仓超威半导体（AMD）、美光科技（MU）、闪迪（SNDK），对冲基金则同步收缩这部分仓位。两类机构也存在持仓共识，合计有12只AI基础设施标的同时获得双方增持，也有多只个股被两大机构同步减持。从收益特征来看，对冲基金组合收益更容易跟随AI板块波动，共同基金持仓组合整体AI暴露程度显著更低。这份统计覆盖991家对冲基金合计5.4万亿美元股票持仓，以及504只大盘主动共同基金4.6万亿美元的股票资产，统计样本合计接近10万亿美元的机构权益仓位，具备较强的市场参考意义。
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