欧米茄顾问公司(Omega Advisors)创始人利昂錠珀曼 (Leon Cooperman)上周将8月的抛售归咎于“系统性/技术型投资者。这位经验丰富的投资者把矛头指向一些有影响力的风险平价策略，这些策略是由布里奇沃特(Bridgewater)等对冲基金以及所谓CTA基金(专门从事基于计算机模型的衍生品交易的基金)开创的。

However, leverage used by risk parity funds tends to be concentrated in bonds, as prices for the securities have historically been less volatile than those for stocks. Performance for such funds has been poor this year, but there was no pronounced rise in bond volatility or the correlation between stocks and bonds in August.

然而，风险平价基金所用的杠杆往往集中于债券，因为此类证券价格的波动性传统上比股票低一些。今年以来此类基金表现一直不佳，但8月份债券波动性(或者股票与债券之间的关联度)并未显著上升。

JPMorgan also found that CTA strategies posted a small gain in the third week of August, when the sell-off occurred. Such performance suggests they were positioned ahead of the decline, so trades were unlikely to amplify market moves.

摩根大通还发现，CTA策略在8月第三周(抛售发生时)带来了小幅增值。这样的表现似乎说明，它们在股市下跌之前就做好了布局，因此相关交易不太可能放大市场波动。

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