Interest Shift in Hedge Funds: EUR Capital Gains as USD流出, EUR and APAC Surge +200%

U.S. hedge fund interest cooled in 2023 for the first time since then, amid酝酿 of a "Sell America" scenario following Trump's April 2024 tariff rollback. A Barclays survey of 342 investors managing $780 billion found plans to increase U.S. hedge fund allocations would rise 5% from 2025, while inflows are shifting to European and Asian managers. Investor interest in Asia-Pacific hedge funds has more than doubled since the 2024 low, with European interest more than tripling and Asian interest up about 10% in the November–December survey. Accession fees remain at historically high levels, but net investor returns rose from ~47% to 56%, and overall returns for all hedge funds climbed ~5% in 2025. Multi-manager funds, whose AUM averaged ~17% annual growth since 2017 reaching ~$43.5 billion in 2025, remained largest but not most preferred. Macro strategies and systematic stock trading captured the most net inflows in 2025, with market-neutral leading investor preference in 2026, followed by quant multi-strategy, which has been the most sought-after since 2020. The industry expanded over 25% between 2023 and 2025, the largest two-year increase since 2011–2013.