CQF校友访谈录 | 揭秘投资组合经理的一天

Hong Kong-based CQF alumnus,Alen Pavlović,is a Portfolio Manager for Liquibit Capital,a quantitative-driven investment management and technology company.We spoke to him about a typical day as a portfolio manager,the highlights and challenges of the role,and his advice to aspiring professionals.
香港的CQF校友Alen Pavlović是Liquibit Capital的投资组合经理，这是一家量化驱动的投资管理和技术公司。我们与他就投资组合管理的工作日常进行了交流。今天，就跟着高顿学姐一起来看看吧！

Q1：Tell us about the work you do in your current role?
Currently,I am a portfolio manager in a crypto hedge fund,one of the largest in the field,where we are running a delta neutral strategy.My job is to strategically manage the capital in the fund,which involves making day-to-day trading decisions and staying on top of the news in the crypto space.I focus on studying the research,exploring new opportunities,and assessing new ways of making money.In addition,I manage the junior traders on the desk,who are helping me execute,together with the tech and research teams.
Q1：请介绍一下您目前的工作内容？
目前，我在一家加密对冲基金担任投资组合经理，这是该领域规模最大的基金之一，我们采用Delta中性交易策略进行投资。我的核心职责是对基金资本进行战略性管理，包括制定日常交易决策、实时追踪加密行业动态。具体工作涵盖深度研读行业报告、挖掘新兴投资机会、探索创新盈利模式。同时，我还负责管理交易团队的初级交易员，与技术及研究部门协同配合，共同执行交易策略。

Q2：Where and in what role did you start your career and how did you get to where you are today?
In terms of previous experience,I have worked at Morgan Stanley and Bitmex,both of which have helped me navigate my current job effectively,not only in executing trades,but also in understanding all the bottlenecks that can exist.My career started in Croatia,where I was working for a company making an electrical supercar.They're helping Bugatti now and are quite large,but at that time,they were small.I was in the team of about 20 people,working as an electrical engineer.The environment was interesting,but not dynamic enough for me.Fortunately,I got an opportunity to study abroad and some of the professors at the university were in finance,either as traders,or risk managers.That was when my first pivotal decision came about,and I switched to the financial space at the right time.A second,truly transformative decision was undertaking the CQF.The program provided a structured and powerful way to gain the advanced quantitative skills that are essential in today's financial markets,and I'm very grateful for that foundation.
Q2：您最初在哪里开始您的职业生涯，担任什么角色，以及您是如何走到今天这个位置的？
我的职业生涯始于克罗地亚，当时在一家研发电动超跑的公司担任电气工程师。他们现在为布加迪提供支持，规模已经很大，但当时还是个小型团队，只有约20人。这个工作环境很有趣，但对我来说不够有活力。
后来我获得了出国留学的机会，大学里有些教授来自金融领域，有的是交易员，有的是风险经理。这是我做出的第一个关键决定——在恰当时机转入了金融行业。
第二个真正改变我职业轨迹的决定是攻读CQF。这个项目让我系统性地掌握了当今金融市场必备的高级量化技能，我十分感激它打下的基础。
在职业经历方面，我曾在摩根士丹利和BitMEX工作，这些经历帮助我有效胜任当前工作，不仅提升了交易执行能力，也让我深入理解了可能存在的各种瓶颈。

Q3：What are some of the highlights of working in portfolio management and what are the biggest challenges?
In the crypto space,the market is running 24/7 and it is nothing like other asset classes in terms of dynamics,volatility,and market inefficiencies.So,the biggest challenges are staying up to date with all the information and everything that is happening because market regimes are shifting very quickly.You must filter information efficiently,particularly when the signal to noise ratio is very low.You also need to stay patient and calm.Sleep is optional;that is what I say anytime I interview a junior trader.This is no joke because something may happen at 2am or 3am,or on a Saturday or Sunday night.You need to be vigilant.That's part of the job here and being able to manage stress in this job is very important.Successfully navigating these challenges and identifying opportunities within this dynamic environment is incredibly rewarding.
Q3：在投资组合管理工作中有哪些亮点，最大的挑战又是什么？
在加密货币领域，市场24/7全天候运行，其动态性、波动性和市场低效性与其他资产类别截然不同。因此，最大的挑战在于实时跟进所有信息和市场动态，因为市场机制瞬息万变。你必须高效筛选信息，尤其是在信号与噪声比率极低的情况下。同时，保持耐心和冷静也至关重要。
睡眠是可有可无的——这是我面试初级交易员时常说的话。这绝非玩笑，因为市场可能在凌晨两三点、或是周六周日的深夜突发状况。你必须时刻保持警觉，这是这份工作的一部分，而管理压力的能力也极其重要。成功应对这些挑战，并在这个充满变数的环境中识别机会，会带来极大的成就感。
Q4：Could you describe what a typical working day looks like for you in your current role?
I'm a big fan of the routine and staying disciplined.So,my day usually consists of getting up between 5:00 to 5:30 am.I have my morning coffee and review the portfolio books that we hold just to make sure that there was no drama overnight.I also catch up on any messages and alerts that may have happened.Then I go for a morning workout and head to the office.Usually,we'll have a strategic briefing in the morning with the CIO and junior traders,where we go through scenarios and expectations for the day and review our plan for what I like to call“defending the portfolios.”Even though we are focused on systematic trading and machines are doing the job,I need our traders to observe all that activity and make sure that things are functioning as expected.Afternoons are usually spent on research and exploring new ways of doing arbitrage on crypto.We also spend time catching up with clients and service providers and discussing tools that we are using.If we need any additional enhancements,we explain it to them then.In the evenings,sometimes I may take clients to dinner;it is important to stay visible and reachable for the people you are working with.Soft skills are as important as hard skills;I would say being able to communicate very well is essential.Over communicate,really,that's what I always tell my team,because if you don't tell me,I don't know.
Q4：您能描述一下您在当前职位中的典型工作日是什么样的吗？
我崇尚规律作息和严格自律。通常清晨5:00-5:30起床，边喝咖啡边核查投资组合账簿，确保夜间没有异常波动，同时处理积压的消息。晨练后前往办公室，上午会与CIO及初级交易员举行战略简会——我们称之为"组合防御计划"，研判当日市场情景与预期。虽然采用系统化交易策略由机器执行，但我要求交易员全程监控确保运作正常。
下午主要投入加密套利新策略的研发，同时与客户及服务商跟进工具使用情况，及时提出优化需求。晚间偶尔需要商务宴请，保持与合作伙伴的可见度和可联系性至关重要。我始终强调软技能与硬技能同等重要——"强制沟通"是我对团队的一贯要求，毕竟如果你们不主动汇报，我根本无法知情。

Q5：What do you think are the most important skills for professionals in your field to have?
Regarding the professional skills that people bring in from their universities,analytical thinking is crucial for the research and putting ideas into practice.With all the general tools for coding now,you don't need to be a perfect programmer,but you need to think in a proper mathematical way,so,understanding the basics of quantitative finance and the concepts to apply in each situation is very helpful.People who are strong in physics,applied mathematics,and engineering,and can apply those skills effectively.I think that the CQF is doing an outstanding job on that front by giving that deep mathematical introduction,including,stochastic calculus;with that foundation,you are genuinely equipped with what you need.The CQF provided me with a critical toolkit.In addition,there is now a substantial component of AI/ML in the program,and I wanted to see in my own coursework how I could apply this to algorithmic trading.I decided to do my final project on Bitcoin,so it was a great learning experience,and I discovered some bottlenecks.Ultimately,the knowledge and practical insights gained from the CQF were instrumental in my transition into the front office;I was better prepared with both knowledge and understanding the expectations.I am very appreciative of how the CQF program facilitated this.One of the key balances in this field is to truly understand how to develop a profitable strategy and still be safe from a risk management perspective.
Q5：您认为在您领域工作的专业人士最重要的技能是什么？
在专业能力方面，大学培养的分析性思维至关重要——这关乎研究能力与实践转化。虽然如今通用编程工具已很普及，你不需要成为完美程序员，但必须具备正确的数学思维方式。扎实掌握量化金融基础原理及场景应用能力非常关键，这也是物理、应用数学和工程背景人才的优势所在。
CQF在这方面做得尤为出色，它通过随机微积分等深度数学训练构建知识体系。这个项目赋予了我关键的专业工具包，其新增的AI/ML模块让我在课程研究中探索了算法交易的应用可能——我最终选择比特币作为毕业课题，不仅获得了宝贵经验，还发现了若干瓶颈问题。可以说，CQF提供的理论知识和实践洞察力，为我顺利转型前台业务奠定了双重基础。这个领域的核心平衡点在于：既要真正掌握盈利策略的开发方法，又要确保风险管理的安全性。

Q6：Do you think the industry has changed since you started your career,and how do you see it changing in the next few years?
The industry has changed a lot;with crypto,there have been so many ups and downs and being in trading,you need to manage those situations smoothly.On the bright side,we are getting to the stage where crypto trading is not just taken up by individuals and pioneers;these days,institutions are knocking on our door trying to understand the space and explore opportunities in this asset class.Places like BlackRock and other big companies in the US are evaluating crypto and regulation from the SEC and other regulatory agencies around the world is getting better.There is still a lot of work to do in setting up certain rules and regulations,but the news is more positive than negative in the crypto space these days.I believe we are on the cusp of seeing digital assets become a more mainstream and integrated part of the global financial system.
Q6：您认为自从您开始职业生涯以来，行业发生了变化吗？您如何看待未来几年行业的变化？
这个行业确实发生了巨大变化。以加密货币领域为例，市场经历了多次剧烈波动，而作为交易员，必须学会从容应对这些极端行情。但积极的一面是，加密货币交易已不再只是散户和早期探索者的游戏——如今，机构投资者正主动寻求入场，试图理解这一资产类别的运作逻辑并挖掘机会。
像黑市集团这样的资管巨头已开始系统评估加密资产配置，同时SEC（美国证券交易委员会）及全球监管机构也在不断完善相关框架。尽管在规则制定方面仍有大量工作要做，但当前监管动态整体偏向积极。我认为，我们正站在数字资产迈向主流化的关键节点，未来几年它将成为全球金融体系更紧密的组成部分。

Q7：What would your advice be to someone starting a career in your field today?
I would say,if you're raising capital for your own investment company,investors care about return,certainly,but they also worry about the risk profile.That's one of the things that up-and-coming traders may forget.They are looking just at the ways to make money,but they don't think about the risk and especially how they're going to defend their capital.Institutional players will require answers from an operational point of view,and are quite focused on safety,privacy,and risk management.They will be thinking about all the good and bad scenarios,and you should be prepared for rigorous questions,a mindset that obviously comes with industry experience.You should also use your analytical and critical skills when you're developing trading strategies and always ask yourself,“What can go wrong?”Stay on top of the news and the latest developments but take care to filter out the noise that is coming in all the time.And finally,regarding your behavior on social media,for example,don't tweet anything-people in crypto will understand.That would be my advice.
Q7：对于那些刚进入您这个领域的职场新人，您有什么建议？
我的建议是：如果你在为自己的投资公司募资，投资者当然关心收益，但他们同样在意风险控制——这是很多新人容易忽略的。新手往往只盯着赚钱的门道，却很少思考如何守住本金。机构投资者会从运营安全、合规流程等专业角度发难，你必须对各类极端情况都有预案——这种周全的思维往往需要实战积累。设计交易策略时，永远要用批判性思维自问："最坏的情况会怎样？"用数据验证每个环节的脆弱性，像做压力测试那样审视策略。保持对行业动态的敏锐度，但要学会过滤市场噪音——在加密货币领域，区分实质性变革和短期杂音尤为重要。最后提醒：在社交媒体上务必谨言慎行，懂的都懂。