I think that risk aversion from British pension funds plays a huge part.

我认为英国养老基金的风险规避起到了很大的作用。

Terry Smith, a British fund manager, recently dumped his Amazon stock, arguing that its move into grocery retail risked misallocating capital.

英国基金经理特里·史密斯(Terry Smith)最近抛售了他的亚马逊股票，认为该公司进军杂货零售业可能存在资本配置不当的风险。

To ensure they did not look more underfunded when rates fell, many British funds loaded up on derivatives that would pay out when rates dipped, but required them to cough up cash when they rose.

为了确保它们在利率下降时不会显得资金不足，许多英国基金大量购买衍生品，这些衍生品会在利率下降时支付，但要求它们在利率上升时掏出现金。