Core Viewpoint - The micro-cap stock index has shown strong performance this year, consistently outperforming other mainstream broad-based indices since 2010, with the exception of 2017 and 2020 [3][5]. Group 1: Micro-Cap Fund Performance - As of June 17, there are 240 micro-cap style funds, with an average return of 26.26% over the past year, significantly higher than the average return of 7.67% for 23,629 other funds during the same period [5]. - The average return for actively managed micro-cap funds is 28.73%, with 91.84% of these funds achieving positive returns [6]. - The North Exchange theme funds have performed particularly well, with the North Exchange 50 index rising over 80% in the past year [7]. Group 2: Top Performing Micro-Cap Funds - The top three actively managed micro-cap funds in terms of return over the past year are: 1. CITIC Construction North Exchange Selected Two-Year Open Mixed A (016303) with a return of 169.51% [8][10]. 2. Jingshun Longcheng North Exchange Selected Two-Year Open Mixed A (016307) with a return of 98.44% [8]. 3. Yongying Advanced Manufacturing Smart Selection Mixed Initiation A (018124) with a return of 89.79% [8]. Group 3: Index Fund Performance - Among the 57 micro-cap index funds, the average return over the past year is 28.08%, with only three funds showing negative returns, resulting in a positive return rate of 94.74% [14]. - The top three passive micro-cap funds based on return over the past year are: 1. Huatai-PB CSI 2000 Index Enhanced A (019923) with a return of 55.54% [15][17]. 2. CSI 2000 ETF Huaxia (562660) with a return of 49.42% [18]. 3. 2000 Enhanced ETF (159555) with a return of 47.83% [15].

Core Viewpoint - Despite the increasing variety of private equity investment strategies, stock strategies remain the most mainstream and are of significant interest to investors [2][4]. Market Performance - As of May 31, 2025, major stock markets including A-shares, Hong Kong stocks, and US stocks experienced significant volatility over the past year but ultimately recorded varying degrees of increase. The CSI 2000 index led with a rise of over 25%, while the Hang Seng Technology Index surged over 40% [2][4]. - The average return of private equity firms with stock strategies was 26.49%, outperforming major A-share indices, with firms managing less than 500 million achieving the highest average return of 28.55% [4][5]. Private Equity Firms by Scale Over 100 Billion - There are 33 private equity firms with over 100 billion in management and at least three stock strategy products displayed. The top firms include Heiyi Asset, Longqi Technology, and Liangpai Investment, with the top 10 firms having a performance threshold exceeding ***% [6][9]. 50-100 Billion - Among 21 firms in this category, the top performers include Fusheng Asset and Tianxuan Quantitative, with the top 10 firms also having a performance threshold exceeding ***% [10][13]. 20-50 Billion - In this segment, 32 firms were identified, with Shen Nong Investment leading, focusing on innovative drugs and new consumption sectors [14][17]. 10-20 Billion - This group includes 42 firms, with Nengjing Investment Holding taking the top spot, emphasizing subjective investment strategies [18][21]. 5-10 Billion - Comprising 40 firms, the top two are Youbo Capital and Wantao Private Equity, both utilizing subjective strategies [23][26]. Below 5 Billion - The lowest scale group has 101 firms, with Hainan Xiangyuan Private Equity leading, indicating a high performance threshold for the top 10 firms [27][31].

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 现在低利率环境已成常态，过去几年，利率从高位一路下滑，到底降了多少？当"躺赢"通道变窄，寻找下一个"收益堡垒"已刻不容缓！但那 些在市场中依然坚挺的资产，又在哪里？ 从指数间的对比来看，东证红利低波指数在近 3年有较好的表现。 在近3年累计回报中，东证红利低波指数累计回报较高，同时近3年的最大 回撤又较小，表现出更强的防御特征，综合风险收益后，表现相对较好。 所以，从过往 3年的历史表现来看，东证红利低波指数与市场有产品跟踪的红利指数相比：收益更高、波动更低 。 （ 点此查看详情 ） 那在红利资产中，东证红利低波动指数为何能脱颖而出？ 东证红利低波动指数从沪深A股中选取100只盈利较为稳定、预期股息率较高并具备低波动特征的上市公司股票作为指数样本股，以反映红利 在全球动荡不安、经济波动的当下，哪类资产能够同时满足高股息与低波动的双重需求？今天，我们就来一场深度掘金，寻找那些可能被低 估的投资机遇。（ 点此查看近3年收益同类排名第 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图一图看懂进化论资产 ） 在竞争激烈、日新月异的资本市场中，"物竞天择，适者生存"这一自然选择的法则被演绎得淋漓尽致，量化私募行业更是这一法则的生动体现。 在量化私募行业的算法、模型和交易策略不断迭代的大背景下，能够快速适应市场变化、不断优化自身策略的量化私募，才能在复杂多变的市场 环境中穿越牛熊，获取超额收益。 进化论资产就是这样一家私募，坚持产品思维，以客户为导向，跟随市场的发展不断地迭代自身的投资策略和模式，经过超过10年的发展，成为 业内稀有的获"主观+量化"双金牛奖的私募基金管理人。 0 1 进化论资产近半年业绩两度登顶百亿私募 进化论资产成立于2014年6月，是国内较早将主动管理和量化投资相结合的私募基金管理人之一。公司拥有经验丰富的投研团队和运作成熟的管 理体系，具备 全周期、跨市场、多策略 的投资管理经验，是业内少有的同时获得"主观+量化"双金牛奖的私募管理人。成立至今，公司累计荣 获超过80座行业大奖，其中私募金牛奖10座。 从业绩层面来看， 进化论资产近半年收益表现十分亮眼。 根据私募排排网数据，截至5月底，进化论资产在"百亿私募近半年收益排 ...

Core Viewpoint - Macro strategy, based on macroeconomic analysis for asset allocation, has shown better investment performance during economic cycles, gaining increasing attention in recent years [2] Group 1: Macro Strategy Performance - In mature overseas markets, macro strategy is recognized as a core strategy for hedge funds, particularly excelling during market volatility, as exemplified by Bridgewater's Pure Alpha II, which rose approximately 11.3% in 2025 while the S&P 500 fell over 5% [2] - In the domestic market, macro strategy is still in its early stages but has been developing rapidly, with 131 macro strategy products showing performance in the last six months [2] - Although the average return for macro strategies was negative in May, the long-term performance is impressive, with an average return of 45.67% over the past three years, ranking fourth among all secondary strategies [2][3] Group 2: Performance Rankings - The top 20 macro strategy products in the last six months had a minimum return threshold of ***%, with an average return of ***% [4] - Notable products include "Luyuan Ruize Stable Growth" from Luyuan Private Equity, "Yize Global Macro No. 2" from Yize Investment, and "Duration Macro Multi-Strategy" from Duration Investment, which ranked in the top three [4][8] - Three products from billion-dollar private equity firms made the list, including "Honghu Stable Macro Hedge A" from Honghu Private Equity and "Lerui Stock-Bond Rotation No. 1" from Lerui Asset [4] Group 3: Yearly and Three-Year Performance - The top 20 macro strategy products over the past year had a minimum return threshold of ***%, with the top three being "Shenzhen Shanzhe Private Equity," "Duration Investment," and "Luyuan Private Equity" [9][13] - Over the past three years, the top 20 macro strategy products had a minimum return threshold of ***%, with "Luyuan Ruize Stable Growth" again leading the list [15][19] - The consistent performance of "Luyuan Ruize Stable Growth" across both six-month and three-year periods highlights its strong investment strategy [15]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，截至2025年5月底，国内证券私募总家数为7789家，其中一线城市(北上广 深杭)中的私募管理人共有5616家，占比高达72.10%。从头部(50亿以上)私募坐落城市来看，上 海地区头部私募数量最多，高达86家、其次北京47家、深圳18家。 | | | Acres of ----- | | --- | --- | --- | | 品 来 | | | | 地区分类 | 有业绩显示的 产品数 | 产品规模合计(亿元) | 5月收益均值 | 近1年收益均值 | 50亿以上私募数量 | | --- | --- | --- | --- | --- | --- | | 北京 | 582 | 414.52 | 1.74% | 21.30% | 47 | | 上海 | 1145 | 878.19 | 1.68% | 19.68% | 86 | | 广州 | 228 | 144.63 | 3.28% | 28.40% | 3 | | 深圳 | 705 | 617.2 | 3.81% | 23.55% | 18 | | 杭州 | 268 | 25 ...

Core Viewpoint - The article emphasizes the increasing trend of investors looking towards international markets for asset diversification and wealth preservation, while highlighting the importance of compliance due to the implementation of the Common Reporting Standard (CRS) [2][4]. Group 1: CRS Implementation and Global Tax Compliance - The CRS facilitates automatic exchange of financial account tax information between jurisdictions, requiring financial institutions to identify tax residents and report relevant account details to tax authorities [4]. - As of 2024, 111 jurisdictions, including well-known tax havens like the British Virgin Islands, Cayman Islands, Bermuda, Monaco, and Panama, have announced their commitment to implement CRS [4]. Group 2: Legal and Compliance Insights - The article introduces a roadshow featuring lawyer Dai Pengfei, who will provide in-depth analysis on tax compliance risks and management under the backdrop of global taxation [5][6]. - The roadshow will cover topics such as the identification of "Chinese tax residents" under global taxation, current domestic tax violation penalties, and compliance recommendations for asset allocation [9]. Group 3: Legal Expertise and Firm Background - Dai Pengfei is a seasoned lawyer with extensive experience in financial regulations, tax law, and compliance, serving as a legal advisor for multiple private equity funds [10]. - The law firm, Zhixin Law Firm, established in 2009, specializes in financial and commercial legal services, boasting a team of experienced lawyers and a commitment to providing high-quality legal support [11].

Core Viewpoint - The article discusses the performance of public funds in the A-share market, highlighting that many funds have reached historical highs in net value, particularly in May 2025, amidst a generally stable market environment [3][4]. Group 1: Fund Performance Overview - As of the end of May 2025, 3,315 public fund products (established for over one year) reached historical highs in net value, accounting for approximately 16.21% of the total [3]. - Among these, bond funds comprised 2,305, mixed funds 640, and stock funds 163 [3]. Group 2: Top Performing Funds in the Last Year - In the category of equity funds (with over 60% of net value in stock investments), 173 funds displayed performance over the past year, with a threshold for the top 20 exceeding 71% [4]. - The top five funds in terms of one-year returns are from Huaxia Fund, CITIC Construction Investment Fund, Huitianfu Fund, Jingshun Great Wall Fund, and Wanjia Fund [5]. Group 3: Top Performing Funds in the Last Three Years - For funds with performance data over the last three years, 80 funds qualified, with a threshold for the top 20 exceeding 51% [17]. - The top five funds in this category are from Huaxia Fund, Huitianfu Fund, Wanjia Fund, and Guangfa Fund, with Huaxia Fund having two products in the top five [18]. Group 4: Top Performing Funds in the Last Five Years - In the five-year performance category, 38 funds qualified, with a threshold for the top 20 close to 70% [28]. - The top five funds are from Jinyuan Shun'an Fund, Huaxia Fund, Dachen Fund, and Chuangjin Hexin Fund, with Dachen Fund having two products listed [29]. Group 5: Notable Fund Details - The fund "CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A" has a scale of approximately 1.90 billion yuan and a one-year return of nearly 148%, ranking second [10]. - The fund "Huitianfu North Exchange Innovation Selected Two-Year Open Mixed A" has a scale of about 4.53 billion yuan and a one-year return of approximately 132%, ranking third [14]. - The fund "Jinyuan Shun'an Yuanqi Flexible Allocation Mixed" has a scale of about 11.62 billion yuan and a five-year return of 293.55%, ranking first [35].

Core Viewpoint - Evolutionary Asset Management, established in June 2014, is one of the early private fund managers in China to combine active management and quantitative investment, achieving significant performance in a differentiated market environment [2][5]. Group 1: Company Overview - Evolutionary Asset Management has a mature management system and an experienced research team, with investment management experience across various cycles, markets, and strategies [2][8]. - The company has received both "subjective + quantitative" dual Golden Bull Awards, highlighting its recognition in the industry [2][8]. Group 2: Performance Highlights - The company's quantitative strategies have shown outstanding excess performance this year, with an average return of ***% over the past six months, ranking first among private quantitative funds [2]. - The "Evolutionary Multi-Prism Hedging No. 1 B-Class Share" managed by founder Wang Yiping ranks first in the top 10 "stock market neutral" products among private funds, with a recent scale of approximately *** million and returns close to ***% over the past six months [2]. Group 3: Future Strategy - The company plans to continue its commitment to "logical quantification" and will enrich its product line to create long-term returns for investors [2].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 很 着 详 私募排排网公众号 数据来源:私募管理人/托管人,整理自私募排排网,截至2025年5月底。产品展示的 收益期间可能较短, 不代表该基金及管理人其他在管产品长期及未来业绩表现, 不 构成对基金经理及基金管理人投资管理能力的任何预测或保证。扫码可查看产品完 整业绩、产品规模、基金经理信息等具体内容。 | 排名 | 公司简称 | 公司规模 | 员工 人数 | 成立时间 | 办公城市 | 符合排名规则 近半年 | 近1月收益 收益 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 的产品数 | | | 1 | 量派投资 | 100亿以上 | 47 | 2015/7/15 | 上海 | 9 | | | 2 | 宁波幻方量化 | 100亿以上 | ୧୫ | 2016/2/15 | 杭州 | 11 | | | 3 | 海南盛丰私募 | 20-50亿 | 22 | 2022/1/20 | 深圳 | 11 | | | 4 | | | 84 | 2014/5/5 | 上漫 | ...