本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期，英国百年资管巨头柏基投资（ Baillie Gifford）披露了最新美股持仓报告。 作为全球知名的 "成长股捕手"，柏基投资曾精准布局特斯 拉、英伟达、谷歌、亚马逊、奈飞以及阿里巴巴、腾讯、美团、宁德时代等多只科技巨头 。 其长期全球成长策略旗舰产品表现亮眼，不仅跑赢 标普 500与纳斯达克指数，也超越了巴菲特执掌的伯克希尔-哈撒韦 。 公开信息显示，以其旗舰产品苏格兰抵押贷款投资信托（SMT）基金为例， 2004年至2024年的20年间，该基金实现了13.64倍的总回报，年化 回报率约13.88%。这一业绩显著超越了同期标普500指数（6.98%）、纳斯达克指数（10.87%）以及巴菲特管理的伯克希尔-哈撒韦公司 （10.02%）的年化回报率 。 根据美国证监会13F文件， 截至 2025年四季度末，柏基投资持仓总市值约1203.41亿美元，较三季度的1349.98亿美元下降10.86% 。前二十大重 仓股合计市值约740.92亿美元，占持仓总市值超六成。其中 英伟达为第一大重仓股，持股约 4387万股，持仓市值约81.81亿美元，占组 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 截至 2026年1月底的近3年来，A股、港股均经历了先抑后扬的走势。 最终，近3年累计来看，上证指数涨超26%，深证成指涨超18%，创业板指 涨幅超29%。港股的恒生指数、恒生科技指数均涨超25%；期间，创业板指最大回撤超40%，深证成指、恒生指数、恒生科技指数最大回撤均超 30%。 美股在近 3年则是震荡走牛 ，道琼斯指数涨超43%，标普500指数涨超70%，纳斯达克指数涨超102%。 | 证券市场 | 指数名称 | 近3年涨跌幅 | 近3年最大涨幅 | 近3年最大回撤 | | --- | --- | --- | --- | --- | | A股 | 上证指数 | 26.49% | 54.15% | -20.41% | | | 深证成指 | 18.37% | 81.30% | -34.49% | | | 创业板指 | 29.66% | 121.39% | -41.44% | | | 沪深300 | 13.22% | 51.64% | -24.71% | | | 中证500 | 33.09% | 93.24% | -31.15% | | | 中证 ...

Core Viewpoint - The article focuses on the introduction and analysis of Rongshuhai Private Fund Management, highlighting its unique investment strategies and the experienced team behind it [4][25]. Company Overview - Rongshuhai Private Fund Management (Zhuhai) Co., Ltd. was established on May 29, 2023, and obtained its license in December of the same year [4]. Core Team - The core team is led by founder Chen Jing, with members from prestigious institutions like CICC and Winton Group, possessing both international quantitative frameworks and local A-share market experience [7][26]. - The team has an average of over 8 years of quantitative trading experience, with more than 75% of the research and investment personnel holding master's degrees or higher [7][25]. Investment Philosophy & Strategies - The investment philosophy centers on "not betting on styles, focusing on Pure Alpha," utilizing a research paradigm of "cross-sectional return prediction + portfolio optimization" [11]. - The strategy aims to extract excess returns by focusing on the relative strength of stocks rather than market direction, actively removing market beta from the equation [11][14]. - The firm employs a multi-model prediction framework that combines statistical learning and machine learning to enhance prediction stability and adaptability across cycles [11][29]. Strategy Development & Product Lines - The strategy framework is built around "Pure Alpha core, strict risk control," aiming for sustainable and stable excess returns without relying on market direction [14]. - Key strategies include: - Index enhancement strategy targeting excess returns over specific indices [14]. - Market-neutral strategy using stock index futures to hedge systemic risks [15]. - Long/short equity strategy focusing on sustainable pure alpha [16]. - Quantitative stock selection strategy aiming for higher absolute returns [17]. - The flagship product, Kunpeng No. 1, exemplifies the firm's core capabilities in quantitative stock selection [18]. Core Advantages & Highlights - The team has a strong academic background and extensive A-share market experience, ensuring a blend of theoretical knowledge and practical application [25]. - The firm is currently in a "scale dividend" phase with approximately 1.8 billion yuan in assets under management, allowing for flexibility and potential for excess returns [31]. - The company emphasizes a clear differentiation strategy focused on absolute returns, targeting institutional and family office clients [32]. Future Evolution Capabilities - The firm plans to enhance its quantitative models through AI and machine learning, aiming to improve alpha prediction accuracy and stability [35]. - A systematic approach to talent development and knowledge transfer is being established to ensure sustainable investment capabilities [36]. - The company aims to build a brand recognized for advanced technology, strict risk control, and sustainable performance [39].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2月9日，AI应用板块大涨，多股涨停。其中，AI漫剧这一细分方向领涨，中文在线、海看股份均是20CM一字板涨停，还有引力传媒、掌阅科技 等多股涨停。 （ 点此领取概念股名单 ） 消息面上，2月7日，字节跳动旗下多模态模型Seedance 2.0完成重磅版本更新。国金证券认为，这标志着字节系在AI视频生成领域已从"追赶"迈 向"领跑"。新版本有3大亮点： 一是， 角色与场景的一致性质变 ：有效解决了前代模型在长镜头下的"脸部崩坏"和"风格漂移"问题。在多镜头连续生成中，主体特征保持高度稳定，这 是AI视频从"短视频素材"走向"叙事性长内容"的关键门槛。 二是， 复杂的物理动态模拟 ：在处理大幅度动作（如奔跑、打斗）及光影流转时，物理规律的遵循度显著提升，画面流畅度与真实感逼近实拍效果，大 幅减少了"AI抽搐"现象。 三是， 语义理解与指令跟随 ：模型对复杂Prompt的解析能力增强，能够精准还原剧本中的情绪氛围与分镜构图，极大降低了创作者的"抽卡"试错成本。 国金证券分析认为， Seedance 2.0的能力跃升直接击中了漫剧制作的痛点 。漫剧是将 ...

其中增持力度最大的公司是谷歌，持股数量升至269万股，对比上季末增持幅度高达52.81%，持仓占比大增11.18%至20.82%，谷歌也因此成为 景林第一大持仓股。 减持方面，景林减持力度最大的是英伟达，去年四季度合计卖出154.09万股，减持幅度高达64.78%，英伟达在景林投资组合中的占比降至 3.86%。 景林资产管理合伙人、基金经理高云程认为，对作为重要AI应用入口或者平台的公司都应该重视。能称为世界级入口或者平台型的公司大约也 只有几家，例如谷歌、Meta、苹果、字节跳动、腾讯、OpenAI等。2026年很可能是AI Agent真正普及的元年。 （ 点此领取持仓名单 ） | 景林海外基金最新美股持仓 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 资料来源:美国证监局官网,整理自私募排排网。截至日期: 2025年末。 | 公众号搜索 | 私募排排网 | | | | | | | 持股数量 | 公司代码 | 公司简称 | | 变动比例 | 持有市值 | 持仓占比 | 2025年涨跌 | | | | | | | (万美 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2026开年以来，A股延续"慢牛"行情，上证指数一度突破4100点，再度刷新十年来的新高，期间贵金属、商业航天、半导体、光伏等均轮番表现 出色。在这样的行情下， 私募业绩迎开门红， 5416只私募产品1月份的收益均值为7.07%，正收益占比为89.01%。 分策略来看，在黄金、白银等贵金属的亮眼表现下，宏观策略、主观CTA、其他衍生品策略业绩居前，1月份平均收益均在10%以上；其次量化 多头、主观多头同样表现不俗，1月份收益均值分别为8.65%、8.57%。 | 二级策略 | 1月收益均值 | 近3年收益均值 | 近5年收益均值 | | --- | --- | --- | --- | | 宏观策略 | 12.81% | 93.21% | 156.02% | | 主观CTA | 12.76% | 111.67% | 148.53% | | 其他衍生品策略 | 11.66% | 133.81% | 240.95% | | 复合策略 | 8.99% | 69.16% | 100.98% | | 曹化务杀 | 8.65% | 90.17% | 132.2 ...

Core Viewpoint - The article emphasizes the growing importance of "Fixed Income + Funds" in the current low-interest-rate environment, highlighting their rapid growth and appeal to investors seeking stable returns amidst market volatility [4][6][8]. Group 1: Market Context - By the end of 2025, the scale of Fixed Income + Funds is projected to reach 2.48 trillion yuan, with a year-on-year growth rate of 46.69%, reflecting the demand for stable and low-volatility assets from both individual and institutional investors [4]. - Traditional investment products like time deposits and money market funds are yielding lower returns, failing to meet investors' needs for stable asset appreciation [6]. - The Fixed Income + strategy combines bond assets as a base with selected equity assets to enhance returns, offering a better risk-return profile compared to pure bond or equity funds [7]. Group 2: Demand and Definition - The rapid growth of Fixed Income + Funds indicates a strong market demand for assets that balance risk and return in a low-interest-rate and volatile market environment [8]. - Currently, there is no clear definition for Fixed Income + Funds, but they are generally understood to involve pure bond assets with equity allocations between 5% and 30% [9]. Group 3: Fund Classification and Selection - Fixed Income + Funds can be categorized based on their equity asset allocation: low-wave products (equity < 10%), medium-wave products (equity 10%-20%), and high-wave products (equity 20%-30%) [13]. - To select high-performing Fixed Income + Funds, four core indicators are recommended: annualized volatility, maximum drawdown since inception, equity allocation ratio, and the Calmar ratio [17][19]. - Specific criteria for selecting low, medium, and high-wave performance funds are outlined, focusing on maintaining low volatility and drawdown while achieving a high Calmar ratio [21][22].

Core Viewpoint - The article emphasizes the importance of both returns and drawdowns in evaluating fund managers' capabilities, suggesting a comprehensive assessment over a complete market cycle is necessary for subjective fund managers [2]. Group 1: Market Overview - The A-share market has shown a pattern of "initial decline followed by a rise, with significant structural differentiation" over the past three years (February 2023 to January 2026) [2]. - From 2023 to the first three quarters of 2024, Chinese bond yields declined rapidly, leading to a bull market in dividend stocks [2]. - The "9.24" event in 2024 marked a key turning point for market style switching, with a series of financial policies implemented, allowing the Shanghai Composite Index to surpass the 3800-point mark twice [2]. - From 2025 to early 2026, the A-share market entered a "slow bull" trend, driven by breakthroughs in AI and other technology sectors [2]. Group 2: Fund Manager Performance - As of January 31, 2026, there are 107 subjective fund managers with at least three years of performance data, achieving an average return of 71.94%, outperforming the three major A-share indices, with an average dynamic drawdown of 27.76%, lower than the ChiNext and Shenzhen Composite indices [5]. - In the category of private equity funds with assets over 50 billion, there are 25 subjective fund managers, with a notable performance in drawdown control [7]. - The top subjective fund managers in the 50 billion and above category include Lu Hang from Fusheng Asset and Zou Wen from Rido Investment, with the former focusing on new consumption and traditional midstream industries [10][11]. Group 3: Fund Manager Strategies - In the 10-50 billion category, over half of the top fund managers employ stock strategies, with 67 managers achieving an average return of ***% and an average dynamic drawdown of ***% [12]. - The top managers in this category include Yang Ping from Shenzhen Shanzhe Private Equity, who specializes in bonds, and He Guojian from Guanli Fund, who focuses on futures and derivatives [14][15]. - In the 0-10 billion category, the majority of top managers utilize multi-asset strategies, with Gao Lianjun from Yize Investment leading the pack [17][19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在刚过去不久的 1月份，A股三大股指均经历了"先拉升后盘整"的走势。 最终，上证指数、深证成指、创业板指在1月份分别上涨了3.76%、 5.03%、4.47%。同时， 市场成交活跃，多个交易日出现 3万亿以上的成交额 。板块方面，商业航天、AI应用、有色金属在1月份均有亮眼表 现。与此同时， 黄金、白银等商品期货均在 1月份走出了加速上涨行情 。 在这样的市场背景下，根据私募排排网数据， 共有来自 1441家私募旗下的4001只私募产品的净值在2026年1月曾创下历史新高。 从私募公司维度统计来看， 有 309家私募在私募排排网有业绩展示的全部产品（产品数在3只及以上）在1月份均创了历史新高，占符合统计私 募（729家）的比例约为42%。其中，至少有3只产品在私募排排网有近3年业绩展示（成立满3年）且符合排名规则的私募则有139家 。 这139家私募，按私募的核心策略来看，股票策略私募占82家，多资产策略私募占20家，期货及衍生品策略私募占18家，其余策略私募家数较 少。 为了给读者提供更好的参考，笔者将这139家创新高的私募，按照私募公司的规模 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在刚过去不久的 1月份，A股三大股指均经历了"先拉升后盘整"的走势。 最终，上证指数、深证成指、创业板指在1月份分别上涨了3.76%、 5.03%、4.47%。同时， 市场成交活跃，多个交易日出现 3万亿以上的成交额 。板块方面，商业航天、AI应用、有色金属在1月份均有亮眼表 现。与此同时， 黄金、白银等商品期货均在 1月份走出了加速上涨行情 。 这14家创新高的百亿私募按旗下产品近3年的收益均值排序依次是： 天演资本、复胜资产、诚奇私募、宁波幻方量化、明汯投资、因诺资产、宏 锡基金、千宜投资、九坤投资、盛泉恒元、博润银泰投资、纽达投资、中欧瑞博、利位私募 。 在这样的市场背景下，根据私募排排网数据， 共有来自 1441家私募旗下的4001只私募产品的净值在2026年1月曾创下历史新高。 从私募公司维度统计来看， 有 309家私募在私募排排网有业绩展示的全部产品（产品数在3只及以上）在1月份均创了历史新高，占符合统计私 募（729家）的比例约为42%。其中，至少有3只产品在私募排排网有近3年业绩展示（成立满3年）且符合排名规则的私募则有139家 ...