公募量化“逆袭”，超额收益亮眼！

Core Insights - The performance of public quantitative funds has significantly improved, with many funds reaching historical net asset value highs since July [1][4][6] - The A-share market sentiment has been positive this year, benefiting quantitative products and enabling them to achieve excess returns [2][6] - There are warnings from fund managers regarding potential risks associated with small-cap stocks, indicating a need for caution [3][7] Performance Highlights - As of July 25, 2023, notable quantitative funds such as Nuoan Multi-Strategy A and Changjin North 50 Index Enhanced A/C have shown impressive cumulative net asset value growth rates exceeding 100% [4][5] - Over 90% of public quantitative products reported positive net asset value growth in the first half of the year, with more than 80% outperforming their benchmarks [6][8] Market Trends - The current market environment is characterized by a structural rally, favoring small-cap stocks, which has led to a resurgence in the performance of active quantitative and index-enhanced funds [4][6] - Fund managers are optimistic about the potential for continued excess returns, driven by ongoing upgrades to multi-factor models and favorable market conditions [9] Risk Considerations - Fund managers have highlighted the need to be vigilant about the valuation risks associated with small-cap stocks, which may be at relatively high levels [7][8] - There is a consensus among fund managers that while the market outlook remains positive, short-term volatility may arise due to differing expectations [8][9]