相聚资本梁辉：主观“打底”深耕细作

Core Viewpoint - The article discusses the emergence of a new trend in the asset management industry, where a combination of active management and quantitative strategies is gaining popularity. The firm, Xiangju Capital, has launched a quantitative strategy product aimed at achieving absolute returns rather than following the mainstream index-enhanced strategies [1][2]. Company Strategy - Xiangju Capital has been recognized as a subjective long-only private equity firm for the past ten years but has been exploring quantitative strategies since its inception. The firm aims to integrate quantitative strategies with its established subjective investment methods to create a dual business product line [1][2]. - The firm’s financial engineering head has over ten years of experience in absolute return product management, combining fundamental research with quantitative model development [1][2]. Investment Focus - The new independent quantitative multi-strategy product is designed to pursue absolute returns, distinguishing itself from mainstream quantitative institutions that focus on index enhancement. This decision stems from a long-term consideration of market needs for stable returns in a low-interest-rate environment [2][3]. - The strategy has shown consistent annual returns since 2008, with a maximum drawdown controlled at a low level and recovery time not exceeding six months [2]. Market Demand - There is a significant market demand for stable, low-volatility absolute return products, making this strategy potentially very viable. It appeals to investors with specific financial plans who seek stable returns without the high volatility associated with stock markets [3][4]. Strategy Innovation - Xiangju Capital has innovatively combined the all-weather strategy, which allocates assets based on risk parity, with a focus on absolute returns. This approach aims to reduce volatility without relying on leverage [4][5]. - The core of the quantitative multi-strategy is to utilize the weak or negative correlations between assets and strategies to hedge risks and achieve low volatility [5][6]. Long-term Outlook - The firm plans to continuously iterate and expand its absolute return product line while also refining its active management strategies. This includes diversifying beyond growth strategies to include dividend and commodity stock strategies [6][7]. - The company emphasizes a shift in stock selection criteria, focusing on the safety of stock prices and potential asymmetric returns rather than solely on short-term price elasticity [7][8]. Investment Directions - The firm is optimistic about four key areas for investment: AI-related sectors, securities benefiting from stock market performance, competitive companies in the consumer sector, and globally competitive firms [8].