百亿私募阵营含“量”量持续提升，量化私募收益大幅跑赢

Core Insights - The core observation is that quantitative private equity funds have significantly outperformed subjective private equity funds in terms of returns this year, with over 90% of quantitative funds achieving returns exceeding 20% [1][4]. Group 1: Performance Comparison - Quantitative private equity funds have an average return of 29.45% from January to August, while subjective funds average 20.73%, indicating a nearly 9 percentage point advantage for quantitative funds [1][4]. - Among the top 20 performing private equity funds, 16 are quantitative, with a minimum return threshold of 32.75%, showcasing the dominance of quantitative strategies [4]. - The worst-performing quantitative fund still achieved a return of 14.44%, while the bottom four subjective funds, including those managed by notable investors, had returns below 6% [1][5]. Group 2: Market Dynamics - The number of quantitative private equity funds has increased to 45 out of 94 total billion-dollar private equity funds, reflecting a significant shift towards quantitative strategies [2][4]. - The growth in quantitative funds is attributed to their strong performance and the challenges faced by subjective funds in fundraising, particularly as star fund managers have not transitioned from public to private management in large numbers [3][4]. - The market environment has favored quantitative strategies due to rapid industry rotation and a focus on small-cap stocks, providing ample trading opportunities [6]. Group 3: Future Outlook - Despite the current advantages of quantitative strategies, there is a consensus that the increasing influx of capital into this area may lead to a narrowing of excess returns in the future [6]. - Some leading quantitative firms are beginning to explore diversified paths such as multi-asset quant and macro hedging strategies to adapt to changing market conditions [6].