明世伙伴基金：全天候收益捕手

Core Viewpoint - The core viewpoint emphasizes the importance of a macro multi-asset strategy to navigate through market cycles, focusing on absolute returns and low volatility to meet client demands in the current low-interest and high-volatility environment [1][5]. Group 1: Investment Philosophy and Strategy - The investment philosophy is centered around "absolute returns and low volatility," with a macro perspective guiding asset allocation and selection processes [2][3]. - The strategy employs a dual-driven model of "Beta multi-asset allocation + Alpha return enhancement," focusing on selecting assets with strong macro logic and low correlation [3][6]. - The combination construction process involves systematic models for risk balance and active Alpha positioning based on macro environment assessments [3][4]. Group 2: Principles of Portfolio Construction - Portfolio construction adheres to three main principles: maintaining balanced risk exposure, ensuring high liquidity and transparency in underlying assets, and varying Alpha positioning based on product types [4][7]. - The strategy avoids credit bonds and individual stocks to ensure liquidity and minimize credit risk exposure [4][5]. Group 3: Market Context and Demand - The macro hedge strategy has gained traction in the domestic market, with increasing attention towards macro private equity funds due to their ability to provide stable returns amid market volatility [5][9]. - The current low-interest environment and the demand for low-volatility, stable products create a favorable backdrop for the growth of macro multi-asset strategies [9][10]. Group 4: Future Outlook and Market Potential - The domestic macro multi-asset strategy is viewed as being in a "blue ocean" phase, with potential market space reaching trillions, driven by increasing institutional interest and the need for stable investment products [8][9]. - The anticipated macro environment for 2026 is expected to be expansionary, with opportunities arising from U.S. monetary easing, AI industry growth, and a stable geopolitical landscape [11][12]. Group 5: Risk Management and Adaptation - The strategy emphasizes maintaining a balanced asset allocation while being prepared for unexpected macro events, highlighting the importance of tail risk management [13][14]. - Continuous evaluation of strategy execution and capacity limits is prioritized to ensure investor returns and satisfaction over mere scale expansion [7][10].