前些年的公募顶流奔私以后，活得都怎么样了？

Core Viewpoint - The article discusses the trend of public fund managers transitioning to private equity, highlighting the mixed performance outcomes and the challenges they face in adapting their investment strategies to the private equity environment [1][12]. Group 1: Performance of Public Fund Managers Transitioning to Private Equity - Lin Peng, a former public fund manager, achieved a record-breaking initial fundraising of over 15 billion yuan but faced significant challenges post-transition, with a net value drawdown exceeding 30% in two years [2][3]. - Wang Yawei, known for his impressive public fund performance, saw his private equity returns decline significantly, with annual returns failing to surpass bank wealth management products, leading to a reduction in management scale from 30 billion yuan to between 2 billion and 5 billion yuan [8][9]. - Zhou Yingbo, another prominent figure, experienced a drastic drop in net value, with some products falling to around 0.7, reflecting a nearly 30% loss, attributed to a mismatch between his investment strategy and market conditions [10][11]. Group 2: Reasons for Performance Discrepancies - Lin Peng attributed his performance issues to an overemphasis on mean reversion and a lack of sensitivity to macroeconomic policies, suggesting the need for macro strategy researchers to enhance awareness of macro and industry policies [4]. - Wang Yawei's failure to adapt his investment style to changing market conditions, particularly the shift from speculative trading to value investing, contributed to his decline in performance [9]. - Zhou Yingbo acknowledged his reliance on growth stock strategies that did not align with the post-2022 market environment, leading to significant losses [11]. Group 3: Successful Transitions - Dong Chengfei successfully adapted his investment strategy by incorporating diverse asset classes and derivatives, achieving a stable annual return of over 10% with a maximum drawdown of only 10% [14][15]. - Liang Wentao shifted from a bottom-up stock selection approach to a macro-hedging strategy, resulting in consistent positive returns over eight years [16]. - Ding Ying utilized a combination of subjective and quantitative strategies to optimize decision-making and reduce drawdowns, maintaining a strong long-term performance record [17]. Group 4: Key Takeaways - The core reasons for the struggles faced by public fund managers transitioning to private equity include a lack of understanding of the shift from relative to absolute returns and the failure to adapt traditional investment strategies to the private equity context [17]. - Successful private equity managers leverage the flexibility of private equity strategies to adapt to market developments, contrasting with those who remain rigid in their approaches [17].