Core Viewpoint - The article discusses the evolution of a leading private equity firm, Xiangju Capital, which has transitioned from primarily active management to a multi-strategy hedge fund that integrates subjective and quantitative approaches, marking a new phase of development driven by both strategies [2][10]. Group 1: Investment Strategy - Xiangju Capital has developed a multi-asset absolute return strategy based on asset allocation principles, which aims for steady, low-volatility returns, comparable to "fixed income+" products [2][5]. - The strategy utilizes various quantitative sub-strategies to achieve its goals, focusing on maintaining a consistent return while minimizing risk [5][9]. - The firm emphasizes the importance of long-term asset allocation and the combination of subjective and quantitative strategies to enhance decision-making and risk management [10][8]. Group 2: Market Outlook - The general manager of Xiangju Capital, Liang Hui, believes that the recent rise in the equity market reflects the long-term positive outlook of the Chinese economy, with expectations for a slow bull market [11][12]. - Key investment areas identified include AI computing power, consumer sectors, and companies with strong global competitiveness [13][12]. - The firm has adapted its investment methodology to include a broader range of strategies, focusing on both growth and dividend strategies to optimize portfolio performance [12][13]. Group 3: Performance and Demand - The "fixed income+" products have seen significant performance this year, with some funds reporting net value increases exceeding 30%, driven by a low-interest-rate environment and a demand for absolute returns [4]. - The total market size of "fixed income+" funds has reached 1.9 trillion yuan, reflecting a growth of approximately 250 billion yuan since the beginning of the year, indicating a 15% increase [4]. - There is a growing demand for low-risk, absolute return products, which Xiangju Capital aims to fulfill through its innovative strategies and risk management practices [6][9].
剑指绝对回报难题,相聚资本用10年给出答案
中国基金报·2025-09-01 05:04