量化基金“专业买手”说，筛选管理人时，这些才是重点

Core Viewpoint - Quantitative investment has seen significant growth in scale due to its impressive returns, but individual investors face challenges in selecting reliable quantitative private fund managers [3] Group 1: Common Quantitative Strategies - Common quantitative strategies include T0 strategy, which is a high-frequency trading strategy requiring daily buy-sell transactions to profit from price differences, showing low correlation with market trends and relatively stable Alpha [4] - Medium and low-frequency strategies, such as index enhancement, leverage fundamental data and alternative data to score stocks, buying those with the highest scores [4] - Market-neutral strategies use derivatives to hedge against market risks while aiming for absolute returns based on Alpha [5] - Other niche strategies include CTA (Commodity Trading Advisor) strategies, options arbitrage, and cross-market investments, which are typically smaller in scale and require professional management for effective tracking and allocation [5] Group 2: Risk Management in Selecting Fund Managers - Ensuring asset safety is prioritized over return considerations, as high returns are meaningless without guaranteed fund safety [6] - A strict risk control process is established to screen private funds, including avoiding non-compliant structures, ensuring fund custody by reputable brokers, and limiting investment scope to exclude illiquid assets [6] - Professional due diligence involves assessing fund managers' strategies, sources of returns, and risk management systems to ensure alignment between stated and actual performance [6][7] Group 3: Due Diligence Process - The due diligence process focuses on meeting with research personnel rather than marketing staff to gain deeper insights into investment strategies [7] - Key areas of inquiry include modeling, risk control, and partnerships with reputable institutions to assess the robustness of the fund's risk management and compliance [7] - Continuous performance tracking is essential to verify if fund managers' actions align with their claims, using net value sequences and characteristic curves for validation [8] Group 4: Post-Investment Monitoring - Continuous observation of fund managers is conducted to identify any significant changes in investment style, with communication initiated if discrepancies arise [9] - A "racehorse" mechanism is established for ongoing performance analysis of invested funds, focusing on various metrics to optimize the portfolio based on fund performance and future outlook [9] Group 5: Advice for Individual Investors - Individual investors should assess their risk tolerance and understand the risk-return characteristics of investment targets before making decisions, avoiding impulsive investments based on hearsay [10]