全球知名对冲基金投资人：中国业务超越预期

Group 1 - Aspect Capital's private equity business in China has exceeded expectations despite being operational for less than a year, driven by high macroeconomic uncertainty and increasing demand for diversified returns from investors [2] - The firm has registered as a private securities manager in China with an asset management scale between 1 billion and 2 billion yuan [2] - There is a growing interest among European investors in allocating assets to China, particularly in light of the recent economic recovery [15] Group 2 - The company has been preparing for entry into the Chinese market since 2011, focusing on building competitive projects and understanding the necessary infrastructure and key market participants [5][6] - Aspect Capital emphasizes a culture of communication, openness, mutual respect, and enthusiasm for challenges, which is critical for all employees in Shanghai [7] - The firm aims to provide attractive returns that are lowly correlated with stock and bond markets, meeting or exceeding clients' performance expectations [8][10] Group 3 - Adjustments to the models for the Chinese market include a smaller allocation to trend-following strategies and a greater focus on various other models such as fast technical, fundamental, and value models [11] - The unique characteristics of the Chinese market, including a wide range of highly liquid futures products, allow for the development of tailored models that are not simply copied from other regions [13][14] - The company has observed that trend-following strategies can provide strong returns during crises, as evidenced by historical performance during significant market downturns [19][20] Group 4 - The firm has experienced competitive performance in the Chinese market, allowing for faster asset growth than initially anticipated [16] - The historical development of CTA strategies dates back to 1949, with a significant rise in the 1970s amid geopolitical tensions and economic turmoil [17][18] - The company employs a hypothesis-driven research method to avoid overfitting in machine learning models, focusing on market behavior assumptions [23][24] Group 5 - During the challenging period from 2016 to 2020, the company conducted extensive research to validate various hypotheses regarding market behavior and the performance of trend-following strategies [25][26] - The firm found no evidence of a crowded trade in the CTA space, nor any structural changes in market behavior that would undermine the effectiveness of their models [27][30] - The strong performance of CTA strategies in 2022 reaffirmed the company's belief in the temporary nature of weak trend returns, highlighting the importance of causal relationships in market analysis [31][32]