20亿秒光的量化私募，值得买吗？

Core Viewpoint - The article discusses the recent surge in demand for a composite strategy product launched by Two Sigma's domestic subsidiary, Tengsheng Investment, highlighting the strong investor interest in high-quality strategies despite market fluctuations [3][5]. Group 1: Market Trends - Tengsheng Investment's product, a "80%指增 + 20% CTA" strategy, was launched with a total quota of 20 billion, which was quickly sold out, indicating a robust demand for such investment products [3][5]. - Similar trends were observed with Bridgewater's all-weather strategy, where high-net-worth clients faced challenges in securing allocations, demonstrating the persistent investor appetite for quality strategies [5][6]. Group 2: Performance Metrics - The performance metrics for the two different product channels from Tengsheng Investment are as follows: - 80%指增 + 20% CTA product: projected annualized return of 15.11% with a maximum drawdown of 16.35% [6]. - 75%指增 + 25% CTA product: projected annualized return of 17.9% with a maximum drawdown of 14.85% [6]. - The combination of CTA strategies has shown to enhance overall returns by nearly 3 percentage points while reducing drawdowns, making it attractive in a volatile market [6][7]. Group 3: Strategy Effectiveness - The article emphasizes the effectiveness of the CTA + composite strategy, which allows for efficient capital usage by leveraging margin requirements, enabling funds to be allocated to multiple strategies simultaneously [8][10]. - The complementary nature of the two strategies—quantitative long positions focusing on stock market opportunities and CTA strategies profiting from futures markets—provides a diversified revenue source and enhances resilience against market volatility [10][11]. Group 4: Investment Considerations - While Two Sigma's capabilities and industrialized quantitative systems are acknowledged, concerns about their large management scale potentially affecting service responsiveness are raised [13]. - The article suggests that investors should consider domestic quantitative managers offering similar CTA + quantitative long strategies, as they may provide competitive alternatives [16][17]. Group 5: Examples of Domestic Managers - Two domestic managers are highlighted: - A well-established quantitative private equity firm with a strong track record in both CTA and quantitative long strategies, employing a mix of 80-90% quantitative selection and 30-50% CTA strategies [18]. - A smaller, more selective private equity manager with a strategy comprising approximately 70% composite CTA and 30% quantitative selection, focusing on stable excess returns through a diversified approach [19].