别只盯股票多头私募！持赢、京盈智投、双隆、洛书等在CTA策略上大放异彩！

Core Viewpoint - The article discusses the performance and potential of CTA (Commodity Trading Advisor) strategies in the current market environment, highlighting their low correlation with traditional asset classes and their role in risk diversification and portfolio stability [2][3]. Group 1: CTA Strategy Overview - CTA strategies utilize futures contracts as core investment targets, including stock index futures, commodity futures, and government bond futures, aiming to generate returns through long and short trading [2]. - The performance of CTA strategies is closely linked to market price trends and volatility, excelling in clear trends and high volatility environments, while underperforming during market consolidation [2]. Group 2: Current Market Performance - In 2023, equity markets have shown strong performance, with quantitative long and subjective long strategies achieving returns of 30%-40%, while CTA strategies appear to lag behind [2]. - The commodity market has exhibited weak trend continuity and short trend cycles, leading to significant performance divergence among different CTA products [2]. Group 3: Future Outlook for Commodity Markets - The article anticipates that domestic demand may recover under the influence of global inflation expectations, supported by the ongoing "anti-involution" policies in China, which could create more sustainable trend opportunities for CTA strategies [3]. - Despite current low overall volatility, there are still trading opportunities in specific commodities like silver and non-ferrous metals, and increasing geopolitical and inflation uncertainties may lead to rising volatility, benefiting CTA strategies [3]. Group 4: Top Performing Private Equity Firms - Among private equity firms managing over 20 billion, the top performers in CTA strategy returns over the past six months include Shuanglong Investment and Luoshu Investment, with average returns exceeding a certain threshold [3][4]. - Shuanglong Investment, established in 2007, focuses on quantitative CTA investments and has a diverse strategy framework, while Luoshu Investment, founded by Xie Dong, has a strong background in quantitative analysis and investment [4][6]. Group 5: Mid-Sized Private Equity Firms - In the 5-20 billion category, Chi Ying Private Equity leads with significant returns from its CTA products, emphasizing a trend-following strategy that focuses on risk control and long-term wealth growth [8][9]. - Huacheng Private Equity also shows strong performance, with its CTA products achieving notable returns and historical highs [10]. Group 6: Smaller Private Equity Firms - Leading the 0-5 billion category is Jingying Zhito, with its CTA products demonstrating impressive returns, managed by a team with strong quantitative investment backgrounds [12][13]. - The article highlights the competitive landscape among smaller private equity firms, with several achieving significant performance metrics in their CTA strategies [11].