明世伙伴基金：全天候收益捕手

Core Viewpoint - The article emphasizes the importance of a macro multi-asset strategy to navigate through market cycles, focusing on absolute returns and low volatility to meet client demands in the current low-interest and high-volatility environment [2][10]. Group 1: Investment Philosophy and Strategy - The investment philosophy is centered around "absolute returns and low volatility," with a focus on risk-balanced macro multi-asset strategies to achieve stable long-term returns [4][6]. - The strategy is built on a dual-driven model of "Beta multi-asset allocation + Alpha return enhancement," which involves selecting assets with strong macro logic and low correlation, constructing a balanced portfolio, and adding active Alpha positions based on macro environment predictions [6][9]. - The combination construction process involves systematic models for risk balance and regular rebalancing, alongside a focus on macroeconomic indicators to express Alpha views [6][7]. Group 2: Market Context and Demand - The macro hedge strategy has gained traction in the domestic market, with increasing attention towards macro private equity funds, particularly in a low-interest environment where low-volatility products are scarce [8][12]. - The current economic cycle and low-interest rates create a strong demand for macro multi-asset strategies, which can fill the gap left by declining yields in traditional high-yield, low-volatility assets [13][12]. - The article notes that the domestic macro multi-asset strategy is still in a "blue ocean" phase, with potential market space reaching trillions, and the expectation of more large-scale macro private equity firms emerging [11][12]. Group 3: Future Outlook and Trends - The outlook for 2026 suggests a favorable macro environment for macro strategy products, driven by expected monetary and fiscal expansions in the U.S. and China, as well as ongoing developments in the AI industry [15][16]. - Key investment opportunities are anticipated in risk assets, including technology stocks and commodities, supported by global monetary expansion and the AI revolution [15][16]. - The strategy will maintain a balanced asset allocation while being prepared for tail risk management, emphasizing the need for flexibility in response to unexpected macro events [17].