百亿私募年度夏普榜揭晓！远信、进化论、明汯夺魁！国源信达、蒙玺等上榜！

Core Viewpoint - The article emphasizes the shift in private equity firms from focusing solely on high returns to refining the risk-return ratio, with the Sharpe ratio being highlighted as a key indicator of risk-adjusted returns [3][4]. Summary by Sections Private Equity Performance - In 2025, private equity firms with over 10 billion in assets under management (AUM) showed a significant advantage in Sharpe ratios, with a mean Sharpe ratio of 2.27 for 657 products, compared to lower ratios for smaller firms [4]. - The average return for all private equity products in 2025 was 32.26%, with the highest returns coming from firms managing over 100 billion [4]. Top Performing Products - The top three subjective long products in terms of Sharpe ratio were from Yuanxin Investment, Jiuqi Investment, and Evolutionary Asset, with average returns of 21.43% and a Sharpe ratio of approximately 0.86 for 189 products [5][6]. - The leading subjective long product was "Yuanxin Steady Value B Class" managed by Yuanxin Investment, achieving a high Sharpe ratio [6]. Quantitative Long Products - Quantitative long products had an impressive average return of 51.28% and a Sharpe ratio of about 3.31 for 258 products in 2025 [8]. - The top two quantitative long products were from Evolutionary Asset and Longqi Technology, showcasing the effectiveness of systematic approaches in achieving stable returns [9][12]. Market Neutral Products - The average return for market-neutral products was 8.85%, with a Sharpe ratio of approximately 1.79 for 53 products [14]. - The leading market-neutral product was "Mingyuan Neutral 1A Class" managed by Mingyuan Investment, which maintained a consistent upward trend since its inception [15]. Multi-Asset Strategies - Multi-asset strategy products achieved an average return of 31.66% and a Sharpe ratio of about 2.43 for 78 products [18]. - The top product in this category was "Mingyuan Multi-Strategy Hedge 1C" managed by Mingyuan Investment, which has shown strong performance since its launch [20]. Quantitative CTA Strategies - Quantitative CTA strategies had an average return of 8.84% and a Sharpe ratio of approximately 1.62 for 26 products [21]. - The leading product was "Turing Linhai 6" managed by Turing Investment, which marked the firm's first entry into the 100 billion AUM category [23].