“主观+量化”比单一量化还强？少数派投资、量利私募、德远投资纷纷居前！玄元、正瀛上榜！

Core Viewpoint - The integration of subjective and quantitative investment strategies has become a significant evolution in the private equity industry, with a notable performance advantage over purely quantitative strategies, as evidenced by the average returns of 31.15% for "subjective + quantitative" funds compared to 29.42% for quantitative funds by the end of 2025 [3]. Group 1: Performance of "Subjective + Quantitative" Funds - By the end of 2025, there were 1,264 private equity firms employing the "subjective + quantitative" investment model, with an average return of 31.15% for those with performance records [3]. - Among the private equity firms managing over 5 billion, the average return was 25.54% for the "subjective + quantitative" category [3]. Group 2: Top Performing Private Equity Firms - The top ten private equity firms by average returns in 2025 included Changdu Kaifeng Investment, Minority Investment, and Silver Leaf Investment, with Changdu Kaifeng Investment achieving the highest average return [4][5]. - Minority Investment, established in 2013, emphasizes innovative and differentiated investment strategies, achieving an average return exceeding ***% in 2025 [7]. - Silver Leaf Investment, along with other firms like Xuan Yuan and Zheng Ying Asset, are categorized as large-scale private equity firms with significant performance improvements in 2025 [7]. Group 3: Performance by Management Scale - For firms managing between 20-50 billion, Shenzhen Zeyuan topped the list with an average return of ***% in 2025, showcasing strong performance in the "subjective + quantitative" category [8][9]. - In the 10-20 billion category, Liangli Private Equity led with an average return exceeding ***%, with notable individual fund performances [11][12]. - Among firms managing 0-5 billion, Fanxu Asset achieved the highest average return of 33.40% in 2025 [18][19]. Group 4: Investment Strategies and Insights - The investment philosophy of firms like De Yuan Investment combines value and growth, focusing on long-term structural investment opportunities [13][14]. - The leadership of firms such as Shenzhen Zeyuan and Liangli Private Equity emphasizes the use of quantitative tools to enhance traditional fundamental analysis, aiming for more efficient identification of investment opportunities [9][10]. - The ongoing trend towards AI-driven investment strategies is highlighted by industry leaders, predicting significant market shifts and opportunities in the coming decade [17].