Core Viewpoint - The article highlights the significance of small to medium-sized private fund managers in the industry, particularly focusing on ZeYuan Fund, which has a unique investment strategy and a strong performance record [3][4]. Group 1: Company Overview - ZeYuan Fund was established on November 11, 2015, and registered as a private securities fund manager on December 25, 2017, with a cumulative management scale of 1.9 billion [4]. - As of August 2025, ZeYuan Fund's products have achieved an average return of ***%, ranking first among "subjective + quantitative" mixed private funds with a scale of 1-2 billion [4]. Group 2: Core Team - The team at ZeYuan Fund comprises professionals from banks, trusts, and securities asset management, skilled in using quantitative tools to enhance traditional fundamental analysis [7]. - Key members include: - Yang Guang, General Manager, with over 10 years of experience in financial institutions [8]. - Tang Yunjie, subjective strategy fund manager, with a Ph.D. in management engineering and extensive academic and practical experience in finance [10]. - Zhou Lihua, composite strategy fund manager, with over 10 years of overseas derivatives quantitative trading experience [12]. Group 3: Investment Philosophy & Representative Strategies - ZeYuan Fund employs financial technology theories and modern computing techniques to identify opportunities in asset price fluctuations, enhancing traditional analysis with quantitative tools [14]. - Representative strategies include: - **Beijing Stock Exchange Quantitative Strategy**: A self-operated strategy focusing on high turnover and flexible adjustments based on daily performance data, with an average daily turnover rate of around 50% and an annual turnover rate of 150 times [15]. - **Subjective Strategy**: Focuses on undervalued small stocks, with a holding period of 1-6 months and a maximum single-stock concentration of 25% [19]. - The fund also emphasizes low correlation asset combinations to reduce risk and improve overall returns [21].

Core Viewpoint - The article discusses the performance of subjective, quantitative, and mixed private equity funds, highlighting that mixed funds have shown competitive returns despite the rising popularity of quantitative funds this year [1]. Summary by Sections Performance Overview - As of August 2025, quantitative private equity funds have 353 firms with 1,277 products, yielding an average return of 20.76% this year. In contrast, mixed private equity funds have 328 firms with 783 products, achieving an average return of 22.17%, outperforming quantitative funds [1][2]. Performance by Fund Size - For funds over 100 billion, quantitative funds have an average return of 28.07%, while mixed funds yield 18.08%. In the 50-100 billion category, quantitative funds return 24.92% compared to 13.83% for mixed funds. In the 20-50 billion range, quantitative funds yield 19.05% against 18.63% for mixed funds. For 10-20 billion, mixed funds return 20.44% while quantitative funds yield 23.50%. In the 5-10 billion category, mixed funds achieve 23.50% compared to 16.51% for quantitative funds. Lastly, in the 0-5 billion category, mixed funds yield 22.82% against 19.40% for quantitative funds [2]. Top Performing Mixed Funds - The article lists the top 10 mixed private equity funds by size, with specific firms highlighted for their performance. For funds over 50 billion, the top three are Xuan Yuan Investment, Shi Feng Asset, and Changdu Kaifeng Investment. For 20-50 billion, the leaders are Lu Xiu Investment, Qi Yuan Asset, and Tong Xiao Investment. In the 10-20 billion category, Shenzhen Zeyuan, Liang Li Private Equity, and Liu Miao Xing (Beijing) Private Equity lead. For 5-10 billion, the top three are Zhong Min Hui Jin, De Yuan Investment, and Hong Qiao Fund. Lastly, in the 0-5 billion category, Jin Ta Ke Asset, Jia Xin Rong Cheng, and Zhe Yun Private Equity are the top performers [3][4][7][11][15][19]. Notable Firms and Strategies - Xuan Yuan Investment, established in 2015, focuses on a dual strategy of subjective and quantitative investments, achieving significant returns through a balanced quantitative strategy that integrates fundamental analysis with quantitative factors [5][6]. Lu Xiu Investment, also established in 2015, specializes in technology growth stocks and quantitative selection strategies, achieving notable returns this year [9]. Shenzhen Zeyuan, founded in 2015, has a strong focus on the North Exchange, leveraging its growth potential for investment [11]. Jin Ta Ke Asset, established in 2017, employs AI technology in its investment strategies, covering various approaches including quantitative hedging and long positions in stocks [19].