Core Insights - The equity market has returned to a volatile pattern in the past two weeks, with some quantitative and subjective long strategies facing withdrawal pressure, while macro strategies have shown an overall upward trend [1] - As of August 2025, there are 187 macro strategy products with performance data, achieving average returns of 18.68% year-to-date and 5.58% in August, ranking 4th among 16 private equity secondary strategies [1][2] - The proportion of macro strategy products achieving positive returns in August rose significantly to 88.12%, compared to 67.42% in July [1] Summary by Category Macro Strategy Performance - Macro strategies have demonstrated resilience with a year-to-date average return of 18.68% and an August average return of 5.58%, ranking 4th among various strategies [2] - The positive return rate for macro strategies in August was 88.12%, a notable increase from July's 67.42% [1] Top Performing Private Equity Products - In the top 10 private equity products under large private equity firms (over 50 billion), there are 43 macro strategy products with performance data this year [4] - The top three products are managed by 久期投资, with significant returns in August [5][6] - Notable fund managers include 吴星 from 昌都凯丰投资 and 李蓓 from 半夏投资, both of whom have achieved substantial returns this year [7][8] Small to Medium Private Equity Products - Among private equity products with assets under management of 0-50 billion, there are 144 macro strategy products, with the top 10 products having a performance threshold of ***% [10] - The top three products are managed by 京盈智投, 路远私募, and 嘉理资产, showcasing strong performance in the macro strategy space [11] Company Rankings - The top companies in macro strategy include 久期投资, 中安汇富, and 易则投资, with 中安汇富 achieving an average return of ***% this year [13][14] - 中安汇富 focuses on fundamental and pricing research, emphasizing a research-driven investment approach [14]