Core Viewpoint - The article emphasizes the importance of adaptability and continuous strategy optimization in the quantitative private equity industry, highlighting how Evolutionary Asset has successfully integrated subjective and quantitative investment approaches to achieve superior returns over a decade [2][3]. Performance Summary - Evolutionary Asset has shown remarkable performance in the past six months, ranking first in the "Billion Private Equity Half-Year Yield Ranking" with an average yield of ***% across its 10 products [3]. - The firm also topped the "Top 10 Private Quantitative Funds" for companies managing over 100 billion, achieving an average yield of ***% [3]. Strategy and Model - The unique strategy of Evolutionary Asset is termed "Logical Quantification," which combines traditional statistical factors with self-developed logical factors, refined over nearly 10 years of market experience [5][10]. - The transition from a subjective to a logical quantitative approach was driven by the need for a more stable investment experience for clients, as traditional concentrated strategies led to significant net asset value fluctuations [11]. Factor Development - The firm has developed a proprietary library of logical factors based on extensive research and market understanding, which enhances model stability and reduces tail risk during extreme market conditions [14][15]. - The integration of logical factors allows for a diversified approach that can adapt to various market environments, aiming for sustainable excess returns [14]. Product Performance - Among its products, the "Evolutionary Multi-Prism CSI 1000 Index Enhanced B Class" has achieved the highest one-year yield of ***%, outperforming the CSI 1000 Index significantly [18][19]. - The product exemplifies three strategic advantages: low turnover, large capacity, and low strategy crowding, which contribute to its performance [18]. Management Team - The founder of Evolutionary Asset, Wang Yiping, has 18 years of experience in the capital market and has received multiple awards for his investment management capabilities, indicating strong leadership within the firm [20].

Core Viewpoint - In the past six months, private quantitative products have attracted significant investment due to the continued dominance of small-cap growth styles and breakthroughs in AI investment technology [1] Summary by Sections Performance of Quantitative Products - As of the end of May this year, there are 1,640 quantitative products with reported performance, with an average return of 6.95% and a median return of 6.5% over the past six months [1] - Among the core strategies, stock strategy products lead with 914 products, achieving an average return of 8.38% and a median return of 8.18% [1] Company Performance - A total of 179 private companies have at least three quantitative products that meet ranking criteria, with average returns of 7.16% and 7% for the past six months and this year, respectively [3] Top Performing Private Equity Firms - The article categorizes private equity firms based on six asset size groups, highlighting the top 10 performing firms in terms of average returns for each group [5] 100 Billion and Above - In the 100 billion and above category, 28 firms have an average return of ***%, with the top five being Evolutionary Asset, Ningbo Huansheng Quantitative, Xinhong Tianhe, Longqi Technology, and Abama Investment [6][7] 50-100 Billion - In the 50-100 billion category, 18 firms have an average return of ***%, with the top five being Shenzhen Liangdao Investment, Loshu Investment, Qianyan Private Equity, Square and Investment, and Tianxuan Quantitative [11][13] 20-50 Billion - In the 20-50 billion category, 27 firms have an average return of ***%, with the top five being Yunqi Quantitative, Hainan Shengfeng Private Equity, Luxiu Investment, Shengguanda, and Guangzhou Shouzheng Youqi [15][16] 10-20 Billion - In the 10-20 billion category, 26 firms have an average return of ***%, with the top five being Boyi Asset, Anzi Fund, Fox Investment, Leiang Asset, and Oak Asset [19][20] 5-10 Billion - In the 5-10 billion category, 37 firms have an average return of ***%, with the top five being Guangyi Wanda Private Equity, Shanghai Yuanlai Private Equity, Zhongmin Huijin, Wuliang Capital, and Yihe Investment [23][24] 0-5 Billion - In the 0-5 billion category, 43 firms have an average return of ***%, with the top five being Xizong (Shanghai) Private Equity, Tanglong Asset, Guangzhou Tianzhanhan, Tianzhihui Investment, and Huacheng Private Equity [28]

Core Viewpoint - The article discusses the investment strategies of Wang Yiping, the head of Evolutionary Theory, particularly his decision to increase holdings in Chinese assets amidst market turmoil caused by the Trump administration's tariffs. The rationale behind this decision is based on a combination of data and logical investment frameworks, suggesting that such actions are rational choices in times of market fear [1][3][30]. Investment Strategy and Background - Wang Yiping's investment career began early, winning a national financial trading competition in 2007 and significantly increasing an initial investment of 100,000 yuan to 5 million yuan by 2011. He founded Evolutionary Theory Asset Management in 2014 and launched his first private fund in 2015, navigating through market downturns effectively [4][6]. - The firm initially employed a subjective investment approach but transitioned to a hybrid model combining subjective and quantitative methods after facing challenges during market volatility [8][10]. Transition to Quantitative Investment - In 2017, the firm began issuing Darwin series quantitative products, achieving a 13% positive return during a bear market in 2018. However, by 2019, the quantitative models began to underperform due to over-reliance on machine learning, prompting a reevaluation of their investment methodology [5][14]. - By the end of 2021, Wang decided to focus on "logical quantification," abandoning machine-generated factors in favor of hand-written factors, leading to the development of over 150 unique factors [15][16]. Risk Management and Performance - The firm successfully managed to limit drawdowns during the liquidity crisis of small-cap stocks in early 2024 by maintaining low exposure to small-cap stocks and utilizing logical factors to avoid premature buying during downturns [18][19]. - The firm’s quantitative strategy now constitutes 90% of its portfolio, with the remaining 10% allocated to subjective strategies to capture emerging market trends and insights [22][23]. Market Outlook and Economic Context - Wang believes that the Chinese economy is in a gradual recovery phase, despite external pressures from trade wars. He emphasizes the importance of improving the business environment and fostering technological innovation to drive economic growth [31][30]. - The article highlights that the current market conditions present a favorable risk-reward scenario for investing in Chinese assets, as historical data suggests that similar price levels often indicate market lows [30].