本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募基金信托，本质上由信托机构发行，因其投资运作方式和募集形式与中基协规范的私募基金类似，因此被称之为"私募基金信托"，其产品本 质实质为"信托计划"。同时市场中也存在私募基金管理人与信托公司通过签订《投资顾问协议》的方式，由私募基金管理人为信托计划本身提供 投顾服务。 因此，无论是上述何种方式，均为特定历史条件下，将"私募的投资能力"与"信托的制度优势、金融牌照及运营能力"进行优化结合的产物。 的"通道" 。 即使到了今天，私募管理人已经可以自主发行产品，但这种"私募基金信托"模式依然存在，这不仅是历史的遗迹，更是一种经过市场长期选择。 Choice数据显示，截至12月24日，183家证券类私募旗下有业绩显示的信托产品共1926只，今年来收益均值高达19.40%； 在2014年《私募投资基金监督管理暂行办法》出台前，私募管理人并没有明确的法律身份和发行产品的合法牌照，他们拥有投资能力，但缺少合规募资 。私募通过与信托公司合作，借用信托的合规架构，将自己的投资行为"阳光化" 为了给予更有价值的信息，本文将按不同规模私募，分别梳理出今年来管理信托收 ...

Core Insights - The article highlights the performance of billion-yuan private equity funds, indicating that they have established investment systems and research teams capable of achieving stable returns even in volatile markets [2] - As of September 30, the average and median returns for billion-yuan private equity products in the first three quarters of the year were 27.37% and 27.34%, respectively, ranking them second and first among six size groups of private equity [2] - The volatility of billion-yuan private equity products was reported at 17.27%, showing stability compared to other size groups [2] Performance by Strategy - Stock strategy products achieved the highest overall returns this year, with average and median returns of 30.47% and 28.58%, respectively, although they also exhibited a higher volatility of 16.89%, ranking second among five product strategies [4][5] - Multi-asset strategy products had average returns of 23.63% and median returns of 24.59%, with a volatility of 17.64% [5] - Futures and derivatives strategy products reported average returns of 6.68% and median returns of 4.59%, with a lower volatility of 9.86% [5] - Bond strategy products had average returns of 6.01% and median returns of 6.08%, with a volatility of 7.75% [5] - Combination funds achieved average returns of 27.76% and median returns of 27.25%, with the lowest volatility of 5.58% [5] Top Products in Each Strategy - The top products in the stock strategy category include "复胜正能量二号" managed by 复胜资产陆航, which led in returns for both the first three quarters and the last month [8] - The top products in the multi-asset strategy category include "黑翼优选成长1号A类份额" managed by 黑翼资产陈泽浩, which reported significant returns [14] - In the futures and derivatives strategy, "信弘CTA1号量化A类份额" managed by 信弘天禾章毅 achieved the highest returns [19] New Entrants - 新晋百亿私募开思私募's product "开思沪港深优选3号" ranked eighth among billion-yuan private equity products, managed by 倪飞, who has extensive experience in Hong Kong stock research and investment [10]