Core Viewpoint - The private equity industry in China is witnessing a shift from single-strategy approaches, such as CTA, to multi-strategy products due to declining returns and limited capacity in single strategies [1][3][8]. Group 1: Industry Trends - Many CTA private equity firms have significantly reduced in size, with one firm shrinking from over 10 billion to less than 500 million [1][3]. - The emergence of multi-strategy products is becoming mainstream, with the number of multi-asset strategy private equity products reaching 122 in October, accounting for 12.27% of total registrations [1][8]. - The limitations of single strategies are becoming more apparent, as the futures market capacity is much smaller compared to the stock market, leading to a decline in many CTA firms [3][10]. Group 2: Multi-Strategy Implementation - Firms are adopting various methods to implement multi-strategy approaches, such as using quantitative methods for product layout, combining different asset classes to balance risk and return [5][6]. - The transition to multi-strategy requires a complete overhaul of existing frameworks, including trading systems and risk management standards, as the underlying logic and methodologies differ significantly between CTA and quantitative stock strategies [7][9]. - Successful firms are integrating macroeconomic research teams to support their multi-strategy frameworks, ensuring a comprehensive approach to investment and risk management [6][7]. Group 3: Market Dynamics - The low-interest-rate environment and evolving investor maturity are driving demand for distinctive multi-strategy products, which are becoming a key option for high-net-worth clients [9][10]. - Compared to mature markets, the domestic multi-asset strategy sector in China is still in its early stages, with significant growth potential as wealth management trends evolve [10].

Core Viewpoint - The private equity industry is witnessing a shift from single-strategy approaches, particularly CTA strategies, to multi-strategy products due to declining returns and limited capacity in single strategies [1][2][6]. Group 1: Industry Trends - Many CTA private equity firms have experienced significant shrinkage, with one firm dropping from over 10 billion to less than 500 million [1][2]. - The emergence of multi-strategy products is becoming mainstream, with the number of multi-asset strategy private equity products reaching 122 in October, accounting for 12.27% of total registrations [1][7]. - The transition to multi-strategy is driven by the need for risk diversification and multiple sources of returns [1][3]. Group 2: Challenges in Transition - Transitioning from single to multi-strategy requires a complete overhaul of investment research frameworks, trading systems, and risk management standards [1][6]. - The fundamental differences between CTA and quantitative stock strategies pose significant challenges, necessitating the development of new systems and methodologies [6][7]. - Companies are investing in advanced risk management and trading platforms to effectively integrate various strategies and ensure real-time monitoring [6][7]. Group 3: Strategic Implementation - Different firms are adopting varied approaches to implement multi-strategy products, such as using quantitative methods for asset allocation across stocks, bonds, and commodities [4][5]. - Firms like Qianxiang Asset are combining CTA and quantitative stock strategies to enhance overall investment efficiency and reduce volatility [3][4]. - The focus on creating a comprehensive investment and risk management system is crucial for the successful execution of multi-strategy approaches [5][6]. Group 4: Market Positioning - Multi-strategy products are increasingly favored by high-net-worth clients, reflecting a shift in investor maturity and understanding of risk and return [7][8]. - The domestic multi-asset strategy market is still in its early stages compared to developed markets, indicating significant growth potential as wealth management evolves [8].

【导读】 "很多同行消失了！"单一策略遇冷，私募转型多策略 单一策略遇冷 私募转型多策略布局 CTA策略曾是私募行业的"明星赛道"，但单一策略的局限性如今愈发凸显。 "光做CTA还是不够丰富，天花板太低了。"前述私募负责人表示，核心原因在于期货市场容 量有限，远不及股票市场的体量。这几年，不少CTA私募规模缩水明显，反观股票类私募， 今年诞生了不少百亿元级机构，发展速度远超CTA赛道。 面对单一策略的瓶颈，不少CTA私募将目光投向量化多策略。 千象资产表示，单一资产类别、单一策略的周期性特征显著，股票资产牛熊周期跨度可达5～ 8年；债券类资产风险相对较小，但随着利率下行，收益逐年走低；商品则受供需错配和地缘 政治影响，波动率常高于30%。因此，公司基于在CTA与股票量化的多年积淀，布局量化多 策略，以降低波动率、提升适应力。 中国基金报记者 孙越 吴君 "原来跟我们一批做CTA的，很多都已经消失了。"一位以CTA策略起家的私募负责人感慨 道。据他透露，国内一家规模曾超百亿元的CTA策略私募，如今规模已萎缩至不足5亿元，已 搬到隔壁办公楼，而更多同期成立的机构早已没了声音。 不仅是CTA私募，还有债券、主观多头 ...