Core Viewpoint - The article emphasizes the importance of multi-asset and multi-strategy investment approaches for achieving stable returns in the private equity sector, especially in the context of market fluctuations and varying performance across different strategies [10][12]. Market Performance - In 2025, the A-share market showed a notable performance with index increases of approximately 30% for both the 500 and 1000 indices, alongside high trading volumes, benefiting both subjective long positions and quantitative strategies [3]. - The commodity market also exhibited strengths, particularly in precious metals and non-ferrous metals, while energy and chemical sectors remained weak. The trend in lithium carbonate, driven by "anti-involution," provided trading opportunities for CTA strategies [3]. Strategy Performance - Despite the overall positive market conditions, not all strategies performed consistently well throughout the year. For instance, quantitative stock strategies faced challenges after August due to concentrated investments in AI technology stocks, leading to a situation where indices rose but individual stocks did not [6]. - Subjective long strategies experienced significant volatility, with extreme reversals in early and April causing many products to miss subsequent rebounds. The frequent rotation of structural market conditions resulted in notable performance differentiation among products [6]. - CTA strategies also displayed considerable performance variance, with many products enduring prolonged periods of low performance during the first half of the year [6]. Investment Outlook for 2026 - The article suggests that for 2026, investors should focus on multi-asset and multi-strategy approaches, which have gained popularity due to their ability to provide diversified income sources and risk mitigation [10][12]. - The demand for such products is evidenced by the rapid sell-out of strategies from leading institutions, such as Bridgewater's all-weather strategy and Man Group's macro strategy, indicating strong market interest [14][12]. Types of Multi-Asset Strategies - Three main types of multi-asset multi-strategy investment approaches are highlighted: 1. **Macro Strategies**: These strategies consider various macroeconomic factors to flexibly allocate across stocks, commodities, and bonds, aiming for stable absolute returns [15]. 2. **CTA Strategies**: These involve using multiple CTA strategies to trade indices, government bonds, and commodity futures, allowing for diversified asset allocation and profit from futures trading [15]. 3. **Multi-Strategy Combinations**: These strategies leverage low correlations between different strategies to achieve diversified returns and smooth overall volatility, exemplified by products like Blackwing's "quantitative + CTA + convertible bonds" combination [17][18]. Conclusion - The article concludes that despite favorable market conditions, volatility is inevitable, which can impact the holding experience and lead to missed long-term compounding returns. Therefore, a focus on multi-asset and multi-strategy private equity is recommended for better investment experiences and more predictable returns [20][21].