Core Viewpoint - The article emphasizes the significance of small and specialized private equity fund managers in the industry, highlighting 渡苇基金 as a representative example of a quality fund manager with a focus on behavioral finance and quantitative stock selection strategies [3][4]. Company Overview - 渡苇私募证券投资基金管理（深圳）有限公司 was established on May 6, 2015, and is a member of the China Securities Investment Fund Industry Association [4]. - The company has a current management scale exceeding 300 million [9]. Investment Philosophy & Strategies - 渡苇基金 focuses on behavioral finance quantitative stock selection strategies, aiming for absolute returns and strict risk control [9]. - The investment approach is based on identifying long-term stable behavioral biases in the market that lead to mispricing of stocks, using quantitative methods to construct stock selection models [18]. Research and Development Process - The research system is metaphorically described as having "three workshops": - Literature Review Workshop: Over 2000 academic papers reviewed [19]. - Backtesting Analysis Workshop: More than 100 strategies backtested and analyzed [19]. - Assembly and Debugging Workshop: Over 20 "qualified cornerstone strategies" identified that meet specific performance standards [19]. - The company aims to develop around 300 independent sub-strategies based on ongoing research in behavioral finance [19]. Strategy Development - As of 2025, 渡苇基金 has over 20 sub-strategies, with the addition of "heterogeneous beliefs" as the fifth live sub-strategy [21]. - The strategies are continuously updated with the latest academic findings and innovations, including the development of proprietary NLP models to enhance strategy effectiveness [23][24]. Core Advantages & Highlights - Team Advantage: The core team has over 20 years of research experience in behavioral finance and over 6 years in investment management, with members from top financial institutions [10][11][32]. - Product Advantage: The fund offers a distinct behavioral finance quantitative stock selection strategy, providing significant differentiation in asset management products [34]. - High Strategy Barrier: The early involvement in behavioral finance research creates a high barrier to replication and imitation of their strategies [40]. - Long-term Performance: The fund has maintained positive annual returns through various market conditions, demonstrating resilience and effective risk management [41]. Continuous Evolution Capability - The strategies are built on long-term behavioral finance logic rather than short-term statistical patterns, ensuring a solid foundation for future performance [43]. - The company plans to continue attracting talent with a background in behavioral finance and data science to support growth and strategy iteration [46].