Core Insights - The multi-asset strategy in the domestic private equity sector has seen a strong performance this year, with an average return of 24.54% as of October 16, significantly higher than the average return of 8.21% for the entire year of 2024 [1] - The number of product registrations for multi-asset strategies has increased, reflecting a growing demand from investors for diversified investment approaches amid global macroeconomic uncertainties [1][2] Performance and Growth - In the first three quarters of this year, the number of registered multi-asset strategy products reached 1,278, accounting for 14.30% of total registrations, marking an 84.68% year-on-year increase [2] - In September alone, 155 multi-asset strategy products were registered, representing 15.08% of the total registrations for that month [2] Investor Sentiment - High-net-worth clients have shown increased enthusiasm for multi-asset strategy private equity products, recognizing the value of diversification and asset rotation after experiencing market volatility [2] - Investors are increasingly aware of the benefits of multi-asset strategies, which can capture opportunities in both equity and commodity markets while maintaining better drawdown control [2][3] Advantages of Multi-Asset Strategies - Multi-asset strategies are favored for their ability to reduce non-systematic risk and smooth portfolio volatility through diversification across low-correlated assets [4] - These strategies are adaptable to different economic phases, reducing the likelihood of timing errors by investors [4] - They provide better options for conservative investors, matching various risk preferences [4] Long-term Value and Challenges - Despite their advantages, multi-asset strategies may underperform in environments where single assets are strong, and they can face simultaneous downturns during periods of low liquidity [6] - Nonetheless, many professionals believe in the significant long-term value of multi-asset strategies, especially in rapidly changing market conditions [6] Management Capabilities - Effective multi-asset strategies require managers to have a systematic macro research framework and a comprehensive risk management system [7] - Managers should focus on macroeconomic research, broad asset coverage, quantitative models, and awareness of geopolitical risks [7][8] Future Outlook - The development of multi-asset strategies in China is still in its early stages, with expectations for significant growth driven by increasing demand for absolute returns in a low-interest-rate environment [8] - The inherent diversification of multi-asset strategies is expected to highlight their long-term value, even amid concerns about high asset prices [8]

Core Insights - The multi-asset strategy in the domestic private equity sector has seen a strong performance in 2023, with an average return of 24.54% as of October 16, significantly higher than the expected average return of 8.21% for the entire year of 2024 [1][2] - The number of product registrations for multi-asset strategies has increased, reflecting a growing demand from investors for diversified investment approaches amid rising global macroeconomic uncertainties [1][2] Performance and Trends - In the first three quarters of 2023, the number of registered multi-asset strategy products reached 1,278, accounting for 14.30% of total registrations, marking an 84.68% year-on-year increase [2] - In September alone, 155 multi-asset strategy products were registered, representing 15.08% of that month's total [2] Investor Sentiment - High-net-worth clients have shown increased enthusiasm for multi-asset strategy private equity products, recognizing the value of diversification and asset rotation after experiencing market volatility [3] - The demand for multi-asset strategies is driven by the need for stable returns and risk diversification in a low-interest, high-volatility market environment [3][5] Advantages of Multi-Asset Strategies - Multi-asset strategies help reduce non-systematic risk and smooth portfolio volatility by diversifying investments across low-correlation assets such as stocks, bonds, and commodities [4] - These strategies are adaptable to different economic phases, reducing the likelihood of timing errors by investors [4][5] Long-Term Value and Management Challenges - Despite potential drawbacks, such as underperformance in strong single-asset environments, the long-term value of multi-asset strategies remains significant [5][6] - Effective management of multi-asset strategies requires a systematic macro research framework, a comprehensive strategy framework, and robust risk management practices [6][7] Future Outlook - The domestic multi-asset strategy market is still in its early stages compared to developed markets, with increasing demand for absolute returns expected to drive growth [6][7] - The diversification benefits of multi-asset strategies are likely to enhance their importance in the asset management industry as market conditions evolve [7]