本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年上半年，受国内外多重因素交织影响，A股市场波动显著加剧，收益与风险的平衡成为投 资者甄选股票策略产品的重要考量维度之一。 夏普比率是衡量风险收益比的一个重要指标 ，计算公式为：夏普比率=（基金预期收益率-无风险 利率）/基金收益的波动率（标准差）。通常情况下，当基金收益相近时，夏普比率越高越好。 2025年上半年，有夏普比率展示的股票策略产品共有2891只，平均收益为12.4%，夏普比率均值 为1.57。 按公司规模划分，规模为 10-20亿的私募旗下股票策略产品平均收益最为突出，达到 16.39%。然而，从夏普比率来看，却呈现出公司规模越大，股票策略产品夏普比率均值越高的 特点。其中，百亿私募成为唯一一个股票策略产品夏普比率均值超过2的规模组。 | 公司规模 | 股票策略产品数量 | 股票策略产品总规 模(亿元) | 上半年收益均值 | 上半年夏普均值 | | --- | --- | --- | --- | --- | | 100亿以上 | 420 | 632.37 | 11.40% | 2.03 | | 50-100亿 | 196 ...

21 June 2025 | 4:02AM HKT Asia Credit Trader China Property Debt Restructuring Still A Slow Burn Despite rising tensions in the Middle East and the spike in oil prices, Asia credit largely marched to its own tune, with spreads little changed over the week. We believe that, unless geopolitical events and/or impact from trade tariffs begin to have notable negative impact on the Global economy and recession risks re-emerge, Asia credit will continue to climb the "wall of worry", with the need to maintain carry ...

Core Viewpoint - The article emphasizes that a HODL strategy may not yield significant alpha or maintain a high Sharpe ratio over the long term, suggesting that active management is essential for maximizing returns and minimizing opportunity costs [1]. Group 1: Investment Strategy - The company advocates for active management in investment strategies to achieve high positive returns, indicating that simply holding assets is insufficient for generating high alpha [1]. - It is highlighted that seeking high returns does not equate to generating high alpha, which is a critical distinction for investors [1]. Group 2: Analyst Background - The analyst has a strong educational background with a degree in Business Economics from UCLA and a Master of Accounting from UMich Ross School of Business, indicating a solid foundation in financial analysis [1]. - The analyst's experience includes 10 years in investment banking and a current role as a senior analyst at a multi-strategy hedge fund, showcasing expertise in fundamental equity research and global macro strategy [1].

Diversified Resilient Dynamic First quarter 2025 results May 15, 2025 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including expected outlook, financial results, expected growth, business plans, expected investments, federal funds rates and divi ...

近期，哈佛、耶鲁带头，美国大学捐赠基金争相出逃私募股权基金的新闻引发市场关注，"新债 王"Jeffrey Gundlach警告称"潜在的流动性问题值得关注"。 5月8日，他在接受CNBC采访时表示，2007年次贷危机的爆发，最初被认为只是一个小问题，但最终引 发了广泛的连锁反应。当前私募信贷市场的状况与次贷危机前的市场动态相似，值得警惕。 双B级和三C级债券之间的利差扩大，表明市场中许多资产已经开始感受到压力，私募信贷 市场的流动性风险正在上升。 说到这个话题，这个行业最大的名字，你知道，他们中的大多数刚刚在洛杉矶的某次会议上 露面，并且仍在为私募信贷辩护。他们几乎嘲笑私募信贷存在新兴问题、存在泡沫的观点。 像约翰·格雷（John Gray）和其他人继续为此辩护。去年9月，我们在"未来证明"（Future Proof）会议上讨论这个问题时，你告诉我你认为当时私募信贷已经达到了顶峰。你看到今 天的情况了。 Jeffrey Gundlach： 在哈佛大学等精英院校的案例中，这些院校虽然资产丰富但现金匮乏，例如哈佛大学拥有 530亿美元的捐赠基金，却不得不两次进入债券市场以获取运营资金。 Gundlach用三点驳斥 ...

Core Viewpoint - The article emphasizes that a HODL strategy may not yield significant alpha or maintain a high Sharpe ratio over the long term, suggesting that active management is essential for maximizing returns and minimizing opportunity costs [1]. Group 1: Investment Strategy - The company advocates for active management in investment strategies to achieve high positive returns, indicating that simply holding assets is insufficient for generating high alpha [1]. - It is highlighted that seeking high returns does not equate to generating high alpha, which is a critical distinction for investors [1]. Group 2: Analyst Background - The analyst has a strong educational background with a degree in Business Economics from UCLA and a Master of Accounting from UMich Ross School of Business, indicating a solid foundation in financial analysis [1]. - The analyst's experience includes a role as a senior analyst at a multi-strategy hedge fund, showcasing expertise in fundamental equity research and global macro strategy [1].