金牛私募管理公司 （五年期股票策略） 上海衍复投资管理有限公司 上海睿郡资产管理有限公司 宁波灵均投资管理合伙企业（有限合伙） 上海聚鸣投资管理有限公司 上海高毅资产管理合伙企业（有限合伙） 杭州龙旗科技有限公司 上海开思私募基金管理有限公司 金牛私募管理公司 （五年期指数增强策略） 九坤投资（北京）有限公司 海南世纪前沿私募基金管理有限公司 金牛私募投资经理 （五年期股票策略） 仁桥（北京）资产管理有限公司 夏俊杰 上海衍复投资管理有限公司 高亢 上海明汯投资管理有限公司 解环宇 深圳市华安合鑫私募证券基金管理有限公司 袁巍 深圳市中欧瑞博投资管理股份有限公司 吴伟志 上海复胜资产管理合伙企业（有限合伙） 陆航 广东睿璞投资管理有限公司 蔡海洪 北京神农投资管理股份有限公司 陈宇 金牛私募管理公司 （三年期股票策略） 致诚卓远（珠海）投资管理合伙企业（有限合伙） 玄元私募基金投资管理（广东）有限公司 深圳市前海超量子基金管理有限公司 深圳市康曼德资本管理有限公司 上海锐天投资管理有限公司 珠海阿巴马私募基金投资管理有限公司 毕盛（上海）投资管理有限公司 上海喜岳投资管理有限公司 上海思晔投资管理有限公司 明 ...

Core Insights - The private equity sector has seen significant dividend distributions in 2023, with a total of 1,291 distributions amounting to 14.085 billion yuan in the first three quarters, indicating a marked increase in activity compared to the first half of the year [1][2] Group 1: Dividend Distribution Overview - A total of 1,038 private equity products distributed dividends, with the majority occurring in August and September, contrasting with just over 5.655 billion yuan in the first half of the year [1][2] - The average dividend payout ratio across all products was 27.59%, with stock strategy products leading with an average payout ratio of 31.80% and total dividends of 10.735 billion yuan, accounting for 76.22% of the total [2] Group 2: Performance by Strategy - Stock strategy products were the primary contributors to dividends, followed by multi-asset strategies with 190 distributions and 1.267 billion yuan in total dividends, representing 9% of the total [2] - Futures and derivatives strategies and bond strategies had similar total dividend amounts, with 933 million yuan and 880 million yuan respectively, but futures strategies had a higher average payout ratio of 23.18% compared to bonds at 13.45% [2] Group 3: Key Players in Dividend Distribution - Among the 22 private equity managers that distributed over 1 billion yuan, eight were from the 100 billion yuan scale category, with the leading firm, Dayou Investment, distributing 2.812 billion yuan [4] - Smaller private equity firms also participated, with notable distributions from firms managing less than 10 billion yuan, such as Yijiu (Hainan) Private Fund, which distributed 292 million yuan despite its smaller scale [4] Group 4: Factors Influencing Dividend Activity - The increase in dividend distributions is attributed to strong performance, management's intent to control product scale, and enhancing investor experience [3][5] - Dividends help mitigate the dilution of existing holders' returns due to rapid scale expansion and provide investors with a sense of security and trust [5]

Core Insights - The A-share market continued its strong performance in September, with all three major indices rising, while gold prices surged due to multiple factors including the onset of the Federal Reserve's rate cut cycle and central bank gold purchases [2] - Despite the strong market performance, the subjective long/short and quantitative long strategies underperformed in September, with average returns of 3.11% and 1.37% respectively, while macro strategies excelled with an average return of 4.08% [2] - Over a longer time frame, macro strategies have shown superior performance, with average returns of 22.45% and 75.33% over the year and the past three years respectively, highlighting their flexibility in capturing asset rotation opportunities [2] Strategy Performance Summary - **Macro Strategy**: 218 products, average return of 4.08% this year, 22.45% over the year, and 75.33% over three years [3] - **Subjective Long/Short**: 2120 products, average return of 3.11% this year, 34.08% over the year [3] - **Quantitative Long**: 862 products, average return of 1.37% this year, 36.94% over the year [3] - **Other Derivative Strategies**: 16 products, average return of 5.17% this year, 18.77% over the year [3] Top Macro Strategy Products - For products with over 5 billion in assets, the top three macro strategies over the past three years are managed by 久期投资 and 泓湖私募, with average returns of 69.86% [4][5] - The leading product in the 10-50 billion category is "路远睿泽稳增" managed by 路文韬, with significant returns [9] - In the 0-10 billion category, "石泉宏观对冲" managed by 孙旭 leads with impressive returns [12] Notable Fund Managers - 梁文涛 from 泓湖私募 is recognized for his strong performance and has a background in macro strategies [4] - 李蓓 from 半夏投资 has shown a significant rebound in performance this year after previous underperformance [6] - 路文韬 from 路远私募 has focused on gold and military sectors, indicating a strategic shift in asset allocation [9]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在资管行业数字化转型加速的当下，私募机构普遍面临获客成本高、合规要求趋严、品牌曝光有限等多重现实挑战。基于对行业痛点的深刻洞 察， 私募 排排网 依托平台二十年 的行业积淀与技术优势 ，创新 性免费开放 "直聊私募"服务 ，以 科技 重塑私募展业 方式 ，助力管理人高效 连接 目标投资者、强化品牌建设 、 提升业务增长效率。 自上线以来，私募排排网 "直聊私募"服务已成功吸引近百家私募管理人入驻，其中包括东方港湾、 信弘天禾 、国源信达、千象资产、阿巴马投 资、博润银泰投资、 宏锡基金等知名机构，服务覆盖平台现有约 350 万 高净值 注册 用户及持续增长的合格投资者群体 。 平台通过大数据分析与智能算法，建立了精准的潜在客户识别与智能匹配体系。当投资者在浏览、关注或搜索过程中，系统可智能捕捉其行为偏 好与投资意向，及时推送相匹配的私募管理机构，并支持其参与互动答疑。无论是管理人主动发起群聊，还是投资者主动咨询，均可实现"需求 即发现、发现即触达"的高效连接。这种基于数据与场景的精准匹配与即时对话机制，有效破解了传统直销中客户触达难、转化慢的痛点 ...

Core Insights - The post titled "Why I Sold My Billion Quantitative Private Equity and Bought a Private High School in the U.S." sparked significant discussion in the industry, later confirmed to be true by the author, Wu Jiaqi, a former partner at a billion-dollar private equity firm [4][5] - Wu Jiaqi transitioned from quantitative private equity to the education sector by acquiring a top-ranked boarding private high school near Los Angeles, indicating a strategic shift in focus from finance to education [5][7] - This decision reflects a broader contemplation among finance professionals regarding the long-term value and personal fulfillment in their careers, especially in the context of increasing competition and market volatility in the private equity industry [7][8] Company Overview - Wu Jiaqi co-founded Shixiao Investment in 2016, which grew into a billion-dollar quantitative private equity firm, with a clear division of responsibilities among the founding partners [4] - After Wu Jiaqi's exit in July 2024, his shares were transferred to the company's legal representative, Chen Panying, while Li Susu took over as the general manager [4] Industry Implications - The move from quantitative investment to education signifies a potential trend where finance professionals seek more meaningful engagements, emphasizing human-centric values over purely financial metrics [7][8] - The acquisition of the high school aims to create a "California-style outstanding boarding high school," focusing on personalized education to help students gain admission to their desired universities [5]

Core Viewpoint - The private equity industry in China has seen a significant shift, with quantitative funds now surpassing subjective funds in number among the hundred billion-level private equity firms, marking a pivotal change in the investment landscape [2][6]. Group 1: Market Environment Changes - The market has transitioned from a "wild" era characterized by slow information dissemination and significant mispricing to a more civilized and efficient environment [8][15]. - In the past, the market was dominated by retail investors, leading to prolonged deviations of stock prices from their intrinsic values [10][12]. - The current market environment, influenced by technological advancements and macroeconomic changes, presents greater challenges for subjective fund managers, as mispricing opportunities have become shorter and more complex [17][20]. Group 2: Investment Products and Tools - The availability of investment products and tools has evolved from scarcity to abundance, with the introduction of stock index futures in 2010 marking a turning point for quantitative strategies [26][27]. - The diversification of trading products has led to the emergence of various innovative quantitative strategies, providing more profit opportunities [29][31]. Group 3: Technological Advancements - Technological progress has played a crucial role in the rise of quantitative strategies, with the volume of data available for analysis significantly exceeding that of subjective approaches [33][35]. - Quantitative strategies benefit from faster execution and continuous improvements in computational power, enhancing their effectiveness compared to subjective strategies [37][39]. - The distinction between subjective and quantitative investment lies in their methodologies, with subjective investment relying on individual insight and quantitative investment relying on data and algorithms [39].

Core Viewpoint - The A-share market has shown a steady upward trend in 2023, with the Shanghai Composite Index surpassing 3900 points, marking a nearly ten-year high. The private equity industry has also reported impressive performance, with an average return of 29.01% for private equity products in the first three quarters, significantly outperforming the 17.94% increase of the CSI 300 Index [2]. Group 1: Market Performance - As of September 30, 2023, 4799 private equity products reported an average return of 29.01%, outperforming the CSI 300 Index [2]. - The average return for private equity products with over 10 billion in assets was 28.70%, with an average offensive ability of 1.0266 and defensive ability of 0.1578 [3]. Group 2: Offensive and Defensive Capabilities - Offensive ability (upward capture rate) measures a fund's sensitivity to market increases, with higher values indicating stronger performance against the market. The formula is: (Portfolio cumulative return during benchmark increase + 1) / (Benchmark cumulative return during increase + 1) - 1 [3]. - Defensive ability (downward capture rate) measures a fund's sensitivity to market declines, with lower values being preferable. A negative value indicates positive returns during market downturns. The formula is: (Portfolio cumulative return during benchmark decrease + 1) / (Benchmark cumulative return during decrease + 1) - 1 [3]. Group 3: Top Private Equity Products - The top three private equity products with over 100 billion in assets are: 1. "复胜正能量二号" from 复胜资产 2. "开思瑋石" from 开思私募 3. "和谐汇一医疗创新B类份额" from 和谐汇一资产 [4][5]. - The top product in the 50-100 billion category is "远信中国积极成长C类份额" from 远信投资, followed by "康曼德003A号主动管理型" from 康曼德资本 [8][9]. - In the 20-50 billion category, "歌汝奇点" from 上海歌汝私募 ranks first, followed by "盛麒宝鉴" from 盛麒资产 [11][12]. - The leading product in the 10-20 billion category is "信持力定增精选28号" from 信持力资产 [14][15]. - The top product in the 5-10 billion category is "蓝宝石知行一号" from 蓝宝石基金 [18]. - In the 0-5 billion category, "子衿云杉" from 湖南子衿私募 ranks first [20][21].

"卖掉国内百亿量化私募，转身买了美国私立高中"的帖子近日在社交平台火了，如此跨界吸引了足够多的眼球。 原本以为是流量帖子，但是随后被多渠道证明是确有其事， 并指向了百亿私募思勰投资的前合伙人吴家麒。 买美国高中的前私募大佬火了 近日，有网友发现，"我为什么卖掉百亿量化私募后买入了一家美国私立高中"的帖子迅速发酵。该人士表示，他卖掉了一家百亿量化私募股 权后，选择在洛杉矶附近买入了一家当地排名靠前的私立寄宿高中。 对于选择买入高中学校的原因，他表示，相比投资，教育一方面会有阶段性目标，比如升入好的大学，另一方面不可复制，教育不能简单评 价，不像投资是一个简单的数字直观对比。相比于"钱"和"数字"，"人"才是最重要和持久的。 同时，该人士也回顾了自己的创业史，他介绍，自身专业是策略投资，在2016年创立私募后，工作分工更多在渠道以及公司管理。在工作 中接触了大量高净值投资人，在这一过程中，他发现管理人在客户开拓上面临两大信任问题：一是虽然为投资人赚了钱，但是往往行情好 时，投资人认为是理所应当，也可能会觉得当时投别人会挣到更多的钱；另一方面，投资是没有终点的，做投资没有常胜将军，投资人却往 往是在某年业绩不好的时 ...

Group 1 - In September, the enthusiasm for new private equity products surged, with 1,028 private securities funds registered, a year-on-year increase of 171% [1] - Equity strategy private funds dominated the market, with 668 equity strategy products registered, accounting for over 60% of the total [1] - Quantitative products were particularly active, with 364 quantitative private funds registered, representing 35.4% of the total [1] Group 2 - Leading private equity firms maintained a significant advantage in product registration, with Shanghai Liwei leading with 23 products, followed by Maoyuan Quantitative and Shanghai Yinye Investment with 13 and 12 products respectively [2] - Among 27 private equity firms that registered at least 5 products, 16 had assets under management exceeding 100 billion, indicating a concentration of resources [2] - The performance of 57 billion-level private equity firms showed an average return of 24.99% in the first eight months of the year, significantly outperforming the CSI 300 index [3] Group 3 - The total number of billion-level private equity firms reached 94 by the end of September [3] - Institutional investors continue to dominate the influx of new capital into A-shares, with personal investors' demand for stock assets still accumulating [3] - There is an increasing interest from overseas funds in A-shares, although the overall allocation remains low [3]

Core Insights - In September, A-shares indices reached new highs for the year, with the Shanghai Composite Index slightly up by 0.64%, while the Shenzhen Component Index and ChiNext Index rose by 6.54% and 12.04% respectively [2] - Approximately 80.49% of the private equity products under billion-yuan private equity firms achieved historical net value highs in September, with a total of 429 products meeting the criteria of being established for over a year and having performance displayed on the platform [2][3] - Among the products, quantitative strategies accounted for 263, while non-quantitative strategies had 166, with stock strategy products being the most prevalent at 364 [2] Private Equity Performance - Fourteen billion-yuan private equity firms had all their products reach historical highs in September, with eight being quantitative and four subjective, while twelve focused on stock strategies [3] - The top five private equity firms based on average returns over the past year include Lingjun Investment, Fusheng Asset, Kaishi Private Equity, Ningbo Huansheng Quantitative, and Chengqi Asset [4] Notable Firms and Strategies - Lingjun Investment, established in 2014, has a strong research team with over 85% of its members holding master's or doctoral degrees from prestigious universities, focusing on fundamental factor research to enhance strategy resilience [6] - Blackwing Asset, Rido Investment, Dongfang Port, JQK Investment, and Tianyan Capital all had over 90% of their products reach historical highs in September [6] - Dongfang Port, led by Dan Bin, had 74 products reach historical highs, representing 93.67% of its offerings, primarily due to a strong focus on AI-related investments [8] Top Performing Products - The threshold for the top 20 products achieving historical highs in the past year exceeded a certain percentage, with 15 being quantitative long products [9] - The leading product in terms of performance is "Duration Macro Multi-Strategy" from Duration Investment, which has shown significant returns over the past three years and five years [10][12] - Fusheng Asset's "Fusheng Positive Energy No. 2" product is noted for its outstanding performance over five years, with a significant return in the first three quarters of the year [17] Market Outlook - Fusheng Asset expressed optimism about the overall market performance, indicating a gradual economic recovery and a shift in market dynamics [17]