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]

Core Insights - The equity market has returned to a volatile pattern in the past two weeks, with some quantitative and subjective long strategies facing withdrawal pressure, while macro strategies have shown an overall upward trend [1] - As of August 2025, there are 187 macro strategy products with performance data, achieving average returns of 18.68% year-to-date and 5.58% in August, ranking 4th among 16 private equity secondary strategies [1][2] - The proportion of macro strategy products achieving positive returns in August rose significantly to 88.12%, compared to 67.42% in July [1] Summary by Category Macro Strategy Performance - Macro strategies have demonstrated resilience with a year-to-date average return of 18.68% and an August average return of 5.58%, ranking 4th among various strategies [2] - The positive return rate for macro strategies in August was 88.12%, a notable increase from July's 67.42% [1] Top Performing Private Equity Products - In the top 10 private equity products under large private equity firms (over 50 billion), there are 43 macro strategy products with performance data this year [4] - The top three products are managed by 久期投资, with significant returns in August [5][6] - Notable fund managers include 吴星 from 昌都凯丰投资 and 李蓓 from 半夏投资, both of whom have achieved substantial returns this year [7][8] Small to Medium Private Equity Products - Among private equity products with assets under management of 0-50 billion, there are 144 macro strategy products, with the top 10 products having a performance threshold of ***% [10] - The top three products are managed by 京盈智投, 路远私募, and 嘉理资产, showcasing strong performance in the macro strategy space [11] Company Rankings - The top companies in macro strategy include 久期投资, 中安汇富, and 易则投资, with 中安汇富 achieving an average return of ***% this year [13][14] - 中安汇富 focuses on fundamental and pricing research, emphasizing a research-driven investment approach [14]