Core Insights - The article emphasizes the importance of long-term performance over short-term rankings in investment, particularly focusing on the last three years as a critical evaluation period for fund managers [3] - It provides a detailed analysis of the performance of private equity fund managers across different asset sizes, highlighting their average returns and years of experience [4][6][8] Group 1: Performance of Billion-Level Fund Managers - Among the billion-level fund managers, Dan Bin from Dongfang Hongwan leads with an impressive average return of ***% over the past three years, followed by Guo Xuewen from Maoyuan Quantitative and Lu Hang from Fusheng Asset [4][6] - The average return for billion-level fund managers in the last three years is 72.07%, with an average experience of 18.5 years [4][6] Group 2: Performance of 50-100 Million Fund Managers - In the 50-100 million category, Huang Bo from Dayan Capital ranks first with an average return of ***%, followed by He Ruilin from Bopu Technology and Shi En from Yunqi Quantitative [9][11] - The average return for this group over the past three years is 62.24%, with an average experience of approximately 17.4 years [9][11] Group 3: Performance of 20-50 Million Fund Managers - He Yuqing from Yidian Najin ranks first in the 20-50 million category with an average return of ***%, followed by Huang Litu from Qiantou Investment and Lou Jianping from Xiangmu Asset [14][16] - The average return for this group is 69.30%, with an average experience of about 20.7 years [14][16] Group 4: Performance of 10-20 Million Fund Managers - Wei Xiaokang from Shanghai Lingjiu leads the 10-20 million category with an average return of ***%, followed by Liu Xianglong from Fuyuan Capital and Zeng Weijiang from Beijing Zhenke Private Equity [19][21] - The average return for this group is 89.91%, with an average experience of approximately 18.2 years [19][21] Group 5: Performance of 5-10 Million Fund Managers - Wu Tianzeng from Zhongying Investment ranks first in the 5-10 million category with an average return of ***%, followed by Du Yanjie from Shanghai Yixin Private Equity and Han Yongfeng from Jiu (Hainan) Private Equity [22][24] - The average return for this group is 72.48%, with an average experience of about 21.7 years [22][24] Group 6: Performance of 0-5 Million Fund Managers - Yao Yong from Qinxin Fund tops the 0-5 million category with an average return of ***%, followed by Yang Zhongguang from Longhui Xiang Investment and Chu Fan from Mojia Asset [25][27] - The average return for this group is 69.31%, with an average experience of approximately 20.9 years [25][27]

Core Viewpoint - The article discusses the performance of private equity products in the A-share market over the past three years, highlighting the scarcity of products that have maintained impressive returns and drawdown performance amidst market volatility caused by geopolitical conflicts, the pandemic, and trade wars [2]. Summary by Categories Overall Performance of Private Equity Products - In 2023, the average return for 662 private equity products with over 10 billion in assets was 30.15%, with an average Sharpe ratio of 2.53. Over the past three years, 430 of these products achieved an average return of 79.96% and a Sharpe ratio of 1.12 [3]. Performance by Company Size - 100 billion and above: 662 products, 30.15% return, 2.53 Sharpe; 430 products, 79.96% return, 1.12 Sharpe - 50-100 billion: 372 products, 25.59% return, 2.15 Sharpe; 242 products, 53.73% return, 0.88 Sharpe - 20-50 billion: 630 products, 29.42% return, 2.29 Sharpe; 388 products, 75.14% return, 1.33 Sharpe - 10-20 billion: 573 products, 30.50% return, 2.25 Sharpe; 328 products, 74.08% return, 1.07 Sharpe - 5-10 billion: 745 products, 31.57% return, 1.91 Sharpe; 449 products, 82.89% return, 0.91 Sharpe - 0-5 billion: 2057 products, 28.59% return, 1.82 Sharpe; 1169 products, 72.52% return, 0.84 Sharpe - Total: 5039 products, 29.34% return, 2.06 Sharpe; 3006 products, 74.13% return, 0.98 Sharpe [3]. Top Performing Private Equity Products - The top three subjective long products over the past three years are from Junzhijian Investment, Kaishi Private Equity, and Dongfang Gangwan, with average returns of 99.85% and a Sharpe ratio of approximately 1.04 [4]. - The leading product is "Junzhijian Junyue" managed by Zhang Yong, with significant returns and a high Sharpe ratio [5][6]. - The top three quantitative long products are from Ming Shi Fund, Maoyuan Quantitative, and Abama Investment, with an average return of 85.34% and a Sharpe ratio of approximately 1.02 [7]. - The leading product is "Ming Shi Spring 28" managed by Yang Kun, achieving high returns and a notable Sharpe ratio [8][9]. - The top three market-neutral products are from Ping Fang He Investment, Mengxi Investment, and Ming Huan Investment, with an average return of 85.34% and a Sharpe ratio of approximately 1.02 [10]. - The leading product is "Ping Fang He Cai Ying Ping Heng 1" managed by Lü Jieyong and Fang Zhuangxi, with impressive returns and a high Sharpe ratio [12]. - The top three multi-asset strategy products are from Borun Yintai Investment, Ming Huan Investment, and Honghu Private Equity, with an average return of 64.79% and a Sharpe ratio of approximately 1.09 [13].

Core Viewpoint - The A-share market maintained a narrow fluctuation in May, with all three major indices showing slight gains, leading to a significant number of private equity products reaching historical highs in net value [2][20]. Group 1: Market Performance - In May, the Shanghai Composite Index rose by 2.09%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32% [2]. - A total of 1,411 private equity products reached historical highs in net value, accounting for approximately 32.88% of the products with performance data available for nearly a year [2]. Group 2: Product Types and Strategies - Among the high-performing products, 654 were quantitative and 757 were non-quantitative [2]. - The majority of products employed stock strategies (717), followed by futures and derivatives strategies (256), bond strategies (207), multi-asset strategies (171), and combination fund products (60) [2]. Group 3: High-Performing Private Equity Products - The top 20 private equity products by strategy were identified, focusing on stock strategies, futures and derivatives strategies, multi-asset strategies, and bond strategies [3][12][16]. - In the stock strategy category, 377 products reached historical highs, with the top five products all being subjective long products, each yielding over ***% in the past year [4][5]. Group 4: Notable Fund Managers and Products - Chen Long from Youbo Capital managed a subjective long product that achieved nearly ***% in the past year, ranking second among stock strategy products [7]. - He Guojian from Guanjin Fund managed a subjective CTA product that also achieved nearly ***% in the past year, ranking second in the futures and derivatives strategy category [11]. Group 5: Billion-Level Private Equity Products - In May, 156 billion-level private equity products reached historical highs, with quantitative products making up 140 of these, representing nearly 90% [20]. - Among these, stock strategy products accounted for over 70%, with 115 products in this category [20]. Group 6: Performance Rankings - The top 10 products by one-year returns among billion-level private equity products had a threshold return of nearly ***%, with the top five products coming from Longqi Technology, Ming Stone Fund, and others [21][22]. - The top three products by three-year returns also had a threshold of over ***%, with leading products from Abama Investment and Ming Stone Fund [23][24].