Core Viewpoint - The article discusses the performance of private equity fund managers from different backgrounds, highlighting the differences in investment strategies and their impact on fund performance. It emphasizes that the "public fund" managers have outperformed others in terms of returns this year, driven by their rigorous investment research and risk control practices [1][4]. Summary by Category Performance Overview - As of September 19, 2025, there are 2,669 fund managers with performance data, managing a total of 5,270 products, with an average return of 25.57% this year [1]. - Fund managers from public funds achieved an average return of 31.26%, slightly ahead of those from the futures background at 31.21% [1][2]. Fund Manager Backgrounds - The performance of fund managers varies significantly based on their professional backgrounds: - Public Fund Managers: 328 products, total scale of approximately 4.16 billion, average return of 31.26% [3]. - Futures Managers: 72 products, total scale of approximately 609 million, average return of 31.21% [3]. - Private Managers: 119 products, total scale of approximately 1.21 billion, average return of 30.07% [3]. - Securities Managers: 936 products, total scale of approximately 7.65 billion, average return of 27.66% [2][3]. Top Performing Products - The article lists the top-performing products from public fund managers, with "路远睿泽稳增" managed by 路文韬 leading with significant returns [5][6]. - For futures managers, "富延盛世1号" managed by 刘腾蛟 is highlighted as the top product, showcasing strong performance [10][11]. - The "民间派" managers also have notable products, with "泽源多策略2号A类份额" managed by 唐韵捷 leading in returns [12][14]. Trends and Insights - There is a notable trend of public fund managers transitioning to private equity, with 307 departures recorded this year, the highest in five years [4]. - The article indicates a growing interest in sectors like gold and military industries among fund managers, reflecting broader market trends [6].

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]

Core Insights - The equity market has returned to a volatile pattern, with some quantitative and subjective long strategies facing withdrawal pressure, while macro strategies have shown an overall upward trend [2] - 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 [2][3] - The proportion of macro strategy products achieving positive returns in August rose significantly to 88.12%, compared to 67.42% in July [2] Performance Summary by Strategy - Macro strategies have 187 products with year-to-date average returns of 18.68% and August average returns of 5.58% [3] - The top-performing strategies include: - Long-short strategies with 777 products, year-to-date average returns of 35.67% and August returns of 8.95% - Subjective long strategies with 1974 products, year-to-date average returns of 30.08% and August returns of 9.19% [3] Top Private Equity Products - In the top 10 private equity products with over 50 billion in scale, there are 43 macro strategy products, with the top 10 threshold for returns being ***% [5] - The top three products are all managed by Duration Investment, with significant returns in August [6][7] - Notable fund managers include Wu Xing from Changdu Kaifeng Investment and Li Bei from Banxia Investment, both of whom have extensive experience and have achieved high returns [7][8] Company Performance Overview - Among companies with at least three macro strategy products, the top three are Duration Investment, Zhong'an Huifu, and Yize Investment, with Zhong'an Huifu achieving an average return of ***% this year [13][14] - Duration Investment leads with five macro strategy products, while Zhong'an Huifu has six, indicating strong performance in the macro strategy sector [14]