Core Viewpoint - The article discusses the rapid development of options strategy private equity funds in China's capital market, highlighting their evolution from simple directional trading to a diversified approach that includes arbitrage, volatility trading, and hedging strategies. The integration of AI and big data technologies is emphasized as a transformative factor in strategy development and execution [2]. Group 1: Performance of Options Strategy Private Equity Funds - In the first half of 2025, 93 options strategy private equity products reported an average return of 2.80% and an excess return of 4.99% [2]. - The article categorizes funds based on their size: over 2 billion, 500 million to 2 billion, and under 500 million, providing a ranking of top-performing funds in each category [2]. Group 2: Funds Over 2 Billion - The top nine funds in the over 2 billion category include He Yi Investment, Zheng Ying Asset, and Yi Cun Investment, with He Yi Investment's product leading the ranking [3][4]. - The performance data is sourced from private fund managers and custodians, with a focus on the highest-yielding products from each company [4]. Group 3: Notable Funds and Managers - He Yi Investment's "He Yi Shaping Zhe No. 2" achieved significant absolute and excess returns, showcasing both offensive and defensive capabilities, with a cumulative return exceeding ***% since inception [7]. - Zheng Ying Asset's "Zheng Ying Quan Zhi No. 1" has also performed well, with a cumulative return close to ***% since its establishment in July 2017, demonstrating strong drawdown control [8]. Group 4: Funds Between 500 Million and 2 Billion - The leading funds in this category include Guang Yi Wang Da Private Fund, Ping Shi Asset, and Ning Bo Ze Tian, with Guang Yi Wang Da's "Shi Mai Wen Jin Liu Hao" ranking first [9][12]. - This fund has shown impressive performance with a cumulative return of ***% since its inception in November 2019, and its net value has rapidly increased over the past two years [12][13]. Group 5: Funds Under 500 Million - The top three funds in the under 500 million category are Ru Jiang Investment's "Ru Jiang Pin Zhi No. 1," Zhao Qian Investment's "Zhao Qian Investment - Lu Jin No. 2," and Qing An Investment's "Qing An Qi Xuan No. 1," all achieving absolute returns exceeding ***% [14][17]. - "Ru Jiang Pin Zhi No. 1" has demonstrated excellent long-term performance, with a three-year return of ***% and a three-year annualized return of ***% [17].

Core Insights - The article discusses the misconception that high returns equate to good investment products, highlighting that many products show net value growth while investors fail to achieve corresponding returns [1] - Behavioral finance research indicates that volatility significantly impacts investor psychology, leading to irrational decision-making such as "buying high and selling low" [1] - The article emphasizes the importance of considering both returns and performance volatility when evaluating investment products [1] Group 1: 1-3 Year Period Performance - The top-performing products in the 1-3 year category include Wopu Asset, Qianyuan Zishi, and Xingran Private Equity, with average returns of 53.62% and dynamic drawdowns below a certain percentage [2][3] - Wopu Asset's product "Wopu Jianling" has an operation duration of 861 days and a dynamic drawdown of less than 4% [3] - Notable products from large private equity firms include "Bolun Xiaoniu No. 7" and "Liangpai CTA No. 7 C Class," both demonstrating strong performance metrics [3][4] Group 2: 3-5 Year Period Performance - In the 3-5 year category, products like "Xumian Qique No. 1" and "Yujin Quantitative Exclusive No. 1" have shown low dynamic drawdowns while achieving impressive returns [6][7] - The article notes that many top products utilize quantitative CTA strategies, which are effective in controlling drawdowns due to their systematic design and risk management [7] Group 3: 5 Years and Above Performance - The 5-year and above category features products from He Yi Investment and Shanghai Liangyu, with "He Yi Shaping No. 2" achieving a dynamic drawdown of less than a certain percentage and high returns [10][11] - "Liangyu Guan Yi Wu Hao" stands out as the "return king" in this category, showcasing exceptional performance over its operational period [11]