Core Viewpoint - The composite strategy, which combines multiple investment strategies, aims to reduce risk and stabilize returns, showing significant advantages over single strategies in terms of volatility smoothing, enhanced returns, and scale expansion [1]. Summary by Categories Performance of Composite Strategies - As of December 12, 2025, there are 428 composite strategy products with reported performance this year, ranking third in quantity after quantitative long and subjective long strategies [1]. - The average return of composite strategies this year is 26.52%, placing it fifth among 16 secondary strategies [2]. Performance by Company Size - Among private equity firms with assets between 50-100 billion, composite strategies yield the highest average return of 34.39% this year [2]. - The median return for firms with over 100 billion in assets is 25.63% [2]. - The average return for composite strategies across all company sizes is 26.52%, with a median return of 19.83% [3]. Top Performing Composite Strategy Products - In the top private equity category, composite strategy products have an average return of 28.86% and a median return of 25.53% [4]. - The top product, "喜世润黄金1号A类份额" managed by 关歆 from 喜世润投资, has a notable performance this year [5][6]. - In the 10-50 billion category, the top product is "天辉霍格1号" managed by 张洲 from 天辉(上海)私募, with a strong focus on quantitative investment strategies [8][7]. - For the 0-10 billion category, "蚂金青山进取一号" managed by 吕鑫 from 巨熊 leads with a significant advantage in returns [11][10].

Core Viewpoint - The article discusses the advantages of composite strategies in investment management, highlighting their ability to reduce risk and stabilize returns compared to single strategies. It emphasizes the performance of composite strategy products in the private equity market, showcasing their growing popularity and effectiveness in achieving superior returns [2][3]. Summary by Sections Composite Strategy Overview - Composite strategies involve the simultaneous use of multiple investment strategies to achieve better risk-adjusted returns. The goal is to create a synergistic effect where the combined performance exceeds that of individual strategies [2]. Performance Metrics - As of December 12, 2025, there are 428 composite strategy products with reported performance this year, ranking third in quantity after quantitative long and subjective long strategies. The average return for composite strategies this year is 26.52%, placing them fifth among 16 secondary strategies [2][3]. Secondary Strategy Performance - The performance of various secondary strategies is as follows: - Quantitative Long: 913 products, 39.07% average return - Subjective Long: 2262 products, 35.33% average return - Subjective CTA: 197 products, 28.84% average return - Composite Strategy: 428 products, 26.52% average return - Overall average return across all strategies is 28.92% [3]. Company Size Analysis - Among private equity firms, those with assets between 50-100 billion have the highest average return for composite strategies at 34.39%. The median return is highest for firms over 100 billion at 25.63% [4]. Top Performing Products - In the top private equity category, the leading composite strategy product is managed by Xishirun Investment, achieving an average return of ***%. The second place is held by Guoyuan Xinda, with three products listed among the top ten [5][6]. Insights from Fund Managers - Guoyuan Xinda's product, managed by Zhang Gengyuan, has shown strong performance, benefiting from his extensive experience in global macroeconomic assessment and value-driven trend investing [8]. Mid-Sized Private Equity Performance - For firms with assets between 10-50 billion, the average return for composite strategies is 21.42%, with a median of 17.07%. The top products in this category have a performance threshold of ***% [9][10]. Small Private Equity Performance - In the 0-10 billion category, composite strategies have an average return of 27.85% and a median of 19.86%. The top products in this segment also have a performance threshold of ***% [13][14]. Conclusion - The article highlights the growing trend and effectiveness of composite strategies in the private equity market, showcasing their potential for higher returns and stability across different company sizes and strategy types [2][3][4].