Core Viewpoint - The article discusses the rising popularity of multi-asset strategies, including macro hedging, which have shown strong performance in recent months, indicating a potential shift in investment trends [4][5][6]. Performance Summary - Macro strategies have achieved an average return of nearly 25% by September 30, while multi-asset strategies returned approximately 19%, outperforming most mainstream strategies except for equities [6]. - In the first quarter, the performance of various strategies was as follows: equity strategies at 31.19%, multi-asset strategies at 18.92%, and bond strategies at 9.26% [7]. Market Context - The article notes that market distortions caused by policy fluctuations have led to temporary asset mispricing, but as market sentiment stabilizes, the correlation between assets is returning to normal, revitalizing macro and multi-asset strategies [8][11]. - The current market environment is compared to the rise of quantitative strategies in 2018 and 2019, suggesting that multi-asset strategies are at a similar critical point of recognition and acceptance [12][17]. Advantages of Multi-Asset Strategies - Multi-asset strategies are highlighted for their diversified sources of returns, controlled drawdowns, rapid recovery, and adaptability across market cycles, which contribute to stable absolute returns [10]. - The article emphasizes that while multi-asset strategies may not perform as well in a strong upward market compared to pure equity assets, they offer a better risk-return profile overall [10]. Transition in Investment Approaches - There is a noted shift among asset managers from single-asset strategies to multi-asset strategies, driven by the need for risk diversification and multiple sources of returns [17]. - Various private equity firms are adopting multi-asset strategies, with examples including macro hedging strategies that utilize a combination of beta and alpha approaches to capture excess returns globally [18][19][20]. Specific Strategy Examples - Longxue employs a macro strategy with 70% in beta and 30% in alpha, using a risk parity approach for global asset allocation [18]. - Shida Xinghui focuses on an all-weather allocation strategy, with a similar beta/alpha split [18]. - Yuanchuang uses a risk budgeting model to allocate assets across different strategies, including economic and sentiment cycles [19]. - Zhaorong Hu emphasizes a quantitative approach to stock selection while incorporating convertible bonds and futures for enhanced returns [20]. - Guoyuan has developed a multi-asset strategy that combines top-down and bottom-up approaches to optimize risk-adjusted returns [21].

Core Viewpoint - The article discusses the structural changes in the commodity market and the performance of CTA (Commodity Trading Advisor) strategies, highlighting the challenges and opportunities presented by recent market dynamics [4][8]. Group 1: Commodity Market Dynamics - The commodity market is undergoing significant structural changes, with extreme differentiation in performance among various sectors [4][6]. - The South China Gold Index surged by 18.21%, while the energy index fell by 14.57%, and the black sector dropped by 13.18%, indicating a divergence of over 30 percentage points between sectors [6]. - The volatility in commodities has shown a "pulse-like" characteristic, with a 200% spike in 20-day volatility due to tariff impacts, followed by a rapid decline to historical low levels [7]. Group 2: CTA Strategy Performance - Overall performance of CTA strategies has been lackluster this year, particularly before April, where they ranked at the bottom among various strategies [8][11]. - Following increased volatility in commodities, CTA strategies began to recover, climbing to the third position among strategies by July, although still lagging behind quantitative and subjective strategies [11]. - Recent improvements in the CTA environment have been noted, with strong performance observed in October amidst poor performance from other strategies [11]. Group 3: Macro and Multi-Asset Strategies - CTA strategies have evolved to incorporate macroeconomic data, allowing for a more comprehensive approach to market fluctuations [14]. - The macro strategy integrates five sub-strategies, including economic cycle strategies and risk warnings, to manage assets across different time horizons [14][15]. - A multi-asset strategy has been developed that diversifies across various asset classes, focusing on achieving higher Sharpe ratios through a combination of trend-following, term arbitrage, and cross-sectional strategies [20][22]. Group 4: Risk Management and Performance - The risk management framework for these strategies includes maintaining a margin usage of 10%-15% and controlling overall volatility to remain within 8% [18][17]. - The performance of the multi-asset strategy has shown positive contributions from all asset classes, with a distribution of 60% in equity indices, 30% in commodities, and 10% in government bonds [25].