Core Viewpoint - The article emphasizes the significance of macro strategy private equity funds in the current investment landscape, highlighting their ability to dynamically balance multiple asset classes to manage risks and achieve returns in various market conditions [2][16]. Group 1: Characteristics of Macro Strategy Funds - Unlike single-market focused strategies, macro strategy funds operate like "multi-asset aircraft carriers," typically holding three to four core asset classes, including stocks, bonds, commodities, and currencies, with some managers extending to U.S. stocks, gold, overseas bonds, and futures [4][5]. - The underlying strategy involves systematic judgment on macroeconomic cycles, liquidity, inflation, and policy expectations, allowing for flexible asset allocation based on market conditions [5][6]. Group 2: Performance Analysis - The correlation analysis of the macro strategy index over the past three years reveals that its returns are primarily linked to risk assets, with a correlation of 0.71 with the A-share index, while showing low or negative correlations with commodities, bonds, and gold [9][12]. - The volatility contribution analysis indicates that stock indices contribute the most to the fund's volatility, while bonds and gold often help to stabilize overall risk during market fluctuations [12]. Group 3: Insights and Implications - The article concludes that volatility should not be viewed as risk but rather as an opportunity, as macro strategy funds can navigate through the asset volatility to seek returns [13][16]. - For investors, macro strategies serve as a long-term allocation tool that can act as a "stabilizer" and "volatility buffer," particularly in uncertain economic cycles, making them suitable as a core satellite investment [16].

Group 1 - Two Sigma's index-enhanced strategy fund focusing on the CSI 500 index achieved a return of 52.5% in the first nine months of 2023, outperforming its benchmark by 23 percentage points [1] - The fund has an average annualized return of 20.8% since its establishment in 2023, and the firm raised over 1 billion RMB in new funding, pushing its asset management scale over 10 billion RMB [1] - Approximately 75% of the new funds will be allocated to the CSI 500 strategy fund, while the remaining 25% will go to another macro strategy fund, which has returned 11.6% in the first nine months of 2023 and 119.9% cumulatively since its launch in 2020 [1] Group 2 - Two Sigma is a quantitative hedge fund based on Wall Street, managing over $60 billion as of 2023, utilizing big data analysis and AI models across various asset classes [2] - The firm has faced management issues, including a model parameter tampering incident in 2022 that resulted in a $170 million loss for clients and a $90 million penalty from the SEC in 2024 [2] - Two Sigma's governance structure is undergoing reform following the exit of its two co-founders due to long-standing disagreements [2] Group 3 - Wu Jian, a former vice president at Two Sigma, was involved in the 2022 model parameter tampering incident and was later dismissed in 2024 after an internal investigation [2] - Wu Jian's salary in 2022 reportedly surged to $23.5 million (approximately 167 million RMB), which he showcased on social media, leading to industry discussions [3]