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].

这样的投资成绩也迎来真金白银的认可。最新消息显示，在本月完成逾10亿人民币的募资后，Two Sigma在华机构——腾胜投资管理(上海)有限公司的资管规模正式超过100亿关口。 吴舰于2018年4月加入顶尖量化对冲基金Two Sigma，从量化研究员做起，三年时间不到就升任Two Sigma量化研究部的副总裁，2023年1月，工作不到五年的吴舰被提拔为高级副总裁。 知情人士透露，约四分之三的新募集资金将进入前述中证500策略基金，剩余25%将进入另一只宏观策 略基金。该宏观基金今年前9个月的回报为11.6%，从2020年启动以来的累计回报达到119.9%。 吴舰2023年曾在小红书"悄悄炫富"，并称"不敢发朋友圈，自己心态还是太年轻，想找个没人认识的地 方偷偷炫耀下......"。该帖子显示，其2022年的薪资相较往年出现暴涨，高达2350万美元(约合人民币 1.67亿元)。 据蓝鲸新闻此前报道，桥水基金于2019年在中国推出全天候增强型基金，成立以来每年都能录得正收 益。其中2024年的收益率达到37%，跻身全球对冲基金前十。稳定的超额表现，也使得桥水基金近两年 愈发抢手，甚至需要"配货"才能分到些许额度。桥 ...