本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自4月份美国关税冲击后，中国A股市场整体表现强劲，呈现出典型的"慢牛"特征，沪指多次突破并刷新近十年新高，8月20日上证指数最高触及 3767点，继续刷新创2015年以来的新高，"牛市"一词更加深入人心。那么，如果有牛市，如何通过私募基金紧跟布局这轮行情？ 首先，需要明确的一个观点是： 在强劲的牛市（尤其是普涨行情）中，最大的风险不是亏损，而是 "踏空"，即跑输大盘。 一般来说，在牛市环 境下，不同私募策略的表现和"性价比"会存在差异。比如主观多头策略受益于精选个股、集中持仓等优势在普涨行情中极具收益弹性；量化多头 在获取市场上涨的贝塔收益的同时，还能通过量化模型追求稳定的阿尔法收益。 | 私募策略 | 牛市行情下的优势 | 适合投资者 | | --- | --- | --- | | 主观多杀 | 最直接受益于牛市的策略,基金经理通过深度研究与 | 风险承受能力强,追 | | | 精选个股,重仓看好的行业赛道,在普涨行情中有望获 | 求极高回报的激进型 | | | 得极高弹性。 | 投资者 | | 重化多头 | "牛市 Beta + Alpha" ...

Core Viewpoint - The article discusses the performance of macro strategy private equity funds, highlighting their ability to adapt to different economic environments and their superior returns compared to traditional investment strategies [2][3]. Summary by Sections Macro Strategy Overview - Macro strategy involves asset managers making investment decisions based on macroeconomic cycle predictions, allowing for flexibility across various asset classes such as stocks, bonds, currencies, and commodities [2]. - This strategy can capture asset rotation opportunities in different economic conditions, such as increasing investments in commodities like gold during inflation [2]. Performance Data - According to data from "Private Equity排排网," 144 macro strategy products have achieved an average return of 5% this year, surpassing the market average of 2.52% [2]. - Among these products, 135 have reported positive returns, resulting in a high positive return rate of 93.75% [2]. Comparative Performance of Strategies - The following table summarizes the performance of various secondary strategies for the year: - Quantitative Long: 652 products, 6.42% average return - Subjective CTA: 168 products, 5.96% average return - Macro Strategy: 144 products, 5.00% average return - Convertible Bond Trading: 101 products, 4.17% average return - Composite Strategy: 356 products, 4.16% average return [3]. Top Performing Macro Strategy Funds - The article lists the top 20 macro strategy funds based on their performance over the past six months, one year, and three years, showcasing both large and smaller private equity firms [4][7][12]. - Notable funds include "泓湖稳健宏观对冲A类份额" and "路远睿泽稳增," which have demonstrated strong returns and are recognized for their effective macro strategy research and quantitative models [11][16]. Conclusion - The macro strategy private equity funds have shown resilience and adaptability in the current economic landscape, with a significant number of funds outperforming traditional benchmarks [2][3].