Core Viewpoint - The A-share market has shown a steady upward trend in 2023, with the Shanghai Composite Index surpassing 3900 points, marking a nearly ten-year high. The private equity industry has also reported impressive performance, with an average return of 29.01% for private equity products in the first three quarters, significantly outperforming the 17.94% increase of the CSI 300 Index [2]. Group 1: Market Performance - As of September 30, 2023, 4799 private equity products reported an average return of 29.01%, outperforming the CSI 300 Index [2]. - The average return for private equity products with over 10 billion in assets was 28.70%, with an average offensive ability of 1.0266 and defensive ability of 0.1578 [3]. Group 2: Offensive and Defensive Capabilities - Offensive ability (upward capture rate) measures a fund's sensitivity to market increases, with higher values indicating stronger performance against the market. The formula is: (Portfolio cumulative return during benchmark increase + 1) / (Benchmark cumulative return during increase + 1) - 1 [3]. - Defensive ability (downward capture rate) measures a fund's sensitivity to market declines, with lower values being preferable. A negative value indicates positive returns during market downturns. The formula is: (Portfolio cumulative return during benchmark decrease + 1) / (Benchmark cumulative return during decrease + 1) - 1 [3]. Group 3: Top Private Equity Products - The top three private equity products with over 100 billion in assets are: 1. "复胜正能量二号" from 复胜资产 2. "开思瑋石" from 开思私募 3. "和谐汇一医疗创新B类份额" from 和谐汇一资产 [4][5]. - The top product in the 50-100 billion category is "远信中国积极成长C类份额" from 远信投资, followed by "康曼德003A号主动管理型" from 康曼德资本 [8][9]. - In the 20-50 billion category, "歌汝奇点" from 上海歌汝私募 ranks first, followed by "盛麒宝鉴" from 盛麒资产 [11][12]. - The leading product in the 10-20 billion category is "信持力定增精选28号" from 信持力资产 [14][15]. - The top product in the 5-10 billion category is "蓝宝石知行一号" from 蓝宝石基金 [18]. - In the 0-5 billion category, "子衿云杉" from 湖南子衿私募 ranks first [20][21].

Core Viewpoint - The article emphasizes the importance of the Sharpe Ratio as a key metric for evaluating the performance of investment funds, particularly subjective long/short strategies, highlighting its role in assessing risk-adjusted returns and identifying truly exceptional investment management capabilities [2]. Group 1: Funds Over 10 Billion - The top 10 subjective long/short funds with the highest Sharpe Ratios over the past three years, from companies with assets over 10 billion, include Junzhijian Investment, Dongfang Gangwan, Xuan Yuan Investment, and others [3]. - Junzhijian Investment's product "Junzhijian Aoxiang Xintai" ranks first with a Sharpe Ratio of *** and has achieved a cumulative return of ***% since its inception in 2018 [4][5]. - Dongfang Gangwan's product "Dongfang Gangwan Haiyin Exclusive 1" ranks second with a Sharpe Ratio of *** and has seen strong performance since April, with a cumulative return of ***% over its four-year operation [5]. Group 2: Funds Between 20-100 Billion - The top 10 subjective long/short funds with the highest Sharpe Ratios over the past three years, from companies with assets between 20-100 billion, include Kaishi Private Equity, Hengbang Zhaofeng, and Tonghe Investment [6]. - Kaishi Private Equity's product "Kaishi Weishi" leads with a Sharpe Ratio of 1.32 and has achieved an absolute return of ***% in the first half of the year [7]. - Tonghe Investment's product "Tonghe Cognitive Evolution Phase 1" ranks third with a Sharpe Ratio of *** and has also performed well in the first half of the year [8]. Group 3: Funds Between 5-20 Billion - The top 10 subjective long/short funds with the highest Sharpe Ratios over the past three years, from companies with assets between 5-20 billion, include Dazheng Asset, Beijing Fengquan Investment, and Yidian Najin Asset Management [9]. - Dazheng Asset's product "Dazheng Hongsheng Phase 3" ranks first with a Sharpe Ratio of *** and has achieved an absolute return of ***% in the first half of the year [10]. - Beijing Fengquan Investment's product "Fengquan Jinghui Phase 2A" ranks second with a cumulative return of ***% since its establishment in 2021 [11]. Group 4: Funds Under 5 Billion - The top 10 subjective long/short funds with the highest Sharpe Ratios over the past three years, from companies with assets under 5 billion, include Tianbeihe Private Equity, Qianhai Pengtie Investment, and Zhonghong Huifu Asset Management [12]. - Tianbeihe Private Equity's product "Tianbeihe Jiuxiang 1" ranks first with a Sharpe Ratio of *** and has shown a steadily rising net value since its establishment in 2021 [13]. - Zhonghong Huifu Asset Management's product "Zhonghong Huifu Luocheng Advanced Productivity B Class" ranks third and has performed well in the first half of the year with an absolute return of ***% [14].