Core Viewpoint - The article highlights the significant presence of small to medium-sized private fund managers in the industry, with a focus on "Holding Win Private Fund" as a standout performer in the CTA product category, showcasing impressive returns and innovative strategies [3][4]. Group 1: Company Overview - Nanjing Holding Win Private Fund Management Co., Ltd. was established in 2007 and specializes in the futures market, emphasizing rational investment and risk control [9][10]. - The company has a management scale of approximately 9 billion and operates under a subjective CTA investment model [10]. Group 2: Performance Highlights - As of October 2025, the "Holding Win Jingcheng Suozhi A Class" fund managed by Qian Jun achieved a remarkable return of ***% from January to October, ranking first among CTA products [3]. - The "Holding Win Chizhi Yiheng A Class" fund has also shown outstanding performance, with a cumulative return of ***% in 2023, leading the non-debt private fund products [3][4]. Group 3: Investment Philosophy & Strategies - The core investment philosophy focuses on risk control, advocating for timely stop-loss measures and maintaining light positions to manage risks effectively [15][16]. - The representative strategy, "Holding Win Subjective CTA Trend Tracking Strategy," aims to capture complete trends while managing risks through gradual position adjustments [19]. Group 4: Core Advantages - The company boasts over 20 years of practical experience in the futures market, with a proven track record of effective strategies that have been validated through various market cycles [22]. - A robust risk control system ensures that all completed products have positive returns since inception, demonstrating a commitment to safeguarding investor capital [23]. - The investment approach emphasizes both offense and defense, prioritizing the safety of new capital while locking in profits from existing investments [25]. Group 5: Management Insights - The management maintains a bullish long-term outlook on gold, believing that geopolitical dynamics will continue to support its price increase, with expectations for new highs by the end of the year or early next year [27].

Core Viewpoint - The article discusses the performance of non-debt private equity products in the A-share market, highlighting those that have achieved consecutive positive returns over the years, indicating the fund managers' ability to navigate market fluctuations [2][10]. Summary by Sections 2023 Performance - In 2023, among private equity companies managing over 500 million, there were 1,731 non-debt private equity products, with 1,026 (59.27%) achieving consecutive positive returns [2]. - The threshold for the top 20 products in cumulative returns for 2023 was set at ***% [2]. - The majority of the top 20 products (15) were subjective long strategies, with only one product from a billion-dollar private equity firm, Oriental Harbor [2]. Top Products in 2023 - The top five products based on returns were managed by: - Qian Jun from Chiying Private Equity - Zhou Yifeng from Beiheng Fund - Chen Yongbao from Ding Tai Si Fang (Shenzhen) - Wu Gengxin from Zhun Jin Investment - Shi Hao from Shanghai Ge Ru Private Equity [3]. 2021 Performance - For the period from 2021, there were 855 non-debt private equity products, with 184 (21.52%) achieving consecutive positive returns [10]. - The threshold for the top 20 products in cumulative returns for 2021 was also set at ***% [10]. - Half of the top 20 products were subjective long strategies, with a notable presence of quantitative long products [10]. Top Products in 2021 - The top five products were managed by: - He Wenling from Qianhai Guoen Capital - Liu Zhiyong from Caoben Investment - Li Ting from Gongqingcheng Guangju Xinghe Private Equity - Ma Changhai from Hengbang Zhaofeng - Li Jiabin from Qianhai Haifu Asset [11]. 2019 Performance - In 2019, there were 377 non-debt private equity products, with 54 (14.32%) achieving consecutive positive returns [15]. - The threshold for the top 20 products in cumulative returns for 2019 was set at ***% [15]. - The top 20 products included seven subjective long products, with a mix of quantitative long, macro strategies, and composite strategies [15]. Top Products in 2019 - The top five products were managed by: - Yang Zhongxian from Jilu Asset - Chen Yu from Shennong Investment - Yao Qicong from Jiukun Investment - Liang Wentao from Honghu Private Equity - Yu Zilong from Shanghai Yuanlai Private Equity [16][22].