Core Viewpoint - The article highlights the increasing interest of institutional investors and high-net-worth individuals in CTA (Commodity Trading Advisor) strategies, particularly in the context of market volatility due to geopolitical tensions, with a focus on 洛书投资 (Luo Shu Investment) as a leading player in the domestic CTA strategy field [1][2]. Company Overview - 洛书投资 was established in February 2015 and is one of the earliest private fund managers to complete registration with the Asset Management Association of China. By December 2025, the company’s assets under management (AUM) exceeded 10 billion yuan, with over 100 full-time employees, more than 70% of whom are involved in research and investment [3]. - The company prioritizes research and risk control over mere scale expansion, adhering to the philosophy of "risk prevention first, asset quality second, economic benefits third" [3]. - 洛书投资 has won the "Annual Golden Bull Private Fund Management Company (Managed Futures Strategy)" award three times, a significant recognition in the private fund industry [3]. Team Composition - The team at 洛书投资 possesses a global perspective while being deeply rooted in the Chinese market, with expertise in international quantitative models and an understanding of local market logic [4]. - The General Manager and Chief Investment Officer, 谢冬, has a strong background in quantitative analysis and trading, having worked at prestigious firms like Goldman Sachs and SAC Capital Advisors before founding 洛书投资 [4]. - The founding partners include experts with extensive experience in quantitative research and asset management, ensuring a high level of expertise within the team, with over 85% holding master's or doctoral degrees in relevant fields [4]. CTA Strategy Overview - 洛书投资 employs a medium to long-term CTA composite strategy that covers domestic commodity and stock index futures, primarily focusing on commodities. The strategy allocates across three sub-strategies based on volatility [5][6]. - The three sub-strategies include: - **Trend Following Strategy**: Involves going long on rising commodities and shorting declining ones, with strong short-term returns during trending markets but potential losses during reversals [7]. - **Term Structure Strategy**: Involves going long on commodities in contango and shorting those in backwardation, providing stable returns primarily from risk premiums transferred by spot traders [8]. - **Fundamental Quantitative Strategy**: Utilizes quantitative methods to assess supply and demand, going long on commodities with supply shortages and short on those with excess supply, with strong profitability when supply-demand dynamics dominate [8]. Performance and Risk Management - 洛书投资's medium to long-term CTA composite strategy has demonstrated resilience across various market conditions, providing stable returns for investors through a mature strategy framework and robust risk management [6]. - The performance of 洛书投资's products, such as "洛书管理期货拾壹号," launched in 2022, has significantly outperformed benchmark indices since inception, showcasing the firm's strong long-term profitability [6][11]. - The firm's CTA strategies exhibit low correlation with traditional assets, effectively diversifying portfolio risks, and their ability to engage in both long and short positions allows for profit opportunities in both bull and bear markets [13].

Core Viewpoint - The article discusses the performance of CTA (Commodity Trading Advisor) strategies in 2025, highlighting significant structural differentiation in the domestic commodity market influenced by macroeconomic expectations, industrial changes, and geopolitical factors [3]. Group 1: CTA Strategy Overview - CTA strategies focus on futures contracts, including stock index futures, commodity futures, and government bond futures, utilizing both long and short positions to generate returns [3]. - In 2025, the Nanhua Commodity Index experienced a slight increase with notable volatility, while the precious metals index surged over 81%, and the non-ferrous metals index rose over 18% due to supply-demand mismatches [3]. Group 2: Performance of Fund Managers - Among private fund managers with over 2 billion in assets, the average return for 2025 was 20.58%, with the top three managers being Li Jun from Shuanglong Investment, Xie Dong from Luoshu Investment, and Liu Xibin from Hongxi Fund [4]. - Li Jun's CTA products achieved an impressive average return exceeding ***%, with the best-performing product being "Shuanglong-Lungyun No. 1" [6][7]. Group 3: Notable Fund Managers - Xie Dong, the only manager from a billion-level private fund, had three notable CTA products with returns of ***% [8]. - Yan Xuejie from Huacheng Private Fund led the performance among managers with under 2 billion in assets, achieving an average return of 40.71% in 2025 [9][14]. Group 4: Investment Philosophy - Zhang Jinpeng from Shuanglong Investment emphasized a long-term investment approach, stating that not losing is winning in a cyclical market, and highlighted the importance of patience in private investment [7].