Core Viewpoint - The "4433 Fund Selection Method" is a strategy that evaluates fund performance across different time frames to identify consistently high-performing funds, providing a clear framework for investors to filter potential candidates and avoid misleading short-term performance [2][4]. Group 1: Selection Criteria - The first "4" indicates that the fund's one-year return ranks in the top 25% among peers, reflecting excellent performance over the past year [4]. - The second "4" signifies that the fund's returns over the past 2, 3, and 5 years (as well as year-to-date) also rank in the top 25% among peers, indicating sustained long-term performance [4]. - The first "3" shows that the fund's six-month return ranks in the top 33% among peers, suggesting good recent performance [4]. - The second "3" indicates that the fund's three-month return ranks in the top 33% among peers, reflecting positive short-term momentum [4]. Group 2: Subjective Long-Only Funds - Only 13 out of 2283 subjective long-only products meet the "4433 Fund Selection Method" criteria, representing just 0.57% of the total, indicating a very selective pool of consistently high performers [5]. - Notable funds include "博润银泰" and "久阳润泉," both from large private equity firms, showcasing their strong performance across all evaluated time frames [5]. Group 3: Quantitative Long-Only Funds - Among 927 quantitative long-only products, only 9 meet the "4433 Fund Selection Method" criteria, accounting for 0.97% of the total [9]. - Key players include 九坤投资 and 明汯投资, both managing funds that have shown strong performance metrics over multiple years [9][11]. Group 4: CTA Products - Out of 560 CTA products, 10 meet the "4433 Fund Selection Method" criteria, which is a mere 1.79% of the total [12]. - Noteworthy funds include "钧富湖畔7号" and "华澄北极一号," both demonstrating impressive performance across various time frames [12][14]. Group 5: Multi-Asset Strategies - From 821 multi-asset products, 20 meet the "4433 Fund Selection Method" criteria, representing 2.44% of the total [15]. - Prominent funds include "久期宏观对冲1号" and "洛书裕和延庆," both of which have shown strong performance metrics [15][17].

Core Viewpoint - The A-share market maintained a narrow fluctuation in May, with all three major indices showing slight gains, leading to a significant number of private equity products reaching historical highs in net value [2][20]. Group 1: Market Performance - In May, the Shanghai Composite Index rose by 2.09%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32% [2]. - A total of 1,411 private equity products reached historical highs in net value, accounting for approximately 32.88% of the products with performance data available for nearly a year [2]. Group 2: Product Types and Strategies - Among the high-performing products, 654 were quantitative and 757 were non-quantitative [2]. - The majority of products employed stock strategies (717), followed by futures and derivatives strategies (256), bond strategies (207), multi-asset strategies (171), and combination fund products (60) [2]. Group 3: High-Performing Private Equity Products - The top 20 private equity products by strategy were identified, focusing on stock strategies, futures and derivatives strategies, multi-asset strategies, and bond strategies [3][12][16]. - In the stock strategy category, 377 products reached historical highs, with the top five products all being subjective long products, each yielding over ***% in the past year [4][5]. Group 4: Notable Fund Managers and Products - Chen Long from Youbo Capital managed a subjective long product that achieved nearly ***% in the past year, ranking second among stock strategy products [7]. - He Guojian from Guanjin Fund managed a subjective CTA product that also achieved nearly ***% in the past year, ranking second in the futures and derivatives strategy category [11]. Group 5: Billion-Level Private Equity Products - In May, 156 billion-level private equity products reached historical highs, with quantitative products making up 140 of these, representing nearly 90% [20]. - Among these, stock strategy products accounted for over 70%, with 115 products in this category [20]. Group 6: Performance Rankings - The top 10 products by one-year returns among billion-level private equity products had a threshold return of nearly ***%, with the top five products coming from Longqi Technology, Ming Stone Fund, and others [21][22]. - The top three products by three-year returns also had a threshold of over ***%, with leading products from Abama Investment and Ming Stone Fund [23][24].