本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期全球资本市场因为美伊冲突都出现了较大的回撤，近年来表现强势的黄金在近一周最大跌幅超20%；上证指数自美伊冲突以来，最大跌幅也 达到8%；不少个股在3月跌幅超20%。 这让不少投资者再次感受到了控制回撤之难以及控制回撤的重要性 。 而拉长周期来看，近3年（2023年3月初-2026年2月底）的资本市场由于受逆全球化浪潮等因素冲击，波动非常大。其中，A股、港股主要股指在 近3年最大回撤均超20%，回撤相对较小的美股中的道琼斯指数也有超16%的回撤。因此， 在这样的市场背景下，要做到低回撤投资，难度是非 常大的。 | 证券市场 | 指数名称 | 近3年 | 近3年 | 沂3年 | | --- | --- | --- | --- | --- | | | | 累计涨跌幅 | 最大涨幅 | 最大回撤 | | | 上证指数 | 26.93% | 54.15% | -20.41% | | | 深证成指 | 23.01% | 82.10% | -33.45% | | | 创业板指 | 36.28% | 121.39% | -37.45% | | A股 | 沪深 ...

Core Viewpoint - The article discusses the diverse strategies and performances of founders of billion-yuan private equity firms in China, highlighting their responses to market changes and investment philosophies, which are validated by market performance [2]. Group 1: Performance of Billion-Yuan Private Equity Founders - Among the billion-yuan private equity founders, 12 have shown performance data across more than 10 products, including notable figures like Dan Bin from Dongfang Gangwan and Liang Hong from Xiwa Private Equity [2]. - Dan Bin, with 33 years of investment experience, adheres to a value investment philosophy, with his products showing a slight decline in 2026 but maintaining impressive long-term returns [4]. - Liang Hong's flexible investment style has led to his products outperforming the average subjective long/short private equity funds in 2026, with significant returns over the past year and three years [6]. Group 2: Investment Strategies - Dan Bin has shifted his investment focus from traditional sectors to AI, viewing it as a core asset for the future, indicating a proactive approach to emerging technologies [4][6]. - Liang Hong has emphasized a flexible and opportunistic investment strategy, particularly in oil and gas stocks, which have performed well amid geopolitical tensions [9]. - Wang Yiping from Evolutionary Asset Management combines active management with quantitative strategies, achieving notable performance in 2026 [10]. Group 3: Market Insights and Predictions - Dan Bin believes that AI represents one of the largest wealth opportunities in the next decade, suggesting that missing out on this trend could be more detrimental than investing at market peaks [4]. - Wang Yiping has issued warnings regarding potential risks from geopolitical events and the possibility of an AI bubble burst affecting wealth [10]. - Liang Hong's focus on resource stocks has been validated by recent market movements, particularly in the context of rising oil prices due to Middle Eastern conflicts [9]. Group 4: Company Backgrounds - Dan Bin founded Dongfang Gangwan, which has a strong reputation for value investing, while Liang Hong leads Xiwa Private Equity, known for its dynamic investment approach [4][6]. - Wang Yiping's Evolutionary Asset Management is recognized for its blend of active and quantitative investment strategies, reflecting a modern approach to asset management [10]. - Li Xiang from Mengxi Investment has a background in quantitative strategies, focusing on futures and low-latency trading, indicating a tech-driven investment philosophy [14].

Core Viewpoint - The article emphasizes the importance of the Sharpe ratio as a key metric for evaluating investment performance in the current A-share market, highlighting that higher Sharpe ratios indicate better risk-adjusted returns and investment efficiency [2]. Group 1: Performance of Private Equity Funds - In 2023, the average Sharpe ratio for 662 private equity funds with over 10 billion yuan in assets reached 2.5349, significantly outperforming smaller funds [3]. - The average return for these funds was 30.15%, with a total asset scale of approximately 12.24 billion yuan [3]. Group 2: Top Performing Funds - The top three subjective long funds with the highest Sharpe ratios were from Jihua Asset, Yuanxin Investment, and Duration Investment, with average returns of 26.88% and a Sharpe ratio of about 1.26 [4]. - The leading product was "Jihua Composite Strategy No. 1" managed by Wang Yiping, achieving a remarkable performance over ten years [5]. Group 3: Quantitative Long Funds - The average return for 286 quantitative long funds was 44.65%, with an average Sharpe ratio of approximately 3.54, indicating strong performance [7]. - The top three quantitative long funds were from Jihua Asset, Longqi Technology, and Kuande Private Equity [7]. Group 4: Market Neutral Funds - The average return for 53 market-neutral funds was 7.32%, with an average Sharpe ratio of about 1.86 [11]. - The leading product was "Mingxun Neutral No. 1 A Class" managed by Mingxun Investment, which has shown consistent upward performance since its inception [12]. Group 5: Multi-Asset Strategy Funds - The average return for 74 multi-asset strategy funds was 23.17%, with an average Sharpe ratio of approximately 2.43 [14]. - The top products in this category were managed by Mingxun Investment and Qianyan Private Equity [14]. Group 6: Quantitative CTA Strategies - The average return for 25 quantitative CTA products was 7.01%, with an average Sharpe ratio of about 1.08 [18]. - The leading product was "Heiyi CTA-T21 C Class" managed by Heiyi Asset, showcasing strong performance in the quantitative investment space [19].