Core Viewpoint - The private equity industry in China is witnessing a shift from single strategy approaches, such as CTA, to multi-strategy frameworks due to declining returns and limited capacity in single strategies [2][3][10] Group 1: Industry Trends - Many CTA private equity firms have significantly reduced in size, with one firm shrinking from over 10 billion to less than 500 million [1][3] - The emergence of multi-strategy products is becoming mainstream, with the number of multi-asset strategy private equity products reaching 122 in October, accounting for 12.27% of total registrations [1][10] - The limitations of single strategies are increasingly evident, as the capacity of the futures market is much lower than that of the stock market, leading to a decline in the number of successful CTA firms [3][11] Group 2: Transition Challenges - Transitioning to a multi-strategy approach requires a complete overhaul of investment research frameworks, trading systems, and risk control standards [1][8] - The fundamental differences between CTA and quantitative stock strategies pose significant challenges, necessitating the development of new systems and methodologies [8][10] - Companies are investing in technology to support independent research and risk management for various strategies, ensuring effective collaboration between different asset classes [8][10] Group 3: Strategic Implementation - Different firms are adopting varied methods for implementing multi-strategy approaches, such as using quantitative methods to balance risk across asset classes [5][6] - Firms like Qianxiang Asset are combining CTA with quantitative stock strategies to enhance overall investment efficiency and reduce volatility [4][5] - The focus on creating a comprehensive investment and risk management system is crucial for the successful execution of multi-strategy frameworks [8][10] Group 4: Market Positioning - Multi-strategy products are gaining popularity among high-net-worth clients, transitioning from niche offerings to mainstream investment options [10][11] - The current low-interest-rate environment and evolving investor maturity are driving demand for distinctive multi-strategy products [10][11] - Compared to mature markets, the domestic multi-asset strategy space in China is still in its early stages, presenting significant growth opportunities as wealth management evolves [11]

（原标题：很多同行消失了......） 【导读】"很多同行消失了！"单一策略遇冷，私募转型多策略 中国基金报记者 孙越 吴君 "原来跟我们一批做CTA的，很多都已经消失了。"一位以CTA策略起家的私募负责人感慨道。据他透 露，国内一家规模曾超百亿元的CTA策略私募，如今规模已萎缩至不足5亿元，已搬到隔壁办公楼，而 更多同期成立的机构早已没了声音。 不仅是CTA私募，还有债券、主观多头等管理人，也以不同方式布局多资产领域，发行多策略产品。其 背后的逻辑是，单一策略收益率下行，或容量有限，抗风险能力不足，通过多资产、多策略布局，可以 实现风险的分散与收益来源的多元化。 记者了解到，私募转型多策略并非易事，需要重塑一套投研框架，对投资团队、交易系统与风控标准提 出更高要求。私募看好多策略的崛起，逐步从小众走向主流。最新备案数据也印证了这一转向，今年10 月，多资产策略私募产品备案数量达到122只，占比升至12.27%，仅次于股票策略。 单一策略遇冷 私募转型多策略布局 CTA策略曾是私募行业的"明星赛道"，但单一策略的局限性如今愈发凸显。 "光做CTA还是不够丰富，天花板太低了。"前述私募负责人表示，核心原因在于期 ...

Core Viewpoint - The private equity industry is witnessing a shift from single-strategy approaches, particularly CTA strategies, to multi-strategy products due to declining returns and limited capacity in single strategies [1][2][6]. Group 1: Industry Trends - Many CTA private equity firms have experienced significant shrinkage, with one firm dropping from over 10 billion to less than 500 million [1][2]. - The emergence of multi-strategy products is becoming mainstream, with the number of multi-asset strategy private equity products reaching 122 in October, accounting for 12.27% of total registrations [1][7]. - The transition to multi-strategy is driven by the need for risk diversification and multiple sources of returns [1][3]. Group 2: Challenges in Transition - Transitioning from single to multi-strategy requires a complete overhaul of investment research frameworks, trading systems, and risk management standards [1][6]. - The fundamental differences between CTA and quantitative stock strategies pose significant challenges, necessitating the development of new systems and methodologies [6][7]. - Companies are investing in advanced risk management and trading platforms to effectively integrate various strategies and ensure real-time monitoring [6][7]. Group 3: Strategic Implementation - Different firms are adopting varied approaches to implement multi-strategy products, such as using quantitative methods for asset allocation across stocks, bonds, and commodities [4][5]. - Firms like Qianxiang Asset are combining CTA and quantitative stock strategies to enhance overall investment efficiency and reduce volatility [3][4]. - The focus on creating a comprehensive investment and risk management system is crucial for the successful execution of multi-strategy approaches [5][6]. Group 4: Market Positioning - Multi-strategy products are increasingly favored by high-net-worth clients, reflecting a shift in investor maturity and understanding of risk and return [7][8]. - The domestic multi-asset strategy market is still in its early stages compared to developed markets, indicating significant growth potential as wealth management evolves [8].

【导读】 "很多同行消失了！"单一策略遇冷，私募转型多策略 单一策略遇冷 私募转型多策略布局 CTA策略曾是私募行业的"明星赛道"，但单一策略的局限性如今愈发凸显。 "光做CTA还是不够丰富，天花板太低了。"前述私募负责人表示，核心原因在于期货市场容 量有限，远不及股票市场的体量。这几年，不少CTA私募规模缩水明显，反观股票类私募， 今年诞生了不少百亿元级机构，发展速度远超CTA赛道。 面对单一策略的瓶颈，不少CTA私募将目光投向量化多策略。 千象资产表示，单一资产类别、单一策略的周期性特征显著，股票资产牛熊周期跨度可达5～ 8年；债券类资产风险相对较小，但随着利率下行，收益逐年走低；商品则受供需错配和地缘 政治影响，波动率常高于30%。因此，公司基于在CTA与股票量化的多年积淀，布局量化多 策略，以降低波动率、提升适应力。 中国基金报记者 孙越 吴君 "原来跟我们一批做CTA的，很多都已经消失了。"一位以CTA策略起家的私募负责人感慨 道。据他透露，国内一家规模曾超百亿元的CTA策略私募，如今规模已萎缩至不足5亿元，已 搬到隔壁办公楼，而更多同期成立的机构早已没了声音。 不仅是CTA私募，还有债券、主观多头 ...

Core Viewpoint - The company, Xiangju Capital, is diversifying its investment strategies by integrating quantitative methods with traditional subjective investment approaches, aiming for absolute returns rather than following the mainstream index-enhanced strategies [2][4]. Group 1: Company Background and Strategy - Xiangju Capital was founded by Liang Hui and his team in 2015, with a focus on absolute return targets through a combination of subjective and quantitative strategies [2][3]. - The company has been exploring quantitative strategies since its inception, with a dedicated team experienced in both fundamental research and quantitative model development [3][4]. - The firm aims to create a dual product line that combines subjective investment methods with quantitative strategies, providing low-volatility options for conservative investors [2][4]. Group 2: Quantitative Strategy Development - Xiangju Capital has developed various quantitative sub-strategies over the years, evolving from single-factor stock selection to multi-factor and machine learning strategies [3][4]. - The company’s independent quantitative multi-strategy is designed to pursue absolute returns, with a focus on maintaining low volatility and steady performance [3][5]. - The strategy has shown consistent annual returns since 2008, with a maximum drawdown controlled at a low level and recovery time not exceeding six months [4][5]. Group 3: Market Position and Demand - Unlike other mainstream quantitative firms, Xiangju Capital has chosen a differentiated path by focusing on absolute returns, addressing the significant market demand for stable income in a low-interest-rate environment [4][5]. - The firm believes that the market for stable, low-volatility absolute return products is substantial, appealing to investors with specific financial plans who seek reliable returns without high market risk [5][6]. Group 4: Future Directions and Investment Focus - The company plans to continue iterating its quantitative multi-strategy and expand its absolute return product line while also refining its active management strategies [8][9]. - Liang Hui emphasizes a balanced approach to strategy allocation, avoiding overexposure to any single direction while ensuring alignment with expected returns and volatility [9][10]. - The company is optimistic about four key investment areas: AI infrastructure, securities benefiting from market performance, competitive consumer companies, and globally competitive firms [10].