Core Viewpoint - The article analyzes the performance of quantitative products in the A-share market from 2022 to 2024, highlighting that 39.38% of the 650 quantitative products achieved positive excess returns for three consecutive years, with a notable performance from large-scale private equity firms [2][5][6]. Group 1: Performance of Quantitative Products - In the past three years, the A-share market has experienced significant volatility, with the Shanghai Composite Index fluctuating between 2600 and 3600 points [2]. - Among the 650 quantitative products with performance data, 256 achieved positive excess returns for three consecutive years, representing approximately 39.38% [2][6]. - For large-scale private equity firms (over 10 billion), 179 quantitative products were tracked, with 114 achieving positive excess returns, resulting in a leading performance rate of 63.69% [6][7]. Group 2: Top Performing Private Equity Firms - The top private equity firms with the most quantitative products achieving positive excess returns over three years include JQData (31 products), Ningbo Huanfang (11 products), and Longqi Technology (9 products) [6][7]. - The top three products with the highest excess returns over the past three years are from Abama Investment, Jiukun Investment, and Maoyuan Quantitative [7][10]. Group 3: Performance by Scale of Private Equity - For private equity firms with assets between 50-100 billion, 51 quantitative products were tracked, with only 19 achieving positive excess returns, accounting for 37.25% [14]. - The leading firms in this category include Jun Cheng Asset Management (4 products) and He Fu Investment (2 products) [14][15]. - The top three products in this category are from Liang Kui Private Equity, Ping Fang He Investment, and Jun Cheng Asset Management [14]. Group 4: Performance in Smaller Private Equity Firms - In the 20-50 billion category, 88 quantitative products were tracked, with only 25 achieving positive excess returns, representing 28.41% [21]. - The leading firms include Junfu Investment and Youmeili Investment, each with 3 products achieving positive excess returns [21]. - The top three products in this category are from Qianhai Guoen Capital, Yuehai Yinghe Fund, and Junfu Investment [21]. Group 5: Performance in the Smallest Private Equity Firms - For private equity firms with assets between 0-5 billion, 196 quantitative products were tracked, with 46 achieving positive excess returns, accounting for 23.47% [41]. - The leading firms in this category include Mufeng Investment and Hongtong Investment, each with multiple products achieving positive excess returns [41]. - The top three products in this category are from Ruixin Tiansuan, Hainan Zhiyuan Private Equity, and Yitian Pavilion Asset Management [41].

Core Viewpoint - The article discusses the performance of private equity products based on the Sharpe ratio, highlighting the top-performing products over the past year, three years, and five years, emphasizing the balance between risk and return in investment strategies [1][8][13]. Group 1: One-Year Performance - The top 20 private equity products with the highest Sharpe ratios over the past year include 12 subjective long products, 4 quantitative long products, and 4 market-neutral products [1]. - The average return for the 2569 stock strategy products in the past year was 24.84%, with 1054 products exceeding this average [1]. - The leading product, "量魁湘水麓山五号," managed by Liang Tao from 量魁私募, achieved the highest Sharpe ratio and return, although specific figures are redacted [5][6]. Group 2: Three-Year Performance - In the three-year category, there were 1627 stock strategy products, with an average return of 39.41% and 617 products surpassing this average [8]. - The top five products were managed by 积露资产, 量魁私募, 敦颐资产, and 垒昂资产, with a notable presence of market-neutral and subjective long strategies [8][9]. - The leading product, "积露11号," managed by Yang Zhongxian from 积露资产, topped the list with a high Sharpe ratio and return, specific figures are also redacted [12]. Group 3: Five-Year Performance - For the five-year performance, 763 stock strategy products were analyzed, with an average return of 86.13% and 284 products exceeding this average [13]. - The top five products included those managed by 量魁私募, 积露资产, and 九坤投资, with a majority being subjective long strategies [13][14]. - The product "量魁湘水麓山五号" again featured prominently, indicating consistent performance over multiple time frames [15].

Core Viewpoint - The article emphasizes the power of compound interest and the challenges of achieving consistent positive returns in the current complex market environment, particularly in the A-share market, where the CSI 300 index has shown significant fluctuations since 2021, with a cumulative decline of 27.65% as of April 30, 2025 [2][3]. Summary by Category Market Performance - Since 2021, the CSI 300 index has experienced annual returns of -5.20%, -21.63%, -11.38%, 14.68%, and -4.18%, with only one year showing positive returns [2]. - The cumulative return from 2021 to April 30, 2025, is -27.65%, indicating a challenging environment for private equity funds to achieve consistent positive returns [2]. Private Equity Fund Performance - As of April 2025, among 926 private equity products (excluding pure bond strategies), only 238 products (approximately 25.7%) have achieved positive returns each year since 2021 [3]. - The successful products are nearly evenly split between quantitative (114 products) and non-quantitative (124 products) strategies [3]. Top Performing Products - The top five products with the highest cumulative returns since 2021 are from JiLu Asset, Shanghai Liangyu Private Equity, JiuKun Investment, and Guangzhou Shouzheng Yiqi [4]. - Notable products achieving over ***% returns since 2021 include JiuKun's "JiuKun Day Enjoy CSI 1000 Index Enhanced No. 1" and Liang Kui's "Liang Kui Xiang Shui Lu Mountain No. 5" [4][12]. Strategy Breakdown - In the quantitative strategy category, there are 35 products that have achieved positive returns each year since 2021, with 16 being from large private equity firms [3][13]. - The subjective long-only equity strategy has 37 products with consistent positive returns, with 20 from large private equity firms [13][14]. Multi-Asset and Other Strategies - There are 33 multi-asset strategy products that have shown positive returns each year since 2021, with 6 from large private equity firms [18]. - In the futures and derivatives strategy category, 35 products have achieved positive returns since 2021, with 4 from large private equity firms [24]. - The bond strategy category has 15 products with consistent positive returns, with 1 from a large private equity firm [27]. Overall Trends - A total of 47 large private equity products have achieved positive returns each year since 2021, with a significant representation from subjective long-only equity strategies [31].