Recently, the Private Equity Ranking Network released statistics showing that as of the end of August, there were 269 domestic private equity companies with futures and derivatives strategy, with an average yield of 7.42% this year.

China Times (www.chinatimes.net.cn) reporter Chen Feng, intern reporter Zhang Mei, Beijing report

Recently, private equity ranking network released statistics showing that as of the end of August, there were 269 domestic futures and derivatives strategy private equity companies, with an average yield of 7.42% this year. Among them, 193 futures and derivatives strategy private equity companies have achieved positive returns this year, accounting for 71.75%.

, Haidai private equity fund, , is in Zibo, Shandong, and has a yield of , with a yield of 78.35% from January to August; Jincheng Asset and Yonghan Private Equity Fund ranked second and third, with a yield of 70.3% and 67.1% from January to August respectively. It is worth noting that the management scale of the top ten private equity returns in futures and derivatives strategies is below 500 million yuan.

Private Equity Ranking Network data shows that in the private equity market, the growth rate of futures and derivatives strategies this year is ahead of other strategies. Judging from the main indexes of the futures market from January to August, Reuters CRB commodity, Nanhua Energy Chemical Index, Nanhua Industrial Products Index, and Nanhua Commodity Index all rose by more than 10% this year.

futures and derivatives strategies include CTA strategies and option strategies, so what are their advantages? Lu Chengtao, partner of Qianxiang Asset, told the reporter of " China Times " that taking the CTA strategy as an example, in the context of the current global economy continuing to restart, the CTA strategy, as a "crisis alpha" strategy, has a prominent allocation value, and its low correlation with other assets also makes the CTA strategy still a necessary supplement to the asset portfolio.

Many private equity funds with 10 billion yuan have outstanding returns

private equity ranking network data shows that as of the end of August, the management scale was more than 5 billion yuan, the number of futures and derivatives strategy funds was 3 or more, and there were 19 large-scale private equity funds that completed the net value update that month. Among them, 13 companies achieved positive returns, accounting for 68.42%.

Ruitian Investment’s yield from January to August was 22.13%, ranking first; China Eastern Airlines Financial Holding’s yield was 20.68%, ranking second; Huishi Asset’s yield was 11.84%, ranking third. The top three futures and derivatives strategy private equity companies are all between 5 billion and 10 billion yuan.

However, from the perspective of private equity scale of futures and derivatives strategies, private equity with a scale of 10 billion yuan and private equity with a scale of 5 billion yuan to 10 billion yuan each account for 50% of the top ten lists.

Specifically, among the private equity firms with 10 billion yuan, Bailu Asset Management's yield from January to August was 11.64%, Sili Investment yield was 10.00%, Black Wing Asset yield was 9.62%, Qianxiang Asset yield was 6.77%, and Shanghai Kuande yield was 4.88%. Among private equity firms with a scale of 15 billion to 10 billion yuan, Ruitian Investment's yield from January to August was 22.13%, China Eastern Airlines Financial Holding's yield was 20.68%, Huishi Asset's yield was 11.84%, Chengrui Investment's yield was 4.60%, and Runzhou's investment yield was 3.66%.

Ruitian Investment is an quantitative hedging private equity fund. It was established in Shanghai at the end of 2013. It adopts mathematical analysis and computer technology and trades financial products including futures, stocks, options and other financial products. According to data from the Private Equity Ranking Network, Ruitian Investment has a total of 174 products, of which 113 are in operation. Ruitian No. 10, the product with the highest cumulative returns, with an annualized return of 27.65%.

Qianxiang Asset Partner Lu Chengtao said to a reporter from the China Times that the volatility of the commodity market first half of the year showed a trend of rising first and then falling. In the first quarter, the commodity prices were generally strong, and the profit effect was obvious for the trend tracking strategy; in the second quarter, the commodity market showed a decline after consolidation, and the wear of long-term strategies was relatively serious. Qianxiang Asset relied on its balanced allocation in varieties and cycles to resist the uncertain risks of the market through high decentralization, thus recording relatively ideal returns in the first half of the year.

Why is the performance of small-scale private equity higher?

Private equity ranking network data shows that there are 39 private equity firms with medium-scale futures and derivatives strategy of 1 billion to 5 billion yuan, with an average return of 6.16% since the beginning of this year, and 28 firms have achieved positive returns, accounting for 71.79%.

, among which, the yield of both assets from January to August was 30.53%, ranking first in the medium-sized group return; Hongxi Fund's yield was 22.06%, ranking second; Dalian Daohe investment yield was 17.02%, ranking third.

Juncheng Asset was established on April 15, 2016. It is a professional asset management company with quantitative investment as the core.Currently, the company's investment areas cover stocks, stock index futures, and commodity futures. Through a variety of investment strategies such as unilateral trends, paired trading, macro hedging, stock alpha, etc., it has formed an all-weather investment portfolio to adapt to different market environments and have a large capital capacity. Data from

Private Equity Ranking Network shows that the number of small-scale groups in futures and derivatives strategy private equity, with as many as 211 companies, accounting for 78.44%, and the average return since the beginning of this year was 8.04%; among which 152 companies achieved positive returns, accounting for 72.04%. Judging from the top ten small-scale groups, the scale is all less than 500 million yuan. In the small-scale group list of

, Haidai Private Equity Fund ranked first, with a yield of 78.35% from January to August. In addition, Jincheng Asset and Yonghan Private Equity Fund ranked second and third, with yields of 70.30% and 67.10% respectively. These three private equity firms ranked the top three in the small-scale group and in all futures and derivatives strategy private equity firms.

Haidai Private Equity was established on March 25, 2019. The company is located in Zibo, Shandong. It has three products, namely Haidai Jiankun No. 3, Haidai Jiankun No. 1, and Haidai Jiankun No. 5. The cumulative income of the three products was 135.73%, 91.10% and 91.10% respectively; from the perspective of annualized income, except for the establishment of Haidai Jiankun V, less than a year after its establishment, the annualized income of Haidai Jiankun III and Haidai Jiankun 1 was 106.48% and 64.03% respectively.

, Director of the Ji'an Jinxin Fund Evaluation Center, told the reporter of the China Times that when small and medium-sized private equity funds have investment deviations from expectations, their adjustment strategies and operations of increasing or decreasing positions are relatively easy, and it is easy to turn around if the ship is small. Especially under such a structural market this year, the market fluctuates greatly and the industry rotates faster. The flexibility of position adjustment will have a great impact on the fund's final performance. The CTA strategy makes money with volatility, and you can make money by long and shorting products. Smaller CTA private equity funds have the advantage of flexible strategic conversion.

Futures and Derivatives Strategy Advantages

Private Equity Ranking Network Recent data shows that the average yield of 19,232 private equity securities investment funds , which have been established for 8 months and have recently updated their performance, has been -6.57% this year, of which 5,764 funds have achieved positive returns this year, accounting for 29.97%. Judging from the

-point strategy, the bond strategy continues to perform relatively stablely, leading the rest of the strategies with an average yield of 9.92%. It is worth noting that the average return of private equity funds in futures and derivatives strategies has been 6.69% this year, second only to bond strategies. Following closely behind are multi-asset strategy and portfolio funds' annual returns of -3.17% and -4.85%, respectively, with stock strategy performance at the bottom, with an average annual return of -10.81%.

looks forward to the development of CTA strategy in the second half of the year. Lu Chengtao said that CTA strategy still has high allocation value. At the annual meeting of the global central bank at the end of August, Powell, chairman of the Federal Reserve, said that he would continue to raise interest rates in and fight inflation, reiterating that inflation will not stop and interest rate hikes continue. It was interpreted by the market as a hawk who exceeded expectations, and gave certain corrections to the market's expectations of suspension of interest rate hikes and interest rate cuts. Radical interest rate hikes have also raised concerns about a future global recession. In addition, the international situation is becoming increasingly complex, and the fluctuations in the global commodity will likely increase, which will also make the allocation value of trend tracking CTA strategies that obtain returns through fluctuations highlight. There is no need to pay too much attention to short-term net value fluctuations, and do a good job in asset allocation to effectively travel through bull and bear markets.

Editor: Yan Hui Editor-in-chief: Xia Shencha