The annual private equity event is coming! The 18th Annual Private Equity Conference and "Golden Pai Award" Award Ceremony, which was provided by the Management Committee of Lingang New Area of China (Shanghai) Free Pilot Zone, hosted by Nanhui New Town People** and Paipai.com, undertaken by Nanhui New Town Enterprise Service Center, co-sponsored by Hua'an**, and co-organized by Galaxy**, Orient Securities **, Guolian**, Minsheng**, Ruinai**, and Paipai.com Wealth, was held on February 28-29, 2024 (Wednesday-Thursday) at Shanghai Lingang Jinjiang International Hotel.
At the meeting on February 29, Chen Zehao, founder and CEO of Black Wing Assets, attended and gave a speech on the theme of "2024 ** and ** Market Outlook".
Founded in 2014, Black Wing Asset Management is one of the top quantitative private equity managers in China with rich experience in investment management. The company focuses on quantitative strategy and CTA (management) strategy investment, and the main team is located in Beijing, and has offices in Shanghai, Chengdu and other places.
Chen Zehao, founder and CEO of Black Wing Assets.
The following are the key takeaways from the presentation:
Chen Zehao from".Can quantitative excesses be regressed?Whether the quantifier** is still validQuantify whether the product can still be matchedsetting"Three perspectives for the 2024 market outlook.
First of all, Chen Zehao reviewed the recent a**field**. The whole index showed a reversal trend before and after the Spring Festival, and in general, the index that fell more before the holiday also repaired at a faster and greater magnitude after the holiday.
In the commodity market, there are also significant cycles in the market. Chen Zehao believes that the current ** is only temporary. After the general market correction, the repair of excess returns is a high probability event. At present, the valuation of A** field is relatively low, and we are very optimistic about the follow-up development of A** field.
Subsequently, against ".Is the quantifier** still effective?On this topic, Chen Zehao's conclusion isShort-term impact does not alter the long-term effectiveness of quantitative investing
Chen Zehao said that quantitative investment is essentially a "square **" quantitative strategy, which will naturally diversify its positions, and market differentiation will also have an impact on the performance of the strategy. From the current point of view, starting from 2021, the scale of the entire quantitative industry has basically stabilized, and now managers are basically in a state of concentrating on the details of the strategy. Next,There are three iterative trends of quantitative strategies, one is to continue to improve excess stability. The second is to continue to improve the factor reserve. The third is to continuously strengthen the control of the exposure of the whole style
Finally, from the perspective of industry outlook, Chen Zehao said that in the future, China's quantitative industry will gradually evolve to digital intelligence, standardization and internationalization.