What happened to those private equity funds since the start of the 924 market? Since the rebound market at the end of September has passed three months, as of the end of November, the Shanghai Composite Index has accumulated a 17.04% increase, followed closely by the CSI 300 Index with a 17.92% increase. The ChiNext Index has performed exceptionally well, with a rebound rate of 40.72%. According to statistics from Caixin reporters, during the rebound period, some private equity funds have benefited, leading in performance. According to data from the Private Equity Placement Network, as of the end of November, there were 2248 private equity products with disclosed net asset values, with an average return of 18.75% in the past three months, outperforming the main market indices. Among them, there were 176 products with a rebound rate of over 50% in the past three months, and 24 products with a rebound rate of over 100%. It is worth noting that smaller private equity funds have performed better in this round of rebound market, while some billion-dollar private equities have not performed as well. According to statistics, private equity funds with a size of 0-500 million have an average return of 22.15% in the past three months, mainly due to their relatively smaller size, allowing for greater flexibility in a trending rebound market. Only 29 billion-dollar private equity funds outperformed the CSI 300. According to data from the Private Equity Placement Network, there were a total of 189 products from billion-dollar private equities with disclosed performance in the past three months, with an average return of 11.46% and a median return of 12.42%. Among them, only 29 products outperformed the CSI 300 in the past three months, accounting for 15.34%. Specifically, the Yieldplus exclusive small cap index enhancement 1, managed by Yieldplus Investment, had an outstanding performance in the past three months, with a return of 47.59%, and a year-to-date return of 26.48%. Another product managed by Yieldplus Investment, the Yieldplus exclusive small cap index enhancement 2, had a return of 45.8% in the past three months, with a year-to-date return of 23.99%. Yieldplus Investment founder Gao Kang is known as one of the "four quant kings". Founded in July 2019, Yieldplus Investment broke through a billion-dollar management scale in just over a year, with a current portfolio management scale exceeding 50 billion yuan. The Yieldplus exclusive small cap index enhancement 1 under Panson Asset's performed well, with a return of 42.60% in the past three months and a year-to-date return of 31.67%. Three products from Borun Yintai Investment, including Borun Yintai Bole 3, Borun Yintai Juejin Bole 2, and Borun Yintai Juejin Bole 1, all had returns of over 30% in the past three months. In terms of year-to-date returns, the two products under Lerui Asset, Lerui stock bond rotation 1 securities investment Class A units and Lerui stock bond rotation 1 securities investment Class B units, ranked first with returns of 61.23% and 60.19% respectively. Evolutionary Gold Selection's quantified long-short 1 1st phase and Panson Micro Panel Stock Index enhancement 1 had returns of over 30%. In terms of three-level product strategies, other strategies (17), and CSI 300 Index enhancement (7), most products outperformed the benchmark (CSI 300 Index), with a total of 10 billion-dollar index enhancement private equity funds outperforming the benchmark. There are only two subjective stock selection products, Zhang Zhenyu's Xuan Yuan Yuanfeng 21 Class A units, and Xia Junjie's Renqiao Zeyuan 1st phase. In terms of private equity fund managers, Heiying Assets had 7 products outperforming the benchmark in the past three months, including Heiying Fengxing No. 3 CSI 300 Index enhancement Class C units, Heiying Strategy Select 6, Heiying Strategy Select 1, Heiying Strategy Select 2, Heiying Optimal multi-strategy 3 Class B units, Heiying Optimal multi-strategy 1 Class A units, Heiying Optimal multi-strategy 3 Class A units, with returns around 20%. Borun Yintai Investment had 4 products outperforming the benchmark. Small private equity funds that actively select stocks can reap dividends during the rebound period. Compared to large-scale private equity funds, small private equity funds (below 20 billion) were able to achieve impressive performance during the rebound due to flexible reallocation during the market rebound. Among the 0-500 million private equity funds, there were a total of 1156 products with disclosed performance in the past three months, with an average return of 22.15%, significantly outperforming the benchmark. Among them, there were 477 products with returns outperforming the CSI 300 Index in the past three months, accounting for 41.26%. 17 products from private equity funds with a size of 5 billion and below had returns of over 100% in the past three months. From the perspective of fund managers, Xuri Shengde Asset (8), Fuyan Capital (7), Yushi Private Equity (6), Longyuan Investment (6), and Jintian Fund (6) had more products outperforming the benchmark. In terms of fund managers, Xuri Shengde Asset's Du Xiaodong (11), Yushi Private Equity's Chen Wei (6), and Fuyan Capital's Liu Xianglong (6) had more products outperforming the benchmark. The highest return in the past three months was achieved by Hangdada (Xiamen) Private Equity Fund, managed by Fu Delin, with a return of 155.31%, and a year-to-date return of 276.53%. Among the 5-10 billion private equity funds, there were a total of 282 products with disclosed performance in the past three months, with an average return of 19.44%, outperforming the benchmark. Among them, 104 products outperformed the CSI 300 Index in the past three months, accounting for 36.88%. 2 products had returns of over 100% in the past three months, including Yingling Zong Di 1 and Zhier Zhishan Value Investment No. 3 with a five-year term. Among the 10-20 billion private equity funds, there were a total of 230 products with disclosed performance in the past three months, with an average return of 16.58% and a median return of 11.08%. Among them, 63 products outperformed the CSI 300 Index in the past three months, accounting for 27.39%. In terms of product strategy, unlike billion-dollar private equities, actively selecting stocks strategy is more effective in small private equity funds. Among the 0-5 billion private equity funds, 18 of the top 20 products in terms of return in the past three months were actively selecting stock strategies, with the top 17 positions all belonging to this strategy. In the 5-10 billion category, 14 actively selecting stock funds were among the top 20 in terms of return in the past three months. Among the 10-20 billion funds outperforming the benchmark, 51 were actively selecting stock strategies. For medium-sized private equity funds with a scale of 20-100 billion, the proportion of actively selecting stock strategy products decreased to around 60%. What is the future layout of billion-dollar private equities as the end of the year approaches?How will private equity firms with billions in assets plan for the future has become a topic of market attention.Starstone Investment Vice President and Chief Strategic Investment Officer Fang Lei believes that in the near future, assets that benefit from loose liquidity may perform better. At the end of this year and the beginning of next year, Starstone Investment will focus on two investment opportunities. The first is the consumption-driven domestic demand sector. Boosting consumption may be a key focus of domestic demand policies next year. Even without potential policy incentives, many high-quality companies in the consumption sector have already shown signs of stabilization in performance. Coupled with the fact that overall valuation of the consumption sector is at a reasonable and low level, it presents good investment opportunities. The second is technology growth assets. The domestic industry has broad long-term growth potential, with many individual investment opportunities within the industry. Improved risk appetite in the domestic stock market will help increase the valuation expectations of technology growth assets, thereby driving individual stocks to perform well in the short to medium term. Another multi-billion private equity fund, Jing Investment, will actively prepare for the next phase of investment opportunities and increase holdings at the right time. The future investment strategy will focus on two aspects: First, from the perspective of policy variables - stable growth policies may continue to strengthen, leading industry-leading companies in the A500 and Hong Kong internet sectors to continue benefiting. ETFs, as the current main source of incremental funds, will support this strategy financially. Second, from the perspective of industry trends - focusing on cutting-edge technological trends such as AI-related software and hardware, smart driving, robotics, etc., and national security focusing on defense, information technology innovation, and semiconductor sectors that are independently controllable. In recent market observations released by Chaoyang Sustainable, many private equity firms remain optimistic about the year-end market outlook. In terms of specific operations, nearly 70% of private equity firms choose to maintain their current positions. Industry insiders point out that the overall valuation of A-shares is currently at historically low levels, and based on past experience, these undervalued sectors and companies may experience valuation recovery during the year-end market, leading to an overall market increase. This article was reprinted from "Cailian Press". GMTEight editor: Liu Xuan.