Private equity macro strategy in January was a huge win, earning 2.5 percentage points more than quantitative stock selection.

CryptocurrencySniper · 2026-02-25T11:12:37+00:00

The Chaoyang Perpetual Fund Research Institute's January 2026 "Private Equity Market Blue Book" shows that macro strategies, quantitative stock selection, and subjective stock selection perform well with excess returns in private equity strategies. Macro strategies have the highest return at 9.91%. The benchmark return for the Shanghai and Shenzhen 300 is 1.25%, while other strategies such as FOF and bond enhancement also perform well. However, some indices, despite good returns, do not have ideal excess returns.

CryptocurrencySniper

2026-02-25 11:12:37

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Recently, the Chaoyang Evergreen Fund Research Institute released the January 2026 “Private Equity Market Blue Book” (hereinafter referred to as the Blue Book), which disclosed the performance of various private equity strategy indices in January. Among the top three in excess returns are strategy indices based on the CSI 300, namely macro strategy, quantitative stock selection, and subjective stock selection. The macro strategy, which had the highest excess return, outperformed the second-place quantitative stock selection by 2.5 percentage points. Additionally, the macro strategy also had the highest return among all private equity strategy indices in January, reaching 9.91%.

Specifically, in January 2026, the CSI 300 benchmark return was 1.25%. The macro strategy had an excess return of 8.26%, ranking first; the quantitative stock selection returned 7.41%, with an excess return of 5.76%; the subjective stock selection returned 6.85%, with an excess return of 5.2%.

Among other strategies, the FOF, multi-strategy, and bond-enhanced indices all had excess returns exceeding 3%, at 4.1%, 3.99%, and 3.08% respectively, ranking fourth, fifth, and sixth in excess return.

On the other hand, the 1000-point increase and 500-point increase strategies, while ranking high in returns at 9.54% and 8.44%, did not perform as well relative to their respective benchmarks. The former, benchmarked against the CSI 1000’s 8.68%, had an excess return of only 0.86%; the latter, benchmarked against the CSI 500’s 12.12%, had an excess return of -3.68%.

Note: The January index returns are based on a total of 5,278 products in the entire market, with the sample space consisting of all private equity securities funds included in the Chaoyang Evergreen Private Equity Database 4.0 (excluding equity funds, i.e., private equity funds, private startup funds, and other private funds issued by private equity fund sponsors).

(Source: Dongfang Caifu Research Center)

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