Private fund strategies diverge; CTA strategies post average return of nearly 9% year to date.

Recently, as leveraged funds proactively reduced risk, the previously crowded AI hardware sector has continued to see capital outflows, and the process of institutional allocation rebalancing is deepening further. The profit effect of private funds has notably cooled, with most equity strategies recording negative returns year to date. However, according to New Fortune private fund index data, managed futures strategies have successfully staged a comeback, truly delivering "crisis alpha." As the extremely concentrated tech rally unravels, the market is transitioning from "single-crowding" to "style rebalancing," and is expected to return to a rotation market with gains across multiple sectors. In this environment, quantitative strategies are relatively better positioned to leverage their stock-selection advantages. The New Fortune private fund index shows that last week, CTA strategy private funds became the only product strategy in the market to record positive returns, with over 70% posting positive returns, outperforming mainstream strategies such as equity, bond, and macro. Over a longer horizon, CTA strategies have averaged nearly 9% returns this year, significantly outperforming the second-ranked equity market-neutral strategy, and in September became the only major private fund strategy to achieve positive returns.