The A-share market fluctuated and rebounded in August, leading to a general recovery in the net value of private equity products. According to data from the third-party agency Private Equity Ranking Network, as of August 31, the 12,597 private equity products with performance records on the platform had an average yield of 4.53% in August. Since this year, the average yield has risen to 4.99%, and over 60% of products have achieved positive returns. The five major strategies showed significant differentiation: in August, the stock strategy led the average yield of 5.44%. The average yield of the multi-asset strategy, portfolio fund strategy, futures and derivatives strategy was 3.84%, 3.47%, and 3.14%, respectively, and the average yield of the bond strategy for the month was 0.44%. What is more noteworthy is the structural differentiation within the stock strategy — quantifying the average monthly yield of the bulls reached 9.71%, and the yield changed from negative to 6.62% during the year, while the average yield for subjective bulls in August was only 3.82%. Some private equity sources said that the essence of this differentiation is that the beta sources for each strategy are different, and it is not simply “who is strong and who is weak.”

The A-share market fluctuated and rebounded in August, leading to a general recovery in the net value of private equity products. According to data from the third-party agency Private Equity Ranking Network, as of August 31, the 12,597 private equity products with performance records on the platform had an average yield of 4.53% in August. Since this year, the average yield has risen to 4.99%, and over 60% of products have achieved positive returns. The five major strategies showed significant differentiation: in August, the stock strategy led the average yield of 5.44%. The average yield of the multi-asset strategy, portfolio fund strategy, futures and derivatives strategy was 3.84%, 3.47%, and 3.14%, respectively, and the average yield of the bond strategy for the month was 0.44%. What is more noteworthy is the structural differentiation within the stock strategy — quantifying the average monthly yield of the bulls reached 9.71%, and the yield changed from negative to 6.62% during the year, while the average yield for subjective bulls in August was only 3.82%. Some private equity sources said that the essence of this differentiation is that the beta sources for each strategy are different, and it is not simply “who is strong and who is weak.”