Multi-asset strategy welcomes "highlight moment" Top private equity funds look forward to new year's allocation framework.

The latest data from the third-party institution Private Placement Network shows that as of December 12, the average return of nearly 1500 privately placed multi-asset strategy products with performance records this year reached 19.55%, with over 90% of the products achieving positive returns. In addition, the returns of related products from top-tier private placement institutions are generally higher than 30%, delivering satisfactory results for the second consecutive year. The macro environment in 2026 is complex, with a high probability of continued increase in some asset prices. "This year, about 60% of the returns from our portfolio came from commodities, 30% from equities, and the rest from other assets and trading," said Zhao Yuan, head of a medium-sized macro strategy private placement in Shanghai, summarizing his team's operations in 2025. His team had heavily invested in gold and copper at the beginning of the year, accurately capturing the main theme of increasing global safe-haven sentiment and re-inflation trades, which contributed significantly to profits throughout the year. However, when it comes to A-shares, he expressed some regret, saying, "We underestimated the sharp rise in tech stocks in the first half of the year, our allocation was too conservative, and we missed some opportunities. This just goes to show that the outcome of a single asset is difficult to predict, but diversifying into multiple assets can ensure that you do not miss out on the entire market beta. Additionally, the unexpected surge in silver and other precious metals at the end of the year did not leave us with any regrets, as the ultimate return from diversified asset allocation cannot solely rely on the rise of a single asset."