Public offering of quantification "counterattack", excess returns eye-catching, fund manager warns of small-cap stock pullback risk.

Since July, a large number of public offering quant funds such as Nuo An Duo Strategy, Jianxin Flexible Allocation, and Citic Prudential Duo Strategy have continuously set new historical highs in net asset value. According to Wind statistics, as of the end of June, over 90% of public offering quant products had a positive net asset value growth in the first half of the year; the cumulative net asset value growth rate of ChangJin HeXin BeiZheng 50 Component Index Enhancement A/C and Nuo An Duo Strategy A in the past year exceeds 100%. "This year, the sentiment of the A-share market has been positive, and the hot spots for sector rotation have been ongoing. This structural market trend is very conducive for quant products to generate excess returns," said a certain leader responsible for quantitative investment business in a public offering fund. It is worth noting that many public offering quant fund managers have recently begun to warn of the correction risks in small-cap stocks.