Risk Appetite Turns Cautious, Private Equity Multi-Asset Strategies Gain Favor

Recently, investor risk appetite has become more cautious. In the first three quarters, the number of private securities products filed for registration grew by over 30% year-on-year, but by the end of the third quarter, signs of cooling emerged in the issuance market, while multi-asset strategy product filings saw rapid growth. In terms of performance, CTA strategies (managed futures) have shown relative stability. Industry insiders believe that amid market adjustments, investors are placing greater emphasis on drawdown control and diversified allocation; for private fund managers, enhancing portfolio resilience and adaptability across different market environments through diversified strategy allocation will become a key direction for product positioning.