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Research, memos and market views published by major funds such as Oaktree's Howard Marks, AQR and Bridgewater, plus news searches on quant private funds.
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The number of 10-billion-yuan private equity firms hits a new high, with obvious internal divergence in the industry: some institutions are growing rapidly in scale, while others are falling behind. Related information comes from Tonghuashun.
Read originalMore than 50 private fund managers have surpassed 10 billion yuan in scale this year, joining the 10-billion-yuan private fund tier. This statistic covers scale changes in the domestic private fund industry, with related information disclosed by securities sector reports.
Read originalAccording to Yema Finance, a veteran quantitative manager managing tens of billions of RMB may leave to start a private fund, and the market is watching whether Huaan Fund can smoothly fill the related position. The specific identity, affiliated institution, and subsequent career details of this quantitative veteran have not yet been disclosed.
Read originalPrivate fund product filings increased by 34% year-on-year in the first three quarters of this year, among which 9 quantitative private fund managers with over 10 billion AUM each filed more than 100 products. This data reflects that the current product issuance pace of quantitative private fund managers with over 10 billion AUM is at a relatively high level.
Read originalDomestic private fund product filings increased 34% year-over-year in the first three quarters of this year, with 9 quantitative private funds managing over 10 billion RMB each filing more than 100 products. The rapid expansion of filings in the quantitative private fund industry is driving changes in the capital landscape of the private fund sector.
Read originalAQR has released the third part of its research series on tax-aware long-short (TA LS) strategies, clarifying two common misconceptions. As an active investment strategy, TA LS deliberately retains tracking error to express alpha models and capture excess returns and tax deferral benefits, rather than minimizing tracking error like direct indexing. Portfolio construction for TA LS requires balancing expected returns, risk, costs, and taxes, rather than simply realizing capital losses or deferring capital gains.
Read originalAQR has published the second installment of its research series on tax-aware long-short (TA LS) investing, clarifying two misconceptions arising from analogies to direct indexing. First, the tax benefits of TA LS come primarily from deferred capital gains rather than active loss harvesting: its loss realization pace is similar to ordinary tax-insensitive strategies, and tax-aware optimization is mainly used to avoid selling positions with existing unrealized gains, especially short-term gains.
Read originalIn his latest memo, Howard Marks explores recent attempts to suppress long-term government bond yields. He states clearly that the only sustainable solution is to address the underlying factors driving interest rates higher, even if such measures face political resistance. Any other approach is essentially an attempt to defy the laws of economics, and such attempts have never succeeded.
Read originalBridgewater released a research report pointing out that current carbon pricing mechanisms cover approximately 30% of global emissions, mainly dominated by the emissions trading systems of the European Union and China. The EU Carbon Border Adjustment Mechanism (CBAM) is amplifying its impact and promoting the adoption of carbon pricing worldwide.
Read originalAQR has published a research article noting that the market often incorrectly analogizes tax-aware long-short investing (TA LS) to direct indexing strategies, clarifying two core misconceptions.
Read originalAQR has updated its previous analysis of inflation sensitivity and inflation hedging, based on over 50 years of market data. While global inflation has fallen rapidly from its 2022 peak, inflation uncertainty persists in major markets, stock-bond correlations are at multi-decade highs, and traditional stock-bond portfolios are vulnerable to simultaneous losses during inflation shocks. Commodities and trend-following strategies perform strongly during inflation upcycles and can serve as inflation diversification tools, with implementation methods significantly affecting long-term returns and macro diversification outcomes.
Read originalAQR co-founder and dean of Northwestern University’s Kellogg School of Management co-authored an article pointing out that AI can automate most analytical and technical capabilities in quantitative investment, making creativity and emotional intelligence enduring competitive advantages that are difficult to replace. AQR is leveraging the Quanta Academy, launched in 2015, to expand relevant capability development, while Kellogg School of Management also promotes students’ simultaneous development of analytical skills and soft skills through programs such as MBAi. Research shows that the impact of AI on empathy is not fixed, and depends on tool design choices and organizational culture building.
Read originalAQR’s latest research, "Liquidity without Liquidation", shows that tax-sensitive long-short strategies can extract large amounts of cash without fully liquidating the portfolio, while maintaining pre-tax returns, target tracking error, and leverage levels.
Read originalAQR has released the research Investing in a Warming World, noting that mainstream portfolio carbon metrics such as carbon footprint and carbon intensity are easily affected by rising stock market valuations, and may show improvement even when corporate emissions change little, potentially overestimating decarbonization progress when used as time-series measures of decarbonization. Financed emissions are more directly linked to real-world emissions outcomes. The study also explores approaches to constructing climate-oriented portfolios, noting that combining multiple metrics can provide a more comprehensive assessment of climate-related investment progress.
Read originalAQR research explores whether tax-aware equity strategies can provide sufficient liquidity without full liquidation, while preserving investment objectives. The study finds that substantial capital can be extracted while maintaining tracking error, leverage, and pre-tax information ratio. The tax-efficient extraction capability of long-short strategies is generally superior to that of direct indexing strategies, and improves with higher strategy tracking error and leverage levels.
Read originalBridgewater has published an AI policy commentary arguing that AI is the most impactful technological change of our time, and that policy must be enacted immediately to balance its productivity benefits against risks of social disruption and safety incidents. Bridgewater proposes that US AI policy must prioritize societal resilience to technological shocks and establish a robust AI safety regulatory framework; otherwise, AI development will be forced to stall due to political unsustainability or major incidents.
Read originalIn his latest memo, Howard Marks outlines the evolution of the sub-investment grade credit market from the 1970s to the present, focusing on analyzing the drivers behind the rapid growth of direct lending after the global financial crisis, as well as the related issues brought by the rapid deployment of large-scale capital. He points out that the development of direct lending is deeply tied to that of private equity, and the performance of private equity portfolio companies is the core determinant of whether direct loans will succeed in the future.
Read originalIn a special episode of The Insight: Conversations, Howard Marks shares his reflections on themes from Oaktree Capital's recent client conference. The discussion covers the evolution of credit markets, the nature of asset mispricing, and the importance of leadership.
Read originalBridgewater released a research report on January 7, 2026, estimating that AI capital spending will contribute about 140 basis points to U.S. GDP growth in 2026 and about 150 basis points in 2027, a scale comparable to the contribution of business investment to growth during the dot-com bubble.
Read originalBridgewater Co-Chief Investment Officer Greg Jensen and AIA Labs Chief Scientist Jas Sekhon released a viewpoint arguing that Google Gemini 3 is currently the strongest publicly available general-purpose large AI model, with pre-training compute at least 2–3 times higher than GPT-4o, validating that the path of scaling pre-training remains sustainable. This development will drive the AI industry to continue increasing investment in compute, chips, and power, with significant implications for capital markets and the economy.
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