Research portfolios
研究组合
How the full library of research portfolios is distributed across these families. 完整的研究组合库 在这些策略族之间是如何分布的。
The strategy universe →策略全景 →Strategy families策略族
Strategy families, grouped by where the return comes from
按收益来源划分的策略族
Two strategies sit in different families when the reason they make money is structurally different — not when they happen to trade a different instrument. That is what makes combining them worthwhile. 两项策略之所以分属不同的族， 是因为它们赚钱的原因在结构上不同——而不是因为它们碰巧交易不同的品种。 这正是将它们组合起来才有意义的原因。
The families各策略族
Nine distinct return sources.
九类不同的收益来源。
Each family below is one structurally distinct source of return, with the number of research portfolios we currently maintain in it. 以下每一个策略族， 都是一类在结构上彼此不同的收益来源，并附有我们当前在其中维护的研究组合数量。
Event-driven 71 portfolios
事件驱动 71 个组合
Positions built around a scheduled or disclosed event — earnings, analyst revisions, changes in institutional ownership. The reaction to the event is the return source, rather than the direction of the market. 围绕已排定或已披露的事件建立仓位—— 财报、分析师预测调整、机构持股变动等。 收益来源是市场对事件的反应，而非市场的方向。
Options 23 portfolios
期权 23 个组合
Listed options strategies positioned around the pricing of optionality itself, rather than around a directional forecast for the underlying. 场内期权策略， 围绕期权性本身的定价建立仓位，而非围绕对标的资产方向的预测。
Volatility premium 14 portfolios
波动率溢价 14 个组合
Approaches that seek to collect the premium typically embedded in options pricing, accepting defined exposure to volatility in exchange for it. 力求收取通常内嵌于期权定价中的溢价， 并为此承担明确界定的波动率敞口。
Long equity 13 portfolios
长期股票 13 个组合
Longer-horizon holdings in US equities and ETFs, held through the cycle rather than traded around, with the selection rules defined in advance. 对美国股票与 ETF 的较长期限持有， 穿越周期持有而非频繁交易，选股规则事先确定。
Dividend / income 10 portfolios
股息与收益 10 个组合
Strategies built to generate income from market exposure rather than to pursue capital growth. 旨在通过市场敞口获取收益， 而非追求资本增值的策略。
Macro 5 portfolios
宏观 5 个组合
Positions driven by economy-wide variables — rates, growth and policy data — rather than by anything specific to one company. 由全经济层面的变量驱动的仓位—— 利率、增长与政策数据——而非任何单一公司的特定因素。
Hedge / tail 5 portfolios
对冲与尾部 5 个组合
Strategies designed to behave differently in stress, intended to offset risk elsewhere in an account rather than to earn a return on their own. 设计上在压力时期表现有别于其他策略， 意在对冲账户中其他部分的风险，而非独立创造收益。
Machine learning 3 portfolios
机器学习 3 个组合
Approaches where the decision rule is learned from data rather than specified by hand, held to the same out-of-sample validation as everything else. 决策规则由数据学习得出、 而非人工设定的方法，同样须通过与其他策略一致的样本外检验。
Trend following 1 portfolio
趋势跟踪 1 个组合
Positions taken in the direction of an established price trend, sized and exited by rule. 顺既有价格趋势方向建立仓位， 仓位规模与离场均依规则执行。
Counts are as at 10 August 2026. Family descriptions set out research methods we study; they are not offers, recommendations, or predictions of any result, and not every family is used in any given account. 数据截至 2026 年 8 月 10 日。 各策略族的描述陈述的是我们所研究的方法， 并非要约、建议或对任何结果的预测；亦非每个账户都会用到全部策略族。
Why group this way为何如此划分
Grouping by instrument would hide the risk.
按交易品种划分，
会掩盖风险。
Two options strategies can share an instrument and still make money for completely unrelated reasons — or fail together for the same one. Grouping by return source is what makes it possible to tell which is which. 两项期权策略可以使用同一种工具， 却因完全无关的原因而盈利——也可能因同一个原因而一同失效。 按收益来源划分，才使我们得以分辨二者的区别。
Diversification does not guarantee a profit and does not protect against loss in a declining market. Combining structurally different return sources is intended to reduce reliance on any single one being right. 分散化既不保证盈利， 也不能在下跌市场中防止亏损。 组合结构上不同的收益来源，意在降低对其中任何单一来源正确与否的依赖。
- Different return sources. An event-driven portfolio and a volatility-premium portfolio can be wrong at different times, for unrelated reasons. 不同的收益来源。 事件驱动组合与波动率溢价组合， 可能在不同的时点、因彼此无关的原因而失效。
- No single point of failure. A decaying signal can be retired without abandoning a mandate. 不存在单点失效。 衰减的信号可以被退役，而无需放弃某项委托。
- Assembled per account. A client account draws on several families, so no one of them has to work. 逐账户组装。 客户账户会取用多个策略族，因此不必依赖其中任何一个奏效。
- Reviewed as regimes change. Families are re-tested, and strategies are withdrawn when they stop working. 随市场状态复核。 各策略族会被重新检验，失效的策略则予以撤下。
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Our story
公司历程
Three years of building the research and trading platform before taking on a client. 在承接客户之前， 用三年时间建设研究与交易平台。
How we got here →我们的历程 →Important information. The material on this page describes research methods we study. It is not investment advice, not an offer to sell or a solicitation of an offer to buy any security or service, and nothing here is tailored to any particular person. Investing involves risk, including the possible loss of principal. See our full disclosures. 重要提示。 本页材料描述的是我们所研究的方法。 它不构成投资建议，不构成出售任何证券或服务的要约或购买要约的邀请， 亦未针对任何特定人士。投资含有风险，可能损失本金。 请参阅我们的完整披露与条款。
Start a conversation.
与我们聊一聊。
Tell us what you are trying to achieve and we will tell you honestly whether we are the right firm to help. 告诉我们您希望实现什么， 我们会坦率地告知，我们是否是合适的那一家。