As of September 12, the average return of stock strategy was 21.07%, ranking first among the eight strategies. Nevertheless, even the best-performing stock strategy still loses 31.94% of the Shanghai-Shenzhen 300 indexs rise in the same period, and the magic spell of the index reappears.
On September 23, the Shanghai Composite Index closed below 3000 points again. However, private investors with ammunition are more active, with an average position of 67.48% in the year.
The magic spell of Running Loss Index is reappearing. This signal is amazing.
In 2019, the private equity industry finally ushered in the best years in recent years, and many of its products have achieved outstanding results.
Private placement data show that as of September 12, the average return of stock strategy is 21.07%, ranking first among the eight strategies. Among them, the average return of fixed income, managed futures and relative value is less than 10% in a year. The average return of other strategies is more than 10% since this year. Macro-strategy ranks second with 15.92%.
It is worth noting that among the eight strategies, even the best performing stock strategy still loses 31.94% of the Shanghai and Shenzhen 300 indexs rise in the same period, and the magic spell of the running and losing index reappears.
Undoubtedly, many private investors feel frustrated by the losing index, but even more worrying is that at the end of August, the size of index funds in the United States surpassed that of actively managed funds for the first time in history.
According to Morningstar Inc., as of August 31, the assets of funds tracking the U.S. stock index reached $4.27 trillion, surpassing those of stock-picking funds in their monthly reports for the first time in history. As of August 31, the assets of funds trying to win the market were $4.25 trillion.
This reflects the smaller and smaller Alpha in the U.S. market. More investors choose passive funds instead of active ones, and China and Asia will follow this trend. This signal is undoubtedly of great pressure to a large number of domestic private equity fund managers.
This pressure can also be reflected from another dimension. Since the beginning of this year, although the stock market has ushered in the Xiaoyangchun market, many private-equity products industry even reached 30%-40%, net value has risen sharply. However, this year, many private equity firms are facing difficulties in raising funds, especially small and medium-sized private equity firms.
This years performance has just rebounded, many customers began to redeem, the scale of the market has not increased, but also declined, capital has gathered to several heads of the 10 billion private equity, industry competition is becoming increasingly fierce. The head of a medium-sized private equity firm in Beijing told Chinese journalists that, whether it is the impact of the rise of index funds or the Matthew effect of the private equity industry, for many small and medium-sized private equity institutions, if they can not grow rapidly, the days of being eliminated by the market may not be far away.
Private placement has reached a new high, with tens of billions of private placements increasing most sharply
Affected by the weakening of economic data in August and the failure of MLF interest rate reduction expectations, the Shanghai Stock Exchange Index closed below 3000 points on September 23, after approaching its high level.
Although there are many pessimistic expectations in the market, the private investors who hold ammunition are more active and express their attitude with positions.
From the latest issue of Rongzhi Stock Private Equity Index sketch map, we can see that the stock private placement has been climbing all the way since this year. Last week, private equity investors continued to increase their positions, averaging 67.48% of the years high.
Particularly positive are the tens of billions of private investors. Data show that last week, 10 billion stock private equity positions increased significantly, the position index soared to 83.15% of the years high, leading industry average as high as 15.67 percentage points.
At the same time, the 10 billion private placement index chart shows that the 10 billion private placement has remained high since this year, except that it dropped to below 70% from May to July this year, and began to increase rapidly at the end of August. Up to now, as high as 88.49% of the 10 billion private placements are above 50% of the positions, of which 30.37% of the 10 billion stock private placements maintain more than 80% of the high positions.
Continuous high positions have also brought outstanding performance to billions of private investors.
By the end of August, some of the 10 billion private-equity products, such as Jinglin Investment, Freshwater Spring Investment and Panjing Investment, had achieved more than 30%.
There should be no change in our position. Its always high. Beijing, a 10 billion private equity told reporters.
As to why 10 billion private placements have increased their warehouses significantly, some industry insiders say that this may be related to the fact that some 10 billion private placements have raised many new products in recent months and have begun to build warehouses in the near future.
At the opening of Monday, the two indices will come into effect at the same time, which will bring more than $5.1 billion in incremental capital to the A-share market. On the eve of National Day, the markets activity will be of great concern. Bank of China Investment Representation.
Fixed Income + Absolute Income Strategy or Excellent Performance
This week will be the last week before the Eleventh National Day. The so-called gold, nine silver and ten silver. Whether there will be a new market in the stock market, bond market, commodities and other large assets is of great concern.
Last week, the market continued thesmall market value + turnoverstyle, with strong speculation in small caps and significant pressure on large caps. After the withdrawal of the previous effective white horse stock factor, the market began to stabilize, but the comparative index is still negative alpha. On the contrary, the continued inflow of northward funds during the period of pressure on large-cap stocks may accumulate strength in a week or two, resulting in a wave of large-cap stocks. Bank of China Investment Representation.
It is noteworthy that official data show that foreign investment has increased its holdings of Chinese bonds for nine consecutive months, and by the end of August, the size of Chinese bonds held by foreign institutions has surged to 2 trillion yuan.
Maotian Assets said that under the stable exchange rate in China, the increase of foreign investment in Chinas financial assets is a long-term process, long-term good domestic asset prices, especially better liquidity of stock and bond assets.
In the bond market, in the long run, the probability of interest rate going up sharply is not high in the case of global economic weakness, and the long-term stability of interest rate at a low level is conducive to economic transformation and upgrading. At present, the main goal of the Central Bank of China is to increase the risk preference of banks and reduce the cost of real financing, which also means that Chinas interest rate reduction will not be too strong in the short term. From the point of view, the transaction congestion and data fluctuation brought about by the downward risk-free interest rate will increase market volatility, make it more difficult to earn capital gains, and need better timing ability.
As for the stock market, the overall long-term outlook is good, the medium-term differentiation is obvious, and the institutional capital mainly depends on high-quality assets. The future market performance of enterprises with competitive advantages will be significantly better.
As for commodities, under the policy of no speculation in housing, black commodities have been suppressed for a long time.
In terms of asset allocation, the bond market benefits from continued interest rate cuts around the world. The yield of Chinas treasury bonds is very attractive to foreign investors. The valuation of Chinas stock market is at a relatively low level. In the future, the fixed income plus absolute return strategy will perform well. Mao Dian Asset Representation.
Starstone believes that in the long run, it is still a good time to lay out A shares.
The main reasons are as follows: First, the reform of the capital market continues to advance. Since this year, the reform of financial supply side, represented by the establishment of scientific board and pilot registration system, has been continuously pushing forward, and the A-share market has been constantly improving. Moreover, with a large number of medium and long-term capital coming into the market, the proportion of institutional investors has been increasing, and the structure of investors has also been significantly improved.
Second, from the perspective of valuation, the current A-share valuation is basically below the historical median, and the overall valuation level is not high. At present, the total PE of Wandequan A is about 17.3 times, which is in 46.6% of the historical quantile; the current PE of Shanghai Composite Index is about 13.1 times, which is in 42.7% of the historical quantile.
Thirdly, the internationalization level of A-share has been continuously improved, and the willingness of foreign capital to allocate A-share is strong, and future foreign capital can be expected as incremental capital. In July this year, the Finance Committee of the State Council put forward 11 Articles for opening up the financial industry to the outside world; on September 10, the restrictions on the investment quotas of QFII and RQFII were abolished; three major international indices also expanded A shares one after another, which is expected to bring hundreds of billions of dollars of incremental capital for A shares in the future.
On the one hand, with the continuous promotion of industrial transformation and upgrading, multi-pronged policies to support the development of science and technology industry, the future of science and technology industry is expected to erupt; on the other hand, China has been in the downward cycle of interest rates, and the historical quotation of A-share revaluation, in the process of downward interest rates, the growth of science and technology stocks has benefited significantly. Starstone Investment Express.