Performance differentiation of 10 billion yuan private placement within the year

 Performance differentiation of 10 billion yuan private placement within the year

Securities Daily reporter learned that since this year, the focus of private placement is different, and the members of 10 billion yuan private placement have been adjusted to varying degrees. For example, compared with the previous three quarters, four private placements have withdrawn from the list of 10 billion level private placements, and 13 new 10 billion level private placements have been added, including ilow investment, Yanfu investment, Xuanyuan investment, Shiva assets, Tongyi investment and tirun Haiji Etc.

According to the reporters observation, the 10 billion yuan private placement with high yield has two characteristics: first, it was established in a relatively short time, most of them were established after 2015; second, new products were issued quickly in the year, some of which were newly introduced with nearly 100 new products in the year.

According to the performance ranking of 56 private placement companies with 10 billion yuan included in the data, in addition to 36 private placement companies whose annual return rate remained above 20%, there were 20 private placement companies that failed to break through 20%; among them, some private placements such as Kaifeng investment and Yongan Guofu stopped in the top 40. Specifically, as two rare macro hedging strategies private placement, the annual return of Kaifeng investment was 11.52%, and that of Yongan Guofu was 17.18%, both lower than the industry average.

In addition, the annual rate of return of Hengyu Tianze investment of RMB 10 billion private placement was - 13.97%; the annual return of Yingfeng capital, Lerui asset, Yingxue capital, gefenobo, Youshan fund, shaosoupai investment and Ningbo ningju were 8.06%, 11.67%, 1.31%, 16.5%, 19.03%, 13.16% and 11.3%, respectively.

Lin Jiayi, CEO of Xuanjia finance, told the Securities Daily that the differentiation of private placement performance mainly lies in the inconsistency of core elements such as investment style and risk control. At the same time, individual stock selection and position allocation of the portfolio also play a crucial role. This year, the liquidity of the market is loose, the effect of private placement is obvious, and the short-term performance differentiation is serious. At the same time, it should be noted that high short-term performance will often face a larger withdrawal.

Layout direction

The reporter also found that among the 10 billion yuan level private placements with performance statistics, the annual return rate of most private placements was between 20% and 50%, including a number of well-known 10 billion yuan private placements, such as Danshui spring, Jinglin assets, Gaoyi assets and magic square, with annual return rates of 30.73%, 31.38%, 44.18% and 37.73%, respectively.

In addition, there are also old-fashioned private placements with a return of less than 20%. For example, Qianhe capital, Yinye investment and Baoyin investment are 16.12%, 14.08% and 19.68% respectively.

Hao Xinming, manager of Fangxin wealth fund, told Securities Daily that since the beginning of this year, the market style has been divided, and private funds have different understanding of the market and investment philosophy. The layout direction determines the performance level. For example, 5g, biomedicine and large consumption in the first half of the year have obvious investment opportunities for growth stocks, corresponding to undervalued finance, real estate and automobile Pro cyclical plate, but into the fourth quarter, Pro cycle plate heat, probability of heating up, short-term trading value is larger.

Yuan Huaming, general manager of Huahui Chuangfu investment, told Securities Daily that the diversification of investment strategies of private equity funds is equivalent to that many funds focus on short-term and medium-term games, and more use of game strategies makes performance differentiation prominent. In this years structural market of A-share market, some sectors with a large increase have certain adjustment pressure, but at the same time, market liquidity and investor sentiment will also be more positive, and long short factors will alternate, and private placement performance will be different. On the whole, there are obvious opportunities for the technology growth plate at the beginning of this year, while in the fourth quarter, there will be more fundamental factors driving the transformation of market style.

Extended reading of 13 new foundation funds on the market in a single day: hot market reappearance of fund making effect significant fake Li Kui frequently stares at true public offering illegal practices, all of which are the original form of private fund supervision storm continues. Source: Securities Daily Network Editor in charge: Ren Hui_ NBJ9607