Will large-scale private placement really invest? Some people earn four times in five years, while others

category:Finance
 Will large-scale private placement really invest? Some people earn four times in five years, while others


Medium and large private equity companies are good at long-distance running

Recently, different scales of stock strategy private placement performance rankings were released.

It is reported that the private placement network divides the asset management scale of private institutions into five ranges: more than 5 billion yuan, 2-5 billion yuan, 1-2 billion yuan, 100-1 billion yuan and 0-100 million yuan, and makes statistics on their performance data since this year, three years and five years.

According to the data, by the end of October this year, the average return of medium and large-scale stock strategies in the past five years was as high as 137.1%, while the return rate of private placement in the range of 2-5 billion yuan in the same period was 72%, while that of private placement under 100 million yuan was lower, only 30%.

If from the short-term performance point of view, small private placement is slightly superior. As of the end of October, private placement with a scale of 1-2 billion yuan had the best performance, with an average yield of 31.75%. Over the same period, the average yield of medium and large private placements was 29.59%.

It is not difficult to see from the data that since this year, the performance gap between large and medium-sized private placements is small, but the medium and long-term returns are far away. It can be seen that private placements that can not control the withdrawal well and can not obtain excess returns are undoubtedly experiencing the great test of scale shrinkage, while the private placements with proven medium and long-term performance are favored by funds. Private paipaipai network researcher Liu Danni said frankly.

Four times the difference between the head and the tail

It is reported that as of the end of October, there were more than three stock strategy products in operation, and the net value of the products had been updated in the current month. There were 83 private placements with a scale of more than 5 billion yuan, among which 8 private equity companies had a return rate of more than 200%, and Linyuan investment became the champion with a performance of 462.02%.

In the performance list, there are eight private placement companies with five-year performance less than 50%, among which Hengtian Zhongyan investment is the bottom with 10.4% income. From this point of view, the gap between the first and last performance of private placement with a scale of more than 5 billion yuan has exceeded 450 percentage points.

In the view of fund managers of Shanghais 10 billion level private placement, the differentiation of long-term performance of large and medium-sized private placements stems from different sources of funds. Some private placements are due to the accumulation of long-term performance, which leads to the increase of scale. However, some private placements have achieved rapid growth in scale due to their amazing short-term performance and the enthusiasm of capital to enter the market. As a result, the investment and research strength is difficult to keep up with the growth rate of scale. Therefore, the long-term performance may not be satisfactory and the differentiation will become more and more obvious.

Is scale proportional to performance?

According to the data, as of the beginning of November, there have been 63 securities private equity managers with a management scale of more than 10 billion yuan. This year, a number of new 10 billion level private placement managers also performed very well in the first 10 months. For example, the return rate of Shifeng asset exceeded 80% in the first 10 months, and the yield of interest time asset, Tongyi investment, Tongyuan investment and juming investment all exceeded 50%, this years scale growth is far beyond our expectation The main reason is that the short-term performance is good and the fund is abundant. However, the ability of the existing investment research team is difficult to match such a large amount of capital. The scale should be the result of good long-term performance. Therefore, it is necessary to work hard to improve the investment research strength. A private equity firm chairman said frankly. It is understood that the scale of the private placement has increased by nearly 5 billion yuan since the beginning of the year. Liu Danni, a researcher at private placement network, said that it is difficult to match the strategic capacity and investment research ability. The scale of funds under management is still a problem for many large and medium-sized private placements. Therefore, for investors, the scale of private placement is not necessarily proportional to its investment strength, so we should be careful when choosing. Source: Yang Qian, editor in charge of Shanghai Securities News_ NF4425

According to the data, as of the beginning of November, there were 63 securities private equity managers with a management scale of more than 10 billion yuan. This year, a number of new 10 billion level private placement managers performed very well in the first 10 months. For example, the return rate of Shifeng asset exceeded 80% in the first 10 months, and the yield of interest time asset, Tongyi investment, Tongyuan investment and juming investment exceeded 50%

This years scale growth is far beyond our expectations, mainly due to good short-term performance and abundant capital. However, the ability of the existing investment research team is difficult to match such a large amount of capital. The scale should be the result of long-term performance. Therefore, we need to work hard to improve the strength of investment research. A private equity firm chairman said frankly. It is understood that the scale of the private placement has increased by nearly 5 billion yuan since the beginning of the year.

Liu Danni, a researcher at private placement network, said that it is difficult to match the strategic capacity and investment research ability. The scale of funds under management is still a problem for many large and medium-sized private placements. Therefore, for investors, the scale of private placement is not necessarily proportional to its investment strength, so we should be careful when choosing.