Private placement performance differentiation highlights: medium and large institutions lead in five years long-distance running

category:Finance
 Private placement performance differentiation highlights: medium and large institutions lead in five years long-distance running


Medium and large scale private placement in medium and long term

The private placement network divides the asset management scale of private institutions into five ranges: above 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. The statistical results show that the medium and long-term performance of private placement of medium and large-scale stocks is the most impressive, while the short-term explosive power of private placement with a scale of less than 5 billion yuan is stronger.

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 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 between 1 billion and 2 billion had the best performance, with an average yield of 31.75%, and that of medium and large-scale private placements was 29.59% in the same period.

Performance differentiation is becoming more and more obvious

Although the overall performance of large and medium-sized private placement is far ahead, the internal differentiation is also obvious.

By the end of October, there were 83 private placements with more than 3 stock strategy products in operation, the net value of the products had been updated in the current month, and the scale was more than 5 billion yuan. Among them, 8 private placements had a yield of more than 200% in recent five years, and Linyuan investment became the champion with 462.02% performance.

Half sea water, half fire. In the performance list, there are 8 private placement companies whose performance in recent five years is 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.

The manager of a 10 billion level private equity fund in Shanghai analyzed and said: some private placements are due to the long-term performance accumulation, and then realize the scale rise. However, some private placements are due to the amazing short-term performance and the enthusiasm of capital entering the market, which leads to the rapid increase of scale. In fact, the investment and research strength is difficult to keep up with the growth rate of scale, so the long-term performance may not be satisfactory. Finally, the medium and long-term performance of these two kinds of private placement shows obvious differentiation.

The rapid growth of scale tests the basic skills of private placement

Since the beginning of this year, the liquidity is relatively abundant, the profit-making effect of the capital market is prominent, and a number of private placements with good short-term performance have reached a new level.

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

Source: Ren Hui, editor in charge of financial website_ NBJ9607