Medium and large scale private placement in medium and long term
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.
Since this year, the performance gap between large and medium-sized private placements is not big, but the medium and long-term returns are far away. It is not difficult to see that the 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.
Performance differentiation is becoming more and more 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
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, and many new 10 billion level private placements this year all performed well in the first 10 months. For example, the return rate of Shifeng asset in the first 10 months exceeded 80%, and the return rate of interest 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. 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