Since the beginning of 2022, A-Shares have been significantly adjusted. The Shanghai Composite Index fell from 3640 to 3361, down 7.65%. At this time, the performance of private placement is not ideal. The average return of 2262 10 billion private placement funds with net value updated since January 21 was - 3.63% in January. However, in the sharp decline, many private placement announced to buy their own products.
It is reported that at present, eight 10 billion private placement managers, including magic square quantification, Jinglin, Hanhe, Jiukun, Hefu, Yong'an Guofu, Linyuan investment and Lingjun, as well as two 5-10 billion private placement managers, Hongshang and PanYao, have announced self purchase, with a total amount of 1.025 billion yuan.
Qiu Guolu and Wang Yawei are earning
A shares fell sharply this year. As of January 28, the Shanghai Composite Index fell 7.65%, the Shenzhen composite index fell and the gem index fell even more, 10.29% and 12.45% respectively.
According to the statistics of private placement network, there are 2262 10 billion private equity funds with net value updated since January 21, with an average return of - 3.63% in January. Only 330 10 billion private equity funds obtained positive returns in January, and the proportion of positive return private equity decreased sharply to 14.60%, which also means that the performance loss of 10 billion private equity funds is as high as 85.4%.
In January 2022, among the eight private placement strategies, only the managed futures (CTA) strategy achieved positive returns, with an increase of 1.43%. All other strategies have negative returns, of which the stock strategy is at the bottom with - 3.77%.
The earnings of the eight strategies this year are as follows: Managed Futures 1.43%, fixed income - 0.06%, relative value - 1,18%, compound strategy - 1.72%, macro strategy - 1.84%, Portfolio Fund - 2.30%, event driven - 3.49% and stock strategy - 3.77%.
(source: private placement network)
Why did the CTA strategy become the only positive revenue strategy in January this year?
CTA strategy is mainly to invest in commodity futures, financial futures and other funds.
This strategy not only performed well in January, which fell sharply this year, but also performed well during the subprime mortgage crisis in 2008, the A-share disaster in 2015 and the covid-19 pneumonia epidemic in 2020.
In fact, in extreme markets, CTA strategy reflects the characteristics of crisis alpha, which can better avoid artificial subjective irrational factors, and stop loss in time in case of loss or withdrawal, so as to effectively avoid risks.
Since the beginning of 2022, many 10 billion private equity CTA funds such as Qianxiang assets, black wing assets, Zhanhong investment, Chengrui investment, Jiukun investment and Youshan fund have achieved good returns.
The bottom of stock strategy income in January is related to the large correction of a shares.
Correspondingly, private placement data show that among the 114 10 billion private placements, 67 10 billion private equity funds fell by more than 10%, of which four private equity funds with subjective long private placements of two 10 billion stocks fell by more than 20%, with the largest decline reaching 26.76%.
However, since the beginning of this year, several 10 billion private placement products have achieved good returns. For example, Ningbo ningju's "ningju quantitative selection No. 2" increased by 17.39%, ranking first in fund income this year; The "black wing cta-s5" of black wing assets has gained 8.2% this year, which belongs to the compound strategy product of managed futures, and the fund income ranks second this year.
In addition, Qianhe capital's "China Resources trust - Yunfeng No. 7" with Wang Yawei as the fund manager also received a return of 7.92%.
It is reported that Wang Yawei's position is different from the investment direction of mainstream fund managers. In addition, he holds a certain proportion of Hong Kong stocks, and some products will use stock index futures, securities lending and other tools for moderate risk hedging at special time points, so he has achieved good returns this year.
In addition, Gao Yi asset Qiu Guolu's "CITIC Trust Gao Yi Xinheng Guolu enjoy phase 1 financial investment" has also achieved a return of 7.26% this year.
In addition, the "Qianxiang phase 3" and other products managed by Chen Bin of Qianxiang assets also increased by more than 5%.
self purchase of more than 1 billion yuan
Under the huge shock of the market, private institutions also started self purchase.
According to the incomplete data of private placement network, at present, eight 10 billion private placement managers including Hanhe, Jinglin, Jiukun, magic square quantification, Hefu, Yong'an Guofu, Linyuan investment and Lingjun, as well as Hongshang and PanYao private placements of 5-10 billion have announced self purchase, with a total amount of 1.025 billion yuan.
(source: private placement network)
For example, on January 29, Linyuan investment said that it would apply for the fund products of Linyuan investment with its own funds within 30 trading days from the date of the announcement, with a total amount of no less than 50 million yuan and holding for no less than three years.
Previously, on January 28, the magic square of 100 billion quantitative private placement announced that out of its firm optimism for China's economy and long-term confidence in the capital market, the company, all employees and shareholders decided to do everything they could to support the A-share market with their own funds. After coordination, all employees and shareholders will raise no less than 150 million yuan of their own funds within three trading days. Meanwhile, magic square quantification will raise no less than 200 million yuan of the company's own funds within 10 trading days. All the above 350 million yuan will apply for the company's products and invest in equity assets in the A-share market.
On January 28, the head private placement of Jinglin assets also announced that the company and relevant fund managers will apply for the company's fund products within 30 trading days from the date of the announcement, with a total amount of no less than 100 million yuan and a holding time of no less than three years.
Prior to January 27th, Hanhe Hanhua capital of China announced on the official account of the company that the company will use its own capital of 100 million yuan to purchase all the funds managed by its company, based on its long-term and firm confidence in China's capital market and its full confidence in its investment and management capabilities. As a firm practitioner of the long term value investment, Beijing's Hon Wah capital has strong confidence in its capital market. The subscription date is the latest fixed opening day of various fund products since the announcement.
Lingjun investment said that based on the confidence in the long-term healthy and stable development of China's capital market and the business determination of the company's investment and research continuous iterative ability, Lingjun investment company and its shareholders will increase their capital by 150 million yuan with their own funds from now on, Purchase Lingjun quantitative stock selection and navigation strategy and other product lines issued by cooperative institutions on a commission basis within 5 trading days, and firmly hold them for a long time.
On January 27, Hanhe capital, a 10 billion private equity firm, also said that based on its long-term firm optimism about China's capital market and full confidence in its own investment management ability, as a firm practitioner of ultra long-term value investment, the company plans to use its own funds of 100 million yuan to apply for the shares of fund products managed by the company. The specific arrangements are as follows: the company will use its own funds of 100 million yuan to purchase all fund products under its management on average. The subscription date is the latest fixed opening day of various fund products since the announcement.
In addition, Hongshang assets company and its employees also purchased more than 60 million yuan. Hongshang assets said that the growth sector is the eternal source of excess returns, but many traditional sectors such as consumption, medical treatment, real estate, finance, chemical industry and other industries have a high margin of safety after full adjustment, and the valuation is very attractive. With the easing of the tension of the international supply chain, the release of new investment capacity in 2021 and the correction of the double carbon policy, the upstream cost probability margin will decline, and the middle and downstream enterprises represented by advanced manufacturing industry will usher in a profit inflection point.
A senior official of a private placement company in South China believes that since this year, the withdrawal of private placement has indeed been too large, which has put pressure on customers. At this time, private placement institutions' self purchase is to convey a sense of peace of mind and confidence to customers. At the same time, this also shows that at present, A-Shares have fallen out of value. Some private placement are optimistic about the medium and long-term performance of A-Shares and begin to enter the market for allocation.
