A-share correction in 2022.
As of February 14, this year, the Shanghai Composite Index, Shenzhen Composite Index and gem index all had a big correction, with declines of 5.79%, 11.67% and 17.78% respectively.
With the further decline of A-Shares in the year of the tiger, investment institutions generally recorded negative returns in the “cold spring”.
According to the statistics of the 21st Century Business Herald reporter, only 7% of the active equity public funds have achieved positive returns this year; Private equity funds are also facing a large decline in net worth, and many even touch the early warning line. This year, the phenomenon of liquidation has increased. Nearly 90% of the 10 billion private placement losses, and some private placement leaders’ products also fell below the warning line.
blue chip public funds hit hard
At present, the active equity funds in public funds have been hit hard.
On the occasion of the shock and decline of a shares, only 7% of active equity funds have achieved positive returns since the beginning of this year.
The latest data show that active equity funds generally fell. As of February 11 (the same below), the average return of common stock funds was – 11.26%; Partial stock hybrid fund – 10.55%; Flexible allocation of hybrid funds – 7.92%; Balanced hybrid fund – 3.34%.
According to the data statistics, among the 6135 active equity funds (calculated separately for category A / C, the same below) with data available, only 434 funds obtained positive returns, accounting for 7%; 5688 funds have negative returns, accounting for 93%; There are also a small number of zero return funds.
Since this year, the style of the market has changed sharply, which is very different from that of last year. This led to a large number of blue chip funds last year, such as new energy and science and technology sectors, but the bottom of the income this year.
For example, Qianhai Kaiyuan public utility fund, which ranked first in fund revenue last year and Qianhai Kaiyuan new economy a, which ranked second, managed by Cui Chenlong, doubled its revenue last year. However, as of February 11, its revenue has fallen by more than 17% since the new year; For example, the revenue of the great wall industry has fallen by more than 81% since last year.
In fact, last year’s top 10 fund returns fell by more than 5% in 2022, and many funds even fell by double digits.
In this regard, Yang Delong, chief economist of Qianhai open source fund, pointed out that due to the drastic change of market style, some growth stocks that performed well last year have fallen sharply since this year, especially new energy. Undervalued blue chips, which have been silent for many years, have been sought after by funds and have rebounded significantly. Therefore, the performance of new energy funds is poor this year, while the performance of funds investing in undervalued direction is relatively good.
90% loss of 10 billion private placement
Not only public funds, but also private funds that pursue absolute returns, also face large-scale losses this year.
“This year, private placement liquidation has increased significantly.” A private equity fund told reporters.
The stock market fell sharply, and some private placements had to be liquidated because they fell below the closing line, which brought new selling pressure and intensified market adjustment.
“Now private placement is to cut positions according to risk control, and stop losses when touching, especially new products.” The above private placement person said.
According to the latest data provided by private placement network, among private placement funds, as of February 14, a total of 117 funds have been liquidated this year, of which 109 funds have been liquidated in advance, accounting for 93.16%.
In private equity funds, the stock strategy is the hardest hit.
Private placement network data also show that among the funds that have been liquidated this year, 75 are equity strategy funds, accounting for 64%.
Similar to the fate of public funds, in January this year, affected by the correction of the stock market, the performance of private equity strategy products was “shuffled”. Last year, the positive earnings retention rate of high-performance products was only 7.25%, and the “champion curse” performed significantly in the stock strategy.
Among the top 400 stock strategy private placement products in 2021, only 29 products have achieved positive returns this year. The vast majority are negative returns, of which 232 have only retreated by more than 10%, accounting for 58%.
According to the latest statistics, the reporter also shows that private placement has poor income this year.
As of February 14, 2022, among the private equity strategy funds with updated data since late January, the positive to negative return ratio is about 1:6. Specifically, among the 9676 private equity strategy funds, 1356 have achieved positive returns, accounting for 14%; 8246 have negative returns, accounting for 85%; There is also a small amount of zero return.
Ten billion private placement can not escape the fate of decline. Nearly 90% of ten billion private placement losses this year, and even private placement leaders also fell below the warning line.
According to the latest data of private placement network, the net value of more than 1000 private placement products has fallen below the traditional warning line of 0.8 yuan, of which 123 are products of 10 billion private placement.
On February 11, 10 billion quantitative private placement Shanghai Hefu investment issued an announcement to investors and consignment institutions, saying that the unit net value of its Hefu flexible hedge No. 9 phase a private securities investment fund was 0.8774 yuan on February 10, which was 0.88 yuan lower than the early warning line and touched the early warning.
In addition, the net value of products under 10 billion private placement bosses Dan bin and Liang Hong and 10 billion quantitative private placement Hefu investment also successively fell below the warning line. Even the products managed by former “public offering brother” Ren zesong also fell by nearly 30% in January.
In fact, this is not an isolated phenomenon. Some private placement sources said that recently, due to the sharp decline in net worth, 10 billion quantitative private placement faced great redemption pressure, so they issued a call in the circle of friends to connect with the person in charge of fof market and find fof to buy funds through roadshows.
Private placement network data show that as of February 7, the number of 10 billion private placements was 113. From the perspective of performance, 94 10 billion private placements with performance disclosure have an average income of – 4.32% this year, 11 10 billion private placements with positive performance, and the proportion of 10 billion private placements with positive income is only 11%. As high as 89% of the 10 billion private placement losses, 35 10 billion private placements fell by more than 5%, of which 7 10 billion private placements fell by more than 10%, with the largest decline of nearly 15%, mainly the private placements with the highest growth in 2021.
The 2709 private placement products of 10 billion shares monitored by Chaoyang sustainability show that the average floating loss since 2022 has reached 7.57% as of February 10.
Did fall sharply to copy the bottom or reduce its position?
The fund sources interviewed by the reporter said that most of the funds they managed lost money this year.
A general manager of a quantitative private placement company told reporters: “since this year, our fund has suffered losses. Now we can only stop losses and reduce positions.”
Another senior manager of quantitative fund company also told reporters: “quantitative fund has a large area of double-digit income and loss this year, resulting in intensified redemption and reduced scale.”
He explained that the reason is that in the past two years, many quantitative funds have overflowed from real estate, and many are fixed income demands. Now they are redeemed and re purchased fixed income products such as debt base.
“This is not a structural market. Almost all subjective and quantitative products are failing and falling.” Insiders said.
A private placement person in Beijing said that there has been a collective decline in the whole market this year. Except that some undervalued sectors have increased slightly, other industries are basically green. In this case, most institutions will suffer losses, and the net value of some funds has fallen by 20 or 30 points in one or two months.
In fact, some insiders believe that the negative feedback of overvalued group stocks is intensifying: due to the decline of net value, some funds have been redeemed or liquidated, which further leads to the decline of net value of funds.
“Overvalued conglomerates will not rebound until they fall and shrink.” The above industry insiders said.
Hu Po, the fund manager of private placement network, believes that the public offering and private placement focusing on science and technology, new energy, consumption and medicine last year are facing greater adjustment pressure this year.
It is worth noting that under the general decline of fund products, on the one hand, the situation of redemption and liquidation of funds has increased, and on the other hand, many institutions have begun to consider adding positions under the sharp decline.
Zhang Kexing, general manager of gray assets, said, Senior high school entrance examination is aimed at high-end food, beverages, Baijiu and Hong Kong stock Internet and property services. At the same time, we are now considering the beginning of a slow increase in the new energy sector. Although we know that there may be a slight deficit in the near future, but from the future, In three to five years, we believe there will be a good return on investment. “
Yang Delong said that the funds under his management are still firmly bargain hunting, and the industry leading stocks in the three directions of consumption, new energy and Internet technology will not abandon good companies due to short-term stock price fluctuations.
“When the market fell irrationally, many people with firm will began to waver, and many people with confidence in the company began to panic. At this time, we should overcome human greed and fear and grasp the essence of investment in the market fluctuations.” Yang Delong said.
