This year, the A-share market fell sharply one after another, and the products of many 10 billion private equity institutions were exposed to fall below the warning line.
Zhejiang's well-known 10 billion private equity Dunhe asset management announced that its Dunhe systematic Multi Strategy connection No. 6 has recently touched the early warning line of 0.75 yuan, but has not touched the stop loss line; Data show that many of the company's products fell by 15% this year. Dunhe asset management believes that it is expected that the trend rise driven by the continuous inflow of incremental funds may not be seen until the second half of the year at the earliest.
Previously, recently, there were private equity products such as Shifeng assets, Dongfang harbor, Shiva assets and Hefu investment, which also fell below the early warning line.
ten billion private equity Dun and its products touch the early warning line
more than products have fallen by 15% this year
Recently, 10 billion private equity Dunhe asset management issued the interim announcement of Dunhe systematic Multi Strategy connection No. 6 private equity securities investment fund, saying that the fund has touched the early warning line of 0.75 yuan, but has not touched the stop loss line.
Dunhe asset management said that according to the agreement of the fund contract, Dunhe systematic Multi Strategy connection fund No. 6 sets up a monitoring and implementation early warning mechanism based on the net value of class a fund units, and the early warning line is 0.7500 yuan of the net value of class a fund units. "After checking with Citic Securities Company Limited(600030) the custodian of the fund, the net value of class a fund units was 0.7478 yuan on March 7, 2022, which has touched the early warning line but not the stop loss line."
Dunhe asset management also said that because the net asset value of the fund is affected by the market price of the underlying position, the net asset value of the fund unit may fluctuate on and off the early warning line in the near future, and may touch the early warning line for many times. The company will continue to implement risk management in strict accordance with the early warning mechanism agreed in the fund contract.
Statistics show that Dunhe systematic Multi Strategy connection fund 6 was established on September 9, 2020 and adopts a composite strategy. At present, it has been operating for about one and a half years. It is understood that Dunhe's systematic Multi Strategy series products carry out trading through partial quantification. This product not only trades stocks, but also bonds and commodities; There are relatively stable defensive strategies, as well as midfield and offensive strategies.
Private placement network data also show that the two products of Dunhe asset management, which have released performance data, have fallen by 14.80% and 16.96% this year as of March 4.
Dunhe asset management: it is expected to see a trend rise as early as the second half of the year
Dunhe Asset Management Co., Ltd. was established on March 2, 2011 with a registered capital of 250 million yuan. At present, the management scale is more than 10 billion yuan and there are 137 full-time employees. Dunhe asset management was founded by Ye Qingjun, a big man in the futures industry and "Nandi". However, ye Qingjun stepped down as chairman in 2017 and Shi Jianjun, the former general manager of Yong'an futures, took over as chairman; Ye Qingjun is still the actual controller of Dunhe asset management.
Not long ago, Dunhe asset management released the latest market view, which believed that the sharp decline since the beginning of the year was not caused by macro liquidity factors, but the liquidity problem in the microstructure of the stock market. It is mainly reflected in two aspects:
First, the net purchase scale of public funds has decreased significantly since the second quarter of last year, and the position and industry concentration of stock funds are at the highest level in history. In the past year, there were many structural opportunities for a shares, which made the fund avoid risks by focusing on investing in high-profile industries represented by new energy, and there was no substantial reduction in positions, which laid the groundwork for mutual trampling this year.
Second, the incremental funds in the market in the past year were excessively concentrated in quantitative funds. The quantitative fund actually implements the follow-up strategy, which has a certain degree of overlap with the shareholding of public funds, which is equivalent to further amplifying the characteristics of high concentration of popular track stocks. As the main provider of market liquidity, it has caused more and more obvious characteristics of helping the market rise and killing the market fall.
Dunhe asset management also said that if A-Shares have a bad start, it often takes longer to turn from weak to strong. Although the rebound of M1 representing macro liquidity will help drive the oversold rebound of A-Shares in the next few months, it is expected that the trend rise driven by the continuous inflow of incremental funds will not be seen until the second half of the year at the earliest.
more than 10 billion private placement products hit the warning line
Since the beginning of this year, A-Shares have been subject to severe shocks. As of the closing on March 9, the Shanghai index has decreased by 10.53%, the Shenzhen Component Index has decreased by 18.51%, and the gem index has decreased by 22.75%. In this context, many private placement products have been exposed that their net worth has fallen below the warning line, including 10 billion private placement institutions, such as Shi Feng assets, Dongfang harbor, Shiva assets, Hefu investment, etc.
According to the latest data, the early warning line of 0.85 yuan has been reached in the A / B / C period of No. 18 of Shifeng assets, and the estimated net value of the fund on March 7 was lower than the early warning line agreed in the contract. It is understood that at present, the position of this series of products has been reduced to about 20%.
Considering the continuous downward risk in the short-term market and the fact that the current net value is still relatively low, Shi Feng assets said that the company will strive to repair the net value without touching the stop loss line. At the same time, in order to facilitate investors to timely understand the operation performance of products, it is expected that the net value of products subject to custody review will be changed from weekly disclosure to daily disclosure from today (March 8).
In mid February, some media reported that the unit net value of more than 50 private placement products under Dongfang harbor had fallen below the traditional warning line of 0.8 yuan, and the net value of 6 products had fallen below the traditional stop loss line of 0.7 yuan. Subsequently, Dan Bin said that Dongfang harbor company decided that if the cumulative net value of all its products was less than 1 yuan, no management fee would be charged, and it would be charged when it returned to more than 1 yuan. He said that although the company's revenue would be nearly 100 million yuan less, he hoped to tide over the difficulties with customers in difficult times.
On February 11, quantitative private placement Hefu investment issued an announcement to investors and consignment institutions, saying that the unit net value of its product "Hefu flexible hedging No. 9 phase a" on February 10 was 0.8774 yuan, which was 0.88 yuan lower than the early warning line. After that, the company apologized to the investors and said that it had adjusted the management fee of the product to 0% from February 8, and decided not to charge the management fee until the net value 1 of the product was returned in the future. Meanwhile, Hefu investment has invested 5 million yuan in the master fund of the product with its own funds on February 10.
