Lingjun investment, a well-known quantitative private equity fund manager, recently released a letter to investors, saying that since the fourth quarter of last year, the market has been closed one after another to expand the investment research team and iterate the model. Recently, the performance of the model has tended to be better. Coincidentally, magic square also said recently that the performance of excess returns has been stable.
At the same time, head quantitative private placement has successively purchased “real gold and silver” to express confidence. After nearly half a year’s retreat, will the quantitative product performance improve? Is there a good opportunity for layout?
quantitative return on excess returns of stock products
On March 20, Lingjun investment released a letter to investors, saying that since the fourth quarter of 2021, great changes have taken place in the equity market and quantitative industry, and the company’s model has also been tested periodically. During this period, the company adjusted the income prediction model and optimized the impact cost model according to the latest changes in the market; The index enhancement strategy was closed in October last year, and the closed operation of all channels and all product lines was carried out in November; The company has not stopped in the construction of investment and research team, and is still expanding the strength of strategy and it team in the near future.
Lingjun investment said that under the continuous adjustment, the recent performance of the model side has tended to be better. It is mainly reflected in two aspects: since 2022, thanks to the iterative upgrading of income prediction, portfolio risk control and transaction cost control model, the excess return has a positive contribution at the monthly level, and the performance is in line with expectations; Using the new model combination to back test the difficult time period in the fourth quarter of last year, the combination can still make a relatively stable excess return.
Coincidentally, Liang Jian, director of quantitative marketing of magic square, also said at the roadshow that magic square has strictly limited the scale and suspended the raising of all products since November last year. So far, it can only be redeemed but not subscribed; In terms of model and strategy optimization, in the strategy iteration at the beginning of the year, magic square reduces the impact of market fluctuations on performance by reducing the overall position concentration. Liang Jian introduced that after optimization, although it has not returned to the most ideal state, the performance of the entire excess return has improved compared with the fourth quarter of last year.
According to the data of the third-party platform, since February, the index of head quantitative private placement has been enhanced, and the net value of many products has rebounded to a certain extent, and the excess return has also continued to rise.
layout time is up
Does the performance trend of the model turn better mean that the previous excellent performance of quantitative stock products will return? Is this a good time to lay out quantitative stock products?
Looking forward to the future, black wing assets believes that the policy bottom of the current market is basically determined. Whether from the perspective of Pb or PE, the index points are at the historical bottom, and there will be expectation of mean return in the future. There is no need to be too pessimistic about equity assets themselves. In addition, the quantitative management strategy is also constantly upgrading and iterating to better adapt to the market environment and capture excess returns. Future investors can focus on quantitative institutions with decentralized strategies, balanced allocation and strict risk control.
Liang Jian said that the recent geographical conflict, the expectation of the Federal Reserve to raise interest rates, the spread of the epidemic and other uncertain factors have led to a correction in the market, which also indicates that the market situation this year cannot be smooth sailing. However, Liang Jian said that the whole index has retreated by nearly 20% this year, the valuation of the CSI 500 index has been in a very low historical quantile, and the probability of market rebound in the future is still relatively large. Although the index fluctuates in the short term, it still has confidence in the stock market in the long run.
Lingjun investment said that it is impossible to accurately predict whether the excellent performance of quantitative products can return, but on the premise of long-term configuration, it is recommended that investors do not need to be overly surprised or surprised by the short-term performance of the strategy. From the current point of view, compared with the 3600 point market, the risk of the 3000 point market must be further released, and the safety margin of the overall investment is higher. Reviewing the development history of a shares, although it has experienced many tests, it can recover tenaciously every time and make great progress.
“real gold and silver” to express confidence
In addition, head quantification also uses “real gold and silver” to express confidence.
Mingyu investment said that it is firmly optimistic about the long-term development of China’s capital market, and the company’s own funds are also normalized and invested. According to Mingyu, its hedging products have increased positions in different proportions according to their own risk exposure coefficient, which is basically at the historical peak; Quantitative long series products are full warehouse strategy in itself.
Jiukun investment also announced again recently that based on its confidence in the long-term and stable development of the capital market, the company decided to purchase its stock asset management products with its own funds from March 18, with a fixed investment amount of 10 million yuan per month and a fixed investment cycle of three years.
Lingjun investment also said that after the Spring Festival, it has invested a total of 150 million yuan in various channels and product lines, and still firmly believes in the long-term allocation value of quantitative investment. Quantitative investment makes decisions in a quantitative way to avoid artificial emotional judgment, and quantitative “restraint” can face market fluctuations relatively objectively; There are differences in investment logic between quantification and traditional subjectivity, and the correlation is low. The “complementarity” of quantification can help investors better improve the allocation of household assets; At this stage, the proportion of quantitative industry in China is still low. The “development cost performance” of quantitative industry reduces the selection difficulty of investors to a certain extent and improves the long-term allocation efficiency of funds.
