At the beginning of 2022, after Liang Hong, the founder of the 10 billion private equity Khiva, angrily intimidated investors, on February 9, a job search information of 20,000 monthly salaries suspected of being a former fund manager of Khiva made Liang Hong once again stand on the cusp of the storm.
Judging from the work experience, this resume is quite eye-catching. The candidate has 7 years of experience in private equity transactions, including 5 years in Khiva, which can be described as a private placement road in Khiva. At the same time, he also has 3 years of capital management experience, claiming to be familiar with most of the outstanding high-growth companies in A-shares and Hong Kong stocks.
Such experienced financial people expect a monthly salary of only up to 20,000 yuan. Some netizens said: "This expected salary is also too low, is it too sad to be private now"? In addition, the outside world has also speculated that this job seeker will not be Tang Meng, the Khiva fund manager who will leave in 2021.
In response, Khiva said that "the actual position of the candidate mentioned in the rumor is the company's fund trader", and the recent job search intention is mainly because of the long-term living with his girlfriend.
Although this "misunderstanding" was quickly clarified, Liang Hong and his Shiva were still in a difficult situation.
01, grassroots counterattack
In the past 5 years, Shiva founder Liang Hong has become a guest of honor at major private equity award ceremonies with his "tough" performance. He is not only a private equity tycoon, but also an Internet celebrity financial big V, with nearly 700,000 fans on Snowball.
A senior golfer once posted that the snowball big V he most wants to see is the "big gold chain" Liang Hong. The nickname of Liang Hong is "Big Gold Chain" because every time he appears, he always wears a dangling gold chain. Such a "rich and powerful" image is surprisingly consistent with Liang Hong's experience of "sudden wealth" over the years. But it is such a Liang Hong, who is actually from the grassroots of the people (most star fund managers are transformed from large public offerings and securities companies).
In 2007, the market was turbulent under the financial crisis, and for a while, many people's wealth was in vain, but the epic market also attracted some young people to enter the capital market, and they had a sensitive trading sense. Liang Hong is one of them. At that time, he was not a "big gold chain", just a US stock day trader in China.
Although Liang Hong did not want to understand whether he continued to work, the real transactions of hundreds of thousands of real money and silver in 5 years allowed him to enter the door to the stock market. In this way, Liang Hong earned the first pot of gold, with millions of dollars.
Under the idea that "it is very hard to stay up late in the Us stock market", Liang Hong did a lot of things with the first bucket of gold. He took 5 million yuan of it and invested in three businesses, one is a marriage agency, one is an online store selling stockings, and the other is to make slimming tea. However, Liang Hong's three investments were eventually lost.
The divide of fate is 2012. This year, Liang Hong came to the Snowball Community. Like many of Snowball's hardcore users, Liang Hong likes to share his investment insights on the market, companies, etc., and has won a large number of fans with his distinctive personality and sharp views.
At that time, after buying a car and spending a lot, Liang Hong, who had little money left in his pocket, bet on Suning and earned 2.8 million yuan. In 2014, Liang Hong divided more than 4 million yuan of his own funds into two parts, one part of which invested in A-shares in China and part of which invested in US stocks overseas. After several successful individual stock investments, Liang Hong's wealth has increased significantly, accumulating to more than 10 million yuan.
In December 2014, Liang Hong, who had a professional investment ticket, established Hainan Khiva Assets and issued the first private equity product (Xiaoniu No. 1) in April 2015. 4000 points into the market, two months later bull turned bear, Khiva Maverick One can be described as a complete experience of several stages of different degrees of decline.
On the one hand, Liang Hong felt the threat of systemic risk, on the other hand, he did not want to liquidate the high-quality company stocks in his hands, he hedged the whole position, partial hedging, and the long position was reduced from 70% to 40% to cope with the bear market. Specific to the risk control system, Khiva Assets ensures that the risk of the strategy is controllable through alarm and stop loss mechanism, position control, and period index hedging.
For example, according to the short-term, medium-term, long-term and different industries, different sectors set different alarm and stop loss mechanism, according to different operating strategies, reaching the critical value will be reduced or increased position operations. A variety of risk control measures, coupled with seizing the opportunity of a wave of domestic housing stocks to multi-fold the increase in 2017, Khiva Mavericks One gained 60% in two years, and the maximum drawdown during the period was only 9.47%.
Liang Hong was not all smooth sailing. During this period, although the overall rate of return was good, due to the relatively aggressive investment style of Shiva Assets at this time, it continued some of Liang Hong's habits in his early years of personal investment, such as position concentration, trend trading, and great fluctuations in net value, especially after the management scale became larger, this operation method was very limited.
In 2018, Khiva's net worth suffered a major retracement, and doubts and criticisms poured in. Liang Hong focuses his main strategy more on fundamental investment, and through strengthening the in-depth study of fundamentals, he looks for high-quality targets with good growth, strong competitiveness and high ceiling. At the same time, Khiva has also absorbed some fund managers. For example, Tang Meng, Hong Junhua and others have formed a research team of more than ten people.
In the following two years, Khiva focused on fundamentals and long-term investment ideas, and achieved the ultimate in a subjective long-term strategy with fundamental investment as the core. As of 2020, the yield on Khiva assets has outperformed the Shanghai Composite Index by more than 10% for many consecutive years, and its management scale has reached 16 billion yuan, with 14 investment research personnel and 10 traders.
02, the sea of shares floating and sinking
Liang Hong is a persistent person, such as his big gold chain year after year, such as his like "three small barbecues a day", and for example, he once said, "We have been working towards a relative return of 10% of the index every year."
However, most investment myths are doomed to die.
2021 is the 6th year that Liang Hong has entered the fund circle and the 20th year of his investment career. In the face of a sharp correction in Hong Kong stocks this year, Liang Hong and his partner, Hong Junhua, director of Khiva Research, have repeatedly said that they are interested in the opportunity to buy Hong Kong stocks and Internet quality stocks, which will not change, and Hong Kong stocks account for the majority of their positions.
However, Hong Kong stocks have fallen and fallen, and under the great changes in the Internet industry, the main battlefield is the performance of Shiva private placement in Hong Kong stocks and US stocks. Taking Khiva's private equity masterpiece - "Maverick Selection" as an example, at the beginning of 2021, after a wave of sharp net worth rise, after the Spring Festival, due to the impact of the market, there was a significant retracement, even if there was a rebound in the third quarter, but compared with the highest point, it still retraced by 27.39%.
Amid the complaints from investors, Liang Hong replied on March 26, 2021, "All the blackouts of JJWW (twitter) are blocked, even if you are an investor." Don't point fingers at me, have the ability to redeem yourself to speculate in stocks, and don't come to invest in my products if you can't bear the fluctuations. ”
The act of "anger" is very consistent with Liang Hong's straightforward personality, but it seems to break the balance between him and his fans. Many professional investors are stingy to share their latest views with others, in addition to being afraid of hitting their faces in the future, they are also worried about being copied by others. But Liang Hong is an exception.
On social platforms, Liang Hong not only shares his experience as a professional investor, but also often interacts with fans. When you encounter a different point of view, you will also debate with it. He was able to release his first product, also thanks to his early core fans.
Perhaps based on this, Liang Hong felt inappropriate afterwards and deleted the post. The next day, he apologized to investors, "Yesterday I was too rude and not respectful enough. I will take reasonable advice. I want a 180 degree turn, I was wrong, please forgive me. ”
But the jaw-dropping one is still to come. According to Liang Hong, on September 29 and September 30, 2021, before the National Day, Shiva fund manager Tang Meng and his family redeemed the funds they purchased from the HuiYao series, and then on October 11, the first day of work in the company after the holiday, they proposed to leave.
Tang Meng joined Khiva in 2015 and released the first product of the "HuiYao" series in April 2019, which was called "Feng Liu Second" by the outside world due to the style of trend investment. In 2021, Tang Meng's performance was poor, representing a maximum drawdown of more than 20% for the product. Although Liang Hong took over Tang Meng's products after Tang Meng left Khiva, fans did not buy it.
Some golf friends said, "It is not Tang Meng who runs first, it is the 'big gold chain' that limits him to clear the position within a few days and hand over the person, and the resignation according to the reason needs to be proposed a month ago, and the fund manager wants to go away, and can redeem his own follow-up part in advance." Although Liang Hong clarified many times later that "this is nonsense", the Tang Meng's departure incident once made fans shake their confidence in Khiva.
An investor angrily posted, "Even if it is true as Liang Hong said, the occurrence of this kind of thing (Tang Meng redeemed the funds before leaving), in fact, also revealed the immaturity of Khiva management, such as subordinate large redemption without vigilance; if the investor's follow-up was not resolved, he agreed to the resignation of the fund manager; if he did not understand the regulations, he hurriedly introduced the 'internal redemption' patch." ”
Under pressure in many places, in order to boost market confidence, on December 16, 2021, Khiva issued a voluntary announcement on the subscription of fund products with the company's own funds and employees. According to the announcement, the total amount of self-purchase is proposed to be 36 million yuan.
Generally speaking, there are three reasons why fund companies or fund managers spend a lot of money on self-purchase: one implies that the current is a better buying point; the other shows optimism about their own products; and the third is to bind personal interests with the interests of investors, thereby encouraging investors to hold in the medium and long term.
Despite all the efforts, Khiva's 2021 ended in loneliness. According to the data of the private placement ranking network, in 2021, a total of 26 products under Hainan Shiva Investment are running and the net value has been updated, of which 19 products are in a state of loss, accounting for more than 70%. Many products such as Khiva Fengxing No. 1 and Khiva Huiyao No. 2 have a retracement of more than 20%.
The 2021 annual drawdown of Khiva Fengxing Select managed by fund manager Hong Junhua is close to 30%, and the maximum drawdown is close to 40%. The Shiva Huiyao No. 2 Fund managed by Liang Hong has a drawdown of more than 20% in 2021, and the maximum drawdown in the range is as high as 30%.
03, did not bet on the treasure
Entering 2022, in the face of the cooling of the market situation at the beginning of the year, losses and drawdowns have become the norm in the fund circle, and Khiva's performance has not ushered in an improvement. According to the data of the private placement ranking network, as of January 28, a total of 24 products under Khiva Investment are running and the net value has been updated, of which 23 products are in a state of loss, accounting for more than 90%.
Under the reality of continuous loss of products, investors' complaints have not stopped. In mid-January, some investors complained that as of January 7, the Khiva Maverick Youyou No. 1 bought last year had lost nearly 25%. This time, Liang Hong did not have "chicken soup", but chose to anger investors, "as the main allocation of Hong Kong stocks in the Chinese fund, stepping on the thunder is normal, the overall loss of a year is also a normal performance, can not stand a year of losses of people are not suitable for entering the market." ”
In the past 5 years, Liang Hong, who is almost invincible and is called "stock god" by fans, why can't he come to 2021?
In fact, Liang Hong is an excellent stock-picking player, from 2015 to 2020, he has successfully bet on real estate and the Internet twice. Personal ability coupled with the outlet of the times, Liang Hong is successful in the capital market. However, with the wind direction shifting in 2021, Liang Hong's Shiva is at risk of net worth collapse.
Wang Zhaojiang, a senior partner at Shenzhen Qianhai Zhengtu Investment Management Co., Ltd., told the city, "Subjectively, his original advantages have become disadvantages, and he thought that the moat of Internet companies would be very strong, and have traffic advantages, can expand without physical margins, and have long ramps for enterprises to roll bigger and bigger." But objectively, just in this field, the state began to anti-monopoly, the industry that was rectified was exactly the industry he was best at, and foreign capital made a chain reaction to China's anti-monopoly, selling stocks, and once again suppressing the industry valuation. The external environment of the enterprise has changed, which he did not expect. ”
In the face of risk, Liang Hong seems to have his own "confidence". For the Hong Kong stock Internet, Liang Hong still insists on being optimistic, "The Internet company itself is still meaningful, and the valuation is low under negative expectations, and it will usher in Davis double-click in the future." ”
But after the golden age of mobile Internet, everything has been different. After the rapid growth of the Internet, the development has now encountered bottlenecks.
"This bottleneck can be seen from the fierce burning of money for traffic, indicating that the increment is not easy to develop, and it must pay a high cost to exchange users." The external environment has changed. Wang Zhaojiang stressed again.
In addition to not betting on the track, Liang Hong's fund team also had problems. Since the establishment of the fund company in 2015, Liang Hong has trained or recruited a number of fund managers, such as Tang Meng, Hong Junhua and so on. However, Tang Meng, the fund manager carefully cultivated by Liang Hong, collapsed Shiva's reputation among fans due to rumors of leaving the company. Hong Junhua, who has a lot of potential, has the maximum drawdown of the products he manages in 2021 is even as high as 40%.
On February 9, when job advertisements for suspected former Khiva fund managers spread throughout the private equity circle, the doubts about the Khiva investment research team once again flooded.
On the afternoon of February 10, in response to the question of the city boundary, "Tang Meng was cultivated by Shiva, why did he let him go?" In response to the city, Shiva Private Equity said that in any company, the flow of people is a very normal thing, the company and employees are a two-way choice, and we will also respect the personal intentions of employees.
In response to the performance of Shiva, the investment research team, as well as the investment style, management system and other issues, Shiva Private Equity responded to the market circles, on the one hand, we have continuous weekly reports and investor exchanges, on the other hand, there are roadshows for qualified investors, it is indeed not convenient to do too much public disclosure.
James Anderson, a collector of world-class great corporations, once said that if your fund managers start to change their beliefs in times of crisis, get rid of them immediately. From the current point of view, Liang Hong's belief has not changed. But the attitude of investors has changed. In the face of the wavering "military heart", how should the "big gold chain" respond?
(Author |.) Tao Ting, Editor | Han Zhongqiang)
(Except for the separately marked source, the above picture is from Visual China)