Losses intensify! Net worth plummeted and touched the early warning line, but Bin and Ren Zesong could not hold back? Quantitative private placement has also been "Waterloo", why does the painting style suddenly change?

With the further decline of A shares, the loss margin of private equity funds is intensifying!

Chaoyang Perpetual's latest domestic private equity product monitoring data shows that as of February 10, Chaoyang Perpetual's 2,709 tens of billions of stock private equity products have an average floating loss of 7.57% since 2022. According to the data of the private placement ranking network, the net value of more than 500 funds fell below 0.7 yuan.

Many private equity tycoons have also encountered tremendous performance pressure. However, the net value of 50 products under the helm of Oriental Harbor at the helm of Bin fell below 0.8 yuan, and the net value of 6 products fell below 0.7 yuan; under the Shanghai Jiyuan Assets helmed by former "public offering brother" Ren Zesong, many products fell by nearly 30%.

On the evening of February 11, Dan Bin responded in a voice on Weibo, "At present, our products have done a good job of corresponding risk control, and the net value is relatively stable." ”

In addition, according to the Chinese reporter of the securities company, the quantitative private placement that has achieved eye-catching performance for several consecutive years has also suffered heavy losses, and many of the index enhancement strategy products under the quantitative of tens of billions of quantified products have lost more than 5% during the year, and some even exceed 10%. Among them, the tens of billions of quantitative private placement Shanghai Hefu Investment announced to investors and sales channels in the evening that its products touched the early warning line.

Obviously, many products will issue early warning announcements to investors and channels in the next step, just like Hefu Investment. Why did the market suddenly change its style, and even the private equity giants were caught off guard?

Tens of billions of private equity floating losses intensified, but bin, Ren Zesong and other big guy products fell sharply

In the first month of 2022, the Shanghai Composite Index fell by 7.65%, the worst start in six years. Although the Shanghai Composite Index closed up 3.02% in the first week, the ChiNext Board, which gathered many funds, fell by 5.59%, which made the performance pressure of many private equity funds increase sharply.

Chaoyang Perpetual's latest domestic private equity product monitoring data shows that as of February 10, Chaoyang Perpetual's 2,709 tens of billions of stock private equity products have an average floating loss of 7.57% since 2022. The monitoring data also shows that as of February 10, the average yield of domestic stock private equity institutions of 5 billion yuan to 10 billion yuan this year has been -8.10%, and the average yield of stock private equity institutions of 2 billion to 5 billion yuan this year has been -7.45%.

According to the data of the private placement ranking network, up to 89% of the tens of billions of private placements have losses, 11 of the tens of billions of private placements with positive performance, 35 of which have fallen by more than 5% of the tens of billions of private placements, of which 7 tens of billions of private placements have fallen by more than 10%, and the maximum decline is close to 15%, mainly for the private placements that have risen in the front in 2021.

Many private equity tycoons have also encountered tremendous performance pressure. However, the net value of 50 products under the umbrella of Oriental Harbor, which is at the helm of Bin, has fallen below 0.8 yuan, and the net value of 6 products has fallen below 0.7 yuan, which has attracted market attention. According to the reporter's understanding, most of the above products were established near the high point, only some products have an early warning stop loss, and most of them are single account products without early warning stop loss.

On the evening of February 11, Dan Bin spoke on Weibo, "At present, our products have done a good job of corresponding risk control, the net value is relatively stable, I and the trading department have always maintained a cautious response, and there is more panic in the market under the current shock market... Oriental Harbor has experienced a financial crisis in 2008, a liquor crisis, a stock market crash in 2015 and other bad periods in the stock market, and the company has developed better after each time. ”

"After the middle of last year, the cooperative institutions that set the early warning stop loss cancelled the issuance, and the original intention was not to cause style drift because of the early warning stop loss." The relevant person in charge of Oriental Harbor told the Chinese reporter of the brokerage.

In addition, the net value of Shanghai Jiyuan Assets, which was helmed by the former "public offering brother" Ren Zesong's team, also suffered a sharp decline this year, with many products falling by nearly 30%. If the product has an early warning stop loss, it is also under pressure.

Quantitative private equity "Waterloo", Hefu Investment's products touched the early warning line

Due to the unexpected decline in the market, even the quantitative private placement that has achieved impressive results for several consecutive years has suffered heavy losses.

According to the Chinese reporter of the brokerage, many of the index enhancement strategy products under the quantification of tens of billions of dollars have a floating loss of more than 5% during the year, and some even exceed 10%.

On the evening of February 11, 10 billion quantitative private equity Shanghai Hefu Investment issued an announcement to investors and sales agencies, saying that the unit net value of its Hefu Flexible Hedging No. 9 Phase A Private Securities Investment Fund on February 10 was 0.8774 yuan, which was below the warning line of 0.88 yuan, touching the early warning.

It is worth noting that Hefu Investment touched the early warning line is a hedging product, as a core team from Peking University's well-known quantitative hedging team, which is a bit of a surprise, which also verifies from another aspect that the market is indeed quite tragic.

On January 28, Hefu Investment also used its own funds of 40 million yuan to subscribe for the shares of fund products it managed, and plans to increase the scale of its own fund subscription in the future.

Obviously, entering 2022, the rapid development of quantitative private equity in the past few years is ushering in a performance dilemma, on the one hand, the competition to exploit investment opportunities is intensifying, significantly reducing returns; on the other hand, the unexpected decline in the market has also caught the machine algorithm off guard, especially in the case of strategic homogenization, performance pressure has increased.

Why does the market suddenly change its style?

The sharp decline in the beginning of the year has caused the net value of many products to decline rapidly, and the products that set early warning stop losses have made fund managers feel more stressed.

According to the data of the private placement ranking network, as of the end of January, the net value of 1259 equity strategic private equity funds fell below 0.8 yuan, of which more than 500 funds fell below 0.7 yuan. Obviously, many products will issue early warning announcements to investors and channels in the next step, just like Hefu Investment.

Why does the market style suddenly change? Xingshi Investment said that one of the core reasons lies in the changes in the domestic macroeconomic environment, of which wide credit is one of the main concerns. Many investors doubt whether the current "wide currency" can bring "wide credit". Our answer is yes: this round of monetary easing will also lead to credit expansion.

In the view of Xingshi Investment, except for the special market in 2015, the wide-based index has shown an upward trend during the period of wide credit in history. Structurally, the "wide credit" period is more favorable for pro-cyclical sectors, such as the 2009, 2012, 2015 stock market crash and 2020 after the epidemic.

Xingshi Investment further pointed out that the financial data in 2022 "opened the door", the total amount of social financing and credit structure improved year-on-year, and the classic transmission path of "policy is good - financial and monetary indicators are good - real economy indicators are good" is continuing, and it is expected that the domestic economy will also be trendy improved in the near future under the background of policy effects. At that time, the market risk appetite and the prosperity of more industries will usher in a turnaround, and A-shares will not have far-reaching worries and are still in the stage of structural opportunities.

Editor-in-charge: Tactical Constant