Cai Lian News Agency, November 27 (Reporter Li Lujia) 2022 is coming to an end, according to the data of the private placement network, the statistics of the private placement network show that as of the end of October, the number of tens of billions of private equity institutions was 111, 92 private placements with performance records had an average income of -10.94% this year, and only 13 private placements of tens of billions achieved positive returns.
In contrast, in terms of public offering products, Wind data shows that as of the end of the third quarter, there were only more than 4,700 fund products with positive fund profits during the year, accounting for about 30%. Among them, there are 44 products with a profit of more than one billion yuan. Active equity fund products are "losing a lot". Wind data shows that as of the end of the third quarter, there are 385 fund products with a profit loss of more than one billion yuan this year.
It is not difficult to find that under the background of market ups and downs during the year, a large proportion of public and private equity institutions have experienced certain losses. So, standing on the same "starting line", is the overall earning ability of public or private placement strong?
Image source: Ji'an Fund Evaluation Center
It is evaluated from four aspects: profitability, risk resistance, stock selection ability, and timing ability. According to data from the Jinxin Fund Evaluation Center of Jin'an, as of the end of the third quarter of 2022, there were 10,046 hybrid private equity funds that met the evaluation standards in the whole market, of which 368 were five-star products, with a star rating ratio of 3.7%; There were 2144 one-star products, and the star rating ratio was 21.3%. The number of one-star products is more than 6 times that of five-star products, and the 3.7% proportion of five-star products is far lower than the 10% proportion of public funds, which shows that the overall level of hybrid private equity is not as good as that of public funds, which is far from the traditional perception of the market.
According to the Ji'an Fund Evaluation Center, its "private placement public evaluation" aims to advocate fair competition between private and public placement, increase the comparability between private and public fund products, and provide reference for investment institutions and investors when choosing private funds.
Private and public placement, which is stronger?
2022 is coming to an end, according to the data of the private placement network, the statistics of the private placement network show that as of the end of October, the number of tens of billions of private equity institutions was 111, 92 private placements with performance records had an average return of -10.94% this year, and only 13 private placements of tens of billions achieved positive returns.
What does a billion-dollar private placement mean? When the company enters the scale of tens of billions, it often means that the company's development has entered a new stage, the company will be more and more recognized by the market, and its popularity will be further improved, and it will no longer face small-scale operating pressure and survival difficulties in terms of stability.
Less pressure to scale, but other difficulties. For example, in the face of market shocks, due to the limitations of its own scale, it is difficult to stand alone in the overall downturn of the market, and it is not easy to make too good results. Therefore, under the market conditions during the year, tens of billions of private placements that can also make money and generate benefits are particularly valuable.
In fact, due to the sharp retreat in performance, a group of star private equity fund managers have lined up to apologize this year. Including Lin Lijun, founder of Zhengxin Valley Capital, Liang Hong of Khiva Asset, Zhuang Tao of Panjing Investment, Shi Jianjun of Dunhe Asset Management, Dai Lujing of Zhengyuan Investment, Jinglin Asset, Zhao Jun of Tamsui Spring, Lin Peng of Harmony Huiyi, Meng Le of Yongan Guofu, etc.
In contrast, in terms of public offering products, Wind data shows that as of the end of the third quarter, there were only more than 4,700 fund products with positive fund profits during the year, accounting for about 30%. Among them, there are only 44 products with a profit of more than one billion yuan. Active equity fund products are "losing a lot". Wind data shows that as of the end of the third quarter, there have been 385 fund products with a profit loss of more than one billion yuan this year.
It can be seen that in the context of the overall turbulence of the market during the year, the overall performance of public and private placements is difficult to call ideal, but there are often "private stronger than public" in the market, that is, the voice of private equity products that make money is stronger than that of public offerings, so what are the facts?
As one of the first batch of domestic authoritative independent third-party fund evaluation institutions that have obtained public rating qualifications, Jin'an Fund Evaluation Center has been focusing on the rating of public funds and private funds for many years, and through the comparison of public funds and private fund rating research since 2019, it is found that the proportion of hybrid private high-star products is always lower than that of public offerings, and the proportion of low-star products is always higher than that of public offerings. The 3rd quarter rating list of securities investment funds just released by Jinxin proves this once again. There is also a very obvious change in this list, bond private equity funds began to counterattack, regardless of the number and proportion of five-star products have hit a new high in 3 years, and the proportion of five-star products has begun to exceed that of public funds.
The pattern of "public strength and private weakness" has emerged
In view of the problem that private equity funds cannot obtain a reasonable fund comparison range due to flexible strategies and lack of data, Jinxin Fund Evaluation Center pioneered the method of "private public evaluation", using the evaluation indicators generated by the public fund rating as a benchmark, comparing the hybrid fund and bond fund in the private fund with the hybrid fund and the secondary bond base in the public fund respectively, and using the interpolation method to obtain the rating results corresponding to the public fund. This makes the evaluation results of private and public placements have reference significance.
Specifically, Jinxin divides private equity funds into two categories: hybrid and bond.
As a long-term financial tool for investors, hybrid funds are suitable for investors with a high risk tolerance; Asset allocation and timing provide sufficient space for fund managers to actively manage, requiring the management team to have a high level of operation and actively obtain the highest possible long-term returns for investors. Therefore, hybrid funds are evaluated from four aspects: profitability, risk resistance, stock selection ability, and timing ability.
From the above dimensions, the data shows that as of the end of the third quarter of 2022, there were 10,046 hybrid private equity funds that met the evaluation criteria in the whole market, of which 368 were five-star products, with a star rating ratio of 3.7%; There were 2144 one-star products, and the star rating ratio was 21.3%. The number of one-star products is more than 6 times that of five-star products, and the 3.7% proportion of five-star products is far lower than the 10% proportion of public funds, which shows that the overall level of hybrid private equity is not as good as that of public funds.
Source: Jinxin Fund Evaluation Center
According to data from the Jinxin Fund Evaluation Center of Jinxin, as of the end of the third quarter of 2022, there were 869 bond-type private equity funds that met the evaluation standards in the whole market.
Source: Jinxin Fund Evaluation Center
Among them, there were 143 five-star products, with a star rating ratio of 16.5%; There were 93 one-star products, and the star rating was 10.7%. The number and proportion of five-star products greatly exceed that of one-star products. Moreover, the proportion of 16.5% of five-star products is higher than that of public funds, indicating that the overall level of bond-type private funds has begun to surpass that of bond public funds.
Bond-based private placement achieves "counterattack"
Jinxin Fund Evaluation Center said that "public strength and private weakness" has actually lasted for three years, especially in the past three years, the overall decline in hybrid private equity ratings, while bond private equity funds have begun to counterattack public funds this year.
Source: Jinxin Fund Evaluation Center
According to data from the Jinxin Fund Evaluation Center of Jinxin, from 2019 to 2021, five-star hybrid private equity funds have experienced a large decline, and the number of one-star hybrid private equity funds has doubled. The proportion of private equity funds that received five stars during the three-year period decreased year by year, from 5.9% in 2019 to 2.1% in 2021. The proportion of hybrid private equity funds with four stars also showed a downward trend, from 6.5% in 2019 to 5% in 2021. The proportion of one-star hybrid private placement more than doubled, from 39.8% in 2019 to 50.9%.
It is not difficult to see that the five-star hybrid private equity funds not only continue to decline, but also have a clear downside with the 10% proportion of five-star public funds, while the proportion of one-star ratings has greatly exceeded the 10% proportion of public funds in the past three years.
In addition, from the data of bond-type private equity funds in the past three years, the proportion of private equity funds with five-star has also declined, from 11.1% in 2019 to 4% in 2021; The proportion of four-star bond private equity funds dropped from 23% to 9.6%. The proportion of one-star bond-type private equity funds increased from 14.3% in 2019 to 31.5%, and the overall decline was also obvious.
Source: Jinxin Fund Evaluation Center
However, it is worth mentioning that the overall data and star ratio of five-star products in the third quarter of 2022 for bond-type private equity funds hit a three-year high, and significantly exceeded the proportion of public funds by 10%; The proportion of one-star products is 10.7%. It shows that the overall level of bond-type private equity funds has begun to surpass that of public funds.
This article originated from Cai Lian News Agency reporter Li Lujia