Original title: A large inventory of the list of tens of billions of private equity losses in the past year (below): Shifeng Assets brewed internal contradictions, and the "freshwater spring moment" quietly came?
In the face of losses, Guo Feng and Cui Hongjian broke up, and Zhao Jun was thinking about when to come out and apologize.
作者 | RAYYYY
Edit | Xiaobai
December 29, 2023 is the last trading day of the A-share market in 2023, and on this last day, the Shanghai Composite Index closed at 2,974.93 points, successfully winning the battle of 2,900 points and attacking 3,000 points again, which is one of the few good news this year.
In the last issue of "Inventory of the List of Tens of Billions of Private Equity Losses in the Past Year (Part I)" "Private Equity Witch" and "Grassroots King" are on the list!", Fengyunjun took everyone to understand the specific performance of well-known private equity fund managers in the face of losses, such as "grassroots king" Liao Maolin and "private equity witch" Li Bei, among which there are those who are angry and corrupt, and there are also those who reflect sincerely.
(Source: Private Placement Network, Market Value Table)
It seems that even as the core figures of tens of billions of private equity who have experienced bulls and bears, they are not exempt from vulgarity, and when the net value of their own funds collapsed, these big names also staged a good show.
The peak is the trough, and Shi Feng Assets has ended up losing money for three consecutive years
(1) Scale is the enemy of Shi Feng's assets
Since becoming the 10 billion private equity champion in 2020, Shi Feng Asset has performed poorly for three consecutive years. According to the data of the private placement network, the average performance of Shifeng Assets from 2021 to 2023 will be -5.9%, -25.9%, and -13.3% respectively, continuing to rank at the bottom of the 10 billion private placement.
(Source: Private Placement)
Founded in Shanghai in July 2015, Shi Feng Asset Management is jointly funded by Guo Feng and Cui Hongjian, who serve as chairman and general manager of the investment department and general manager and investment research director respectively. In 2020, Shi Feng's asset management scale exceeded 10 billion yuan, and in the same year, it became the champion of private equity performance of 10 billion yuan.
(Guo Feng)
(Cui Hongjian)
After becoming the champion of 10 billion private equity performance, Shi Feng Assets began to issue new products on a large scale. According to data from the Asset Management Association of China, in 2021, Shifeng Assets will record and issue a total of 79 products, of which 75 are in operation, accounting for half of the company's total operating products, and Shifeng's asset management scale reached 30 billion at its peak.
The continuous decline in performance for many years has caused a sharp drawdown in Shifeng Asset's products, which directly pushed some investors to vote with their feet, and some products fell below the net value. The scale has shrunk further. At present, the management scale of Shi Feng's assets is more than 18 billion.
As co-founders of Shi Feng Assets, Guo Feng and Cui Hongjian should consider how to win good results to repay the trust of investors, but according to public information on the Internet, they now seem to be keen to draw a line between each other.
(2) Business division, Guo Feng took the lead in embracing quantification
In the Q&A session of the Q&A meeting of Shifeng Assets in the third quarter of October 2023, Cui Hongjian introduced the current internal situation of Shifeng Assets. In this link, he said very frankly that he is now dividing the business with another core person, Guo Feng, who runs the first business, and Cui Hongjian runs the second business.
(Source: Internet public information)
Judging from the recently released products and performance, the first part of the business led by Guo Feng is mainly engaged in quantitative business. Quantitative strategies are sought after by a large number of fund managers in the market because of their diversified holdings, regardless of individual industries or individual stocks, and their high fault tolerance in weak and volatile markets.
The benefits of the quantitative strategy were quickly reflected, and in the last three months, when Cui Hongjian was still suffering from drawdown, Guo Feng finally achieved a profit, with a personal return of 3.3% in the past three months, and an excess return of 11 percentage points compared to the performance benchmark.
(Source: Private Placement)
Will Zhao Jun come out to apologize?
(1) 500 profit opportunities for 1
In 2022, all 245 funds with performance performance of Tamsui Spring will have negative investment returns. In 2023, only one of the 245 funds with performance performance of Tamsui Spring will have positive returns, and the rest will all be negative.
This means that in the past two years, 490 fund products have been spread out for investors to choose, and the probability of profit is comparable to buying a lottery ticket.
Founded in 2007, after 16 years of baptism, bull and bear alternation, Tamsui Spring has grown into a well-known private equity institution with a management scale of over 100 billion yuan in China. Due to the poor performance and losses to investors, the founder of the company apologized to investors twice in 2022.
The apology did not change the performance of Freshwater Spring products, and in 2023, Freshwater Springs' products will continue the previous downward trend, except for a wave of net value increase at the beginning of the year. According to the latest data on December 28, the company's investment performance in 2023 is -19.6%, down nearly 7% in the past month.
(Source: Private Placement)
(2) The reappearance of the "freshwater spring moment"? Zhao Jun is looking for a turning point in his investigation
Zhao Jun is famous for his contrarian investment philosophy, and there is also a saying in the industry that "Freshwater Spring Moment" is often the time to buy and increase positions whenever the net value of Freshwater Spring's products is close to 30%.
At present, there are 44 products under Freshwater Spring, which have fallen by more than 20% this year, so is it an excellent time to lay out the "Freshwater Spring Moment"?
(Source: Private Placement)
This year, Zhao Jun did not come out to publicly apologize, but was busy conducting research. According to the data of AMAC, in the first half of this year, Tamsui Spring completed 628 surveys, with a total of 560 individual stocks investigated, becoming a "model worker" for private equity research.
(Source: AMAC)
From the number of surveys of Tamsui Spring, we can feel that Zhao Jun is eager to produce in-depth knowledge and make more accurate investment judgments through close exchanges with listed companies again and again.
"Deliver beauty with love" is the brand Slogan of Freshwater Spring, and we hope that Zhao Jun can make investors feel the benefits that have not been seen for a long time in the new year.
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