Some of the most "explosive" names in China's private equity industry in the past decade are returning to the front-line performance trend.
This is what the 2024 Private Equity Performance Rankings show.
For example, Deng Xiaofeng, who was once considered the "No. 1 private equity player", has risen by more than 10% in the past two months, renewing the industry's perception of him.
At the same time, another private equity big V who was silent after the change in his personal life is also returning to the front line, Liang Wentao got rid of the name of "Li Bei's ex-husband" this spring, and shocked the industry with a product with ten times the income in five years.
Those veterans who were killed in the "old pile" in the era of public fundraising are still the group of people who can adjust their investment status the most after all.
Deng Xiaofeng's net worth "uphill"
According to the private placement network, as of March 29, 2024, Deng Xiaofeng's listed products have achieved an annual income of more than 10 percentage points, especially in the past two months, which have achieved a significant increase in net value.
As a fund manager who manages tens of billions of dollars, it is rare to achieve such an increase in the era of increasingly fierce competition among all parties.
Deng Xiaofeng once again became one of the first group of fund managers with over 10 billion yuan to regain their senses.
The focus is still on "domestic"
In the past two years, there are not many fund managers who have been able to escape the "gravity" of A-shares, and generally speaking, they are either high-frequency quants or concentrate on overseas.
But Deng Xiaofeng still sticks to the "domestic", and the information from the channel says that his main holdings are still in A-shares and Hong Kong stocks, of which the former accounts for more of them.
With Deng Xiaofeng's current information processing ability and team manpower, it is impossible not to know the great changes overseas.
But he chose not to follow the trend to engage in "overseas outlets", but to firmly lay out in the regions and industries he is best at.
This is still very "valuable", or rather, very "Deng Xiaofeng".
Profit of 10 billion yuan in a single ticket?
With the soaring prices of non-ferrous metals, Deng Xiaofeng's representative stock, Zijin Mining, is also expected to make a cumulative profit of more than 10 billion yuan.
Since the third quarter of 2019, Deng Xiaofeng has firmly held the stock so far, with the latest holdings exceeding 700 million shares, corresponding to the latest market value of at least 13 billion yuan.
According to the public information of listed companies, the first large-scale purchase of Zijin Mining by Deng Xiaofeng's private equity products was in the third quarter of 2019.
In that period, the two private placement products of Gao Yi Xiaofeng added a total of more than 300 million shares, and the cost was about 3 yuan (the former compound price).
Since then, at the end of 2019, Gao Yi Xiaofeng held more than 530 million shares of Zijin Mining, and his shareholding increased by nearly 700 million shares in the following quarter, and has basically maintained this shareholding ratio since then.
With the rise of Zijin Mining in several rounds, the market value of the portfolio holdings managed by Deng Xiaofeng is now more than 13 billion yuan, and the profit is expected to exceed 10 billion yuan.
Liang Wentao realizes "counterattack"
If Deng Xiaofeng has had a big uphill performance in the past few years, then Liang Wentao has almost climbed out of the quagmire of public opinion and has come up with very surprising achievements.
According to the news of the private placement network, Honghu has a product with a yield of more than 30% this year. The cumulative revenue of this product is more than 500%.
The outside world has no way of knowing that the ranking of this product in the entire product series of Honghu is difficult to evaluate the overall performance of the institution, but there is no doubt that Liang Wentao has come out of the previous "struggle".
Once "veteran"
In terms of qualifications and working age, Liang Wentao may be no less than any investment manager who has gone from public offering to private business.
Born in 1972, he received a bachelor's degree in biophysics from Nankai University in 1994, a master's degree in management from Peking University in 1999, and a doctorate degree in management from Tsinghua University in 2003. One person has three degrees from China's top universities.
After graduating with a Ph.D., Liang Wentao joined E Fund as its second-generation star fund manager and was promoted to the position of research leader very early.
In 2005~2007, the two funds managed by Liang Wentao made a profit of more than 110%, and then he devoted himself to private equity.
Experiencing a "downturn" period
Like all investment managers have encountered, Liang Wentao's experience in private equity has been quite "tortuous".
Liang Wentao's initial performance during the private placement period was impressive, but soon his strategy entered a testing period. Around 2016 to the first half of 2017, Honghu Investment's products showed a large drawdown, which triggered speculation from the outside world.
At the same time, his marriage to another private equity star (who was still a partner at the time) Li Bei also had problems. In 2017, Li Bei announced the end of their relationship in an open letter and disclosed the dispute between the two in terms of investment.
However, in the future, it may be the lowest point of Liang Wentao's own performance at that time. At the latest, after 2019, the performance of the products managed by Liang Wentao began to take off, and the stage when the A-share market was tested in the past two years has also become the time for the performance of Honghu, which has been studying macro strategies, to take off.
The angle from which the cycle is observed
The successive performance of Deng Xiaofeng and Liang Wentao may indicate that after nearly three years of "hard life", experienced active private equity investment managers are finding a new state and comfort zone.
Of course, whether this judgment can be confirmed or not needs to be verified by the performance after experiencing the test of the market.
On the other hand, the performance of investment managers of a specific style is always difficult to maintain their performance every year, and often when the market is most worried, it may be the moment when a cycle opens, and when the market is chasing frantically, it is the moment when a cycle declines.
Nothing new is under the sun.
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