In 2020, a number of heavyweights of public offerings and securities companies "ran privately" to start a business.
Including former ICBC Credit Suisse Fund Chairman Guo Tehua, former Dongfanghong Deputy General Manager Lin Peng, former Fuguo Star Fund Manager Yu Yang, former Taikang Asset Star Investment Manager Yu Haifeng, former Hualin Asset Management Yu Haihua, former Zhongtai Asset Management CEO Ye Zhan, etc.
They also (participated) in the establishment of Hainan Fudao Private Equity, Harmony Huiyi, Qinmu Assets, Shenzhi Assets, Chengnuo Assets, Aifang Assets and other institutions.
Fast forward a year, how are they doing?
The seniority hall found that the performance of these "famous generals" in the "bumpy" market in the first half of this year was quite different. Some of the performance is mediocre, some are still accumulating "safety mats", and some are suddenly emerging.
Among them, the outstanding performance of the year's income is even close to 60%, which has surpassed the active public offering of the "performance champion".
Is this an accident, or is it somehow inevitable?
<h2>"Private equity masters" will make efforts in 2021</h2>
In 2020, there are many well-known public offerings that have created private placements, and they are all heavyweights.
Over the past year, the performance of these famous players has been more prominent overall, but there are also large differences. According to the statistics of the private placement ranking network, the performance of some "newcomers" private placement products with positive returns during the year is as follows (see the figure below).
As can be seen from the above figure, the performance of Qinmu Asset, which Yu Yang participated in creating, is far ahead, and as of June 25, the annual yield exceeded 30%. Yu Yang was once the "shoulder handle" of the Wells Fargo Fund in selecting pharmaceutical stocks. Together with his partner Liu Shiwei, he founded ChinMu Assets.
Yu Haihua and Yu Haifeng returned 9% during the year, the former was the head of equity investment in the asset management department of Hualin Securities, and the latter was the managing director of Taikang Asset Management, with a management scale of more than 20 billion yuan.
It is worth noting that Yu Haifeng is quite well-known on social media, and the blog posts released have also attracted a large number of followers to like.
Guo Tehua, the founder of Fudao Private Equity, belongs to the "high status in the industry", she was the chairman of the top ten public fund companies in the industry, and helmed the company for 15 years, and in December 2020, Guo Tehua officially founded the private equity. Shi Zhengtong, the former director of equity investment and research of her subordinate company, also followed Guo Tehua to "run for personal gain".
<h2>The performance of Yu Yang's team is the most "extraordinary"</h2>
Among this batch of "big-name newcomers", Qinmu asset performance managed by Yu Yang and others is the most advanced. According to the statistics of the private placement network, the four funds under Qinmu Asset Management have a yield of more than 30% during the year, and three of them are forced to have a 60% annual return.
Channel information feedback: Qinmu Asset Management adopts a dual fund manager system, and each person manages the product separately. The funds mentioned above with a return of nearly 60% during the year may be managed by Liu Shiwei; the funds with a return of 31% during the year may be due to foreign management, and both have a style of mining growth stocks.
However, the product performance of Qinmu Asset Management significantly outperformed the market during the year, and it is unknown whether leveraged funds were used.
Historical information shows that in order to do high net worth, expand channel influence and increase the scale of fundraising, some newly established private placements do not rule out the use of leverage to "amplify" yields or invest in individual stocks with high concentration. Whether these strategies are used has yet to be proven.
Unlike many "public and private" fund managers who fight alone, Yu Yang's partner Liu Shiwei also belongs to the "big name private".
It is reported that Liu Shiwei was an investment manager of CEIBS Fund in the early days, and since 2016 he has served as the research director of Yuanlesheng, a 10 billion private equity institution, until the decision to set up another portal in mid-2020.
According to the shareholding structure of Qinmu Assets, Liu Shiwei is the actual controller of Qinmu Assets, holding 51% of the equity of Qinmu Assets through Shanghai Qinyuan Enterprise Management Consulting Co., Ltd., which is 100% controlled, and Yu Yang's shareholding ratio is 39%.
<h2>Are medical experts still heavily positioned in "medicine"? </h2>
However, as a former medical expert, it is worth observing whether Yu Yang's own private tea products are heavily stocked in pharmaceutical stocks.
In March this year, he pointed out in a channel roadshow that since the operation of private equity funds in November last year, the participation of pharmaceutical stocks is not high, and many pharmaceutical stocks cannot calculate the space for positive returns, or even negative returns or very small yields, according to 2025 expectations. At that time, he was even more optimistic about high-end manufacturing and consumption upgrades.
However, during his tenure at Wells Fargo Fund, the main performance contribution of the products managed in the three years before and after was the mining of individual stocks in the pharmaceutical sector. Yu Yang was once as well-known as Gülen of Ceibes and Zhao Bei of ICBC Credit Suisse, and the management scale at the time of his departure was about 150 yuan, which was also a large fund at that time.
Yu Yang revealed during the roadshow in March that the fund position was 40% at that time, and said that the fluctuations after the Spring Festival were a good time to increase the position.
Compared with the end of June this year, Yu Yang's fund returned more than 30% during the year, does this mean that his subsequent positions have increased rapidly since the first quarter? Or did you successfully do the swing in the May rally?
<h2>Positions follow the principle of non-concentration</h2>
There is another detail worth paying attention to. In March, Yu Yang revealed a detail during the roadshow: he is more accustomed to the risk control system of public institutions, including that the upper limit of a single stock is not more than 10%, and the allocation of a single industry will not exceed 30%.
According to WIND data, Qinmu Innovation Power No. 1 managed by Yu Yang became the 9th largest shareholder of Haitai Xinguang at the end of the first quarter. The company develops, manufactures and sells medical endoscopic instruments and optical products.
However, Liu Shiwei, another partner of Qinmu, operates in a slightly different style from Yu Yang.
In a recent roadshow, Liu Shiwei revealed the following position details: generally no more than 20 stocks are held, and heavy stocks are more than TMT. For companies that are very sure and very certain, the single ticket cap is 15%, and once this proportion is exceeded, it will slowly come down. In addition, a 10% drawdown in the net value of the fund touches the risk warning line, and it is necessary to protect the position to avoid risk.
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