Reporter Yang Jian
A shares In 2016, it suffered from "open door blackout", which wiped out the rebound results of the previous four months in just two weeks, which not only made some private placements encounter liquidation crisis again, but also made the strategic private placement products of some third-party institutions encounter sales pressure, and the issuance of new products fell to the bottom.
On the one hand, the secondary market is stormy; on the other hand, private placement is eager to spread the risk. In this case, the fof (Investment Fund's Fund) products with good characteristics of risk diversification become the focus of private placement. In fact, according to the case conduct financial transactions According to statistics, in 2015, there were 227 fofs issued by securities private equity managers, which was twice the total amount issued in the past.
The issue of stock strategy products is cold
"Daily economic news" reporter noted that in the first week of the new year, from January 4 to 8, due to investors' concerns about the expiration of the "ban and reduction order" and the formal launch of the circuit breaker mechanism, a shares fell sharply. Among them, Shanghai Stock Index The decline was 9.97%, Small and medium plate finger and Gem refers to During the same period, the decrease was 14.22% and 17.14% respectively.
According to the statistics of GESHANG financial management, from January 1 to 17, 2016, a total of 57 private equity products were newly issued in the market, including 37 stock strategy products. It is worth mentioning that in January 2015, the number of stock strategic products issued in a single month was 950.
In this regard, the director of a trust project in Shenzhen told the daily economic news that "due to the continuous adjustment of the stock market, many customers have already adjusted their equity market If you lose confidence, you lose interest in the stock strategic private placement products, and you are more willing to choose some stable private placement products. In the short term, there is a certain pressure on the stock strategy products to be raised, while some robust hedging products are sought after by the market.
A private placement personage in Shenzhen, who did not want to be named, also said that in 2015 and early 2016, the stock market fluctuated violently, and many private equity strategic products had a lot of losses. In the case of poor market conditions, the issuance of stock strategy products was also normal.
In fact, the cold issue of stock strategy products can also be seen from its performance in January this year. The reporter noted that in the first week of the circuit breaker mechanism, the performance of stock strategy private placement products was not ideal, and most products were in a loss state. As of January 8, there were 1887 unstructured private equity fund products with net worth data, and the average return in January fell by 8.22%. Among them, only 40 products with positive income accounted for 2.12%; 1821 products with negative income accounted for 96.5%.
Private placement of fof
"Daily economic news" reporter noted that during the period of stock market shock adjustment in 2015, stock strategy products suffered heavy losses. In addition, because Stock index futures Trading constraints lead to alpha strategy, arbitrage strategy and tracking stock index futures CTA strategy of private funds have been in trouble, product performance stagnated. In this case, some private equity companies try to spread the risk with the help of fof products.
The so-called fof refers to a fund that invests in other funds. Through the screening of funds, fof managers help investors to build a reasonable fund portfolio and achieve optimal allocation, which has the characteristics of risk dispersion and portfolio management. However, according to the statistics of GESHANG financial management, the scale of fof management in China's securities private placement is about 40 billion yuan, accounting for only 2% of the total amount of securities private placement. However, in 2015, 227 fofs were issued by securities private equity managers, which was twice the total amount of previous issues. 2015 was the first year of fof blowout.
In this regard, industry insiders said that the rapid development of fof private equity products in 2015 benefited from the rapid development of private equity industry. In addition, the stock market experienced a huge adjustment in 2015. For private placement products with a single strategy, the performance fluctuated greatly. If you invest in some low-risk private equity products, the return will be greatly reduced. Fof products through the decentralized allocation of multiple private funds, while obtaining income, greatly reducing the investment risk.
The general manager of a private equity fund in Shenzhen told reporters that fof products have been relatively rich in types, including stock based fof focusing on investment in the stock market and decentralized allocation in multiple private equity funds, as well as the use of multiple strategic means to allocate stocks, futures, etc macroscopic Private fof products with multiple strategies such as hedging, as well as quantitative hedging fof distributed in a variety of quantitative hedging strategies.
According to the statistics of private placement network, as of the end of December 2015, a total of 59 fof strategic private placement products which have been established for 12 months have been included in the income statistics ranking, and the annual average yield is 18.96%. Although a shares experienced a sharp rise and fall in 2015, as a whole, the portfolio funds have submitted satisfactory answers to the majority of investors. As many as 46 products achieved positive returns, accounting for 77.97%, and the highest return reached 158.33%. Under the background of huge market fluctuation, fof products have become the new favorite of investors.
(Daily Economic News)