Best private equity earns 14 times a year, previous champions return to top 10

With the gradual updating of the net value of products, the annual ranking war of sunshine private placement industry is also near the end.

2015's A shares Bull, bear and concussion markets took turns. Whether the loss can be stopped in a bear market in time to keep the bull market earnings and whether the rebound can be successfully grasped in a volatile market have become two major challenges for private equity managers. Xu Xiang was arrested, and his products were "kicked out" by data statistics institutions, which added a bit of confusion to the private placement performance ranking war in 2015.

Supragrid conduct financial transactions The data shows that the average return of sunshine private equity industry in 2015 was 38.01%, and the average return of equity private equity fund with the highest correlation with the stock market also reached 38.18%, far more than that of the stock market Market 41% in the same period.

According to the data, the annual performance champion of stock products was won by the "Bank of China selection" of Shenzhen Huayin Jingzhi assets (hereinafter referred to as "Huayin Jingzhi") with an ultra-high income of 1403.07%. The previous hot winner "xiangyuxing Siyuan 1" ranked second in the private equity market with 423.73% of the income. In addition, Shanghai Chengrui investment and Guangdong new value investment, two former champions, have also made a comeback, breaking into the top 10 of the performance list.

   14 times of performance champion

The data shows that the net value of "Bank of China selection" has not been released on its trusteeship platform for nearly half a year. At a time when the market thought that the annual champion would be spent on Zhejiang Xiangyu bank's investment, the net value of "Bank of China selection" rose to the surface, and finally won the title of the year with a yield of 1403.07%.

"In 2015, one heavy position stock in the company's portfolio increased 10 times this year, with the highest increase of nearly 800% in the second half of the year; and three other stocks increased more than five times. Huayin Jingzhi started its layout in 2013“ Jinzheng shares ”During the period, the highest increase was over 500% An analyst familiar with BOC Jingzhi disclosed that the company's shareholding is highly concentrated in operation, and the holding period is generally 1-2 years, during which band operation will be done.

According to public data, BOC Jingzhi was established in 2007, and its business scope covers private fund management, private equity fund management, and listed company Market value management, private placement, equity incentive, financial public relations, etc. According to GESHANG financial data, the yield of "Bank of China select" before the stock disaster was 85.31%, but its performance continued to burst after the disaster, with an increase of 711.09%.

"Xiangyuxing Siyuan phase 1", which won the top spot in the list, also performed well, with a yield of 423.73% in 2015. According to the public information, Xiangyu bank, which was established in August 2013, is registered in Ningbo, and Siyuan phase 1 was established on August 19, 2014. At present, Chen Wen, the general manager, has no fund qualification and belongs to the non-governmental representative.

The product net worth curve shows that the net value of "Siyuan phase 1" rose nearly four times in the bull market in the first half of 2015, equity market The adjustment of the product position ahead of time to avoid the slump, and grasp the rebound in October and December to realize the net value rise again. Third quarter report of listed companies Data show that "Siyuan 1" bought at the bottom when the stock market adjusted in the third quarter of 2015“ Zhejiang Jinke ”And“ Huafang Co., Ltd ”When the two stocks rebounded in the fourth quarter, the largest rebounds reached 70.85% and 32.83% respectively.

GESHANG financial data also shows that the yields of five products, including "Zequan Jingbo wealth" under the control of Zequan investment, Zhaoyi phase 1 of Zhaoyi investment and Suifu No.1 of Suifu investment, all exceeded 200%; The "steady growth (foreign trade)" led by song Bingshan of Zunjia assets, the "Tianqi snake" of Tianqi Dexin assets and the "thinking No.1" investment of Tianqi Dexin assets also have a return rate of more than 150%, and they have been shortlisted in the top 10 of annual performance.

Black horse has a strong momentum, and the performance of old private placement in 2015 is also commendable. According to the data of private placement network, Beijing Heju investment, Shenzhen Zhanbo investment, Shanghai chaos investment, Shanghai Licheng asset, Jushan asset, Bodao investment and other well-known large-scale private equity institutions all obtained more than twice the income in 2015. In addition, Chongyang investment, Zhuque investment, Xingshi investment and other representative products also get more than 50% annual income.

   The former champion is back

For the asset management industry practitioners, "rush hard" can certainly bring a lot of market reputation to private managers, followed by hot sales and scale expansion of products; but in 2015, in the stock market shock, more than 1000 products were cleared in advance, and many private placements closed down. The fact that "live long" is a more severe test for private managers.

In the sunshine private placement industry, there is also an interesting phenomenon of "champion curse", that is, few private equity champions in those years can win the championship of the second year. After sorting out the status quo of private equity champions in the past few years, the reporter found that many champions ushered in a rapid expansion of scale after winning the championship. However, due to the lack of investment and research ability, the departure of core fund managers and the departure of the original champion team, the company's performance fluctuated greatly and the market reputation was no longer known.

Taking the 2010 Private Equity champion WorldCom asset as an example, after winning the championship with 96.16% of the income, the investment research ability failed to keep up with the pace of scale expansion, and its performance declined all the way Net fund value The lowest has fallen to 0.5 yuan. GESHANG financial data also shows that the company's funds have obvious characteristics of rapid rise and fall. The highest return of the representative product "Kangzhuang phase 1" in 2015 reached 85.76%, but the maximum withdrawal during the stock disaster was as high as 81.47%.

After Yinfan investment won the championship in 2012 with a yield of 54.44%, Wang Tao, the core figure of the company, left Yinfan investment because "the payout is not proportional to the harvest". GESHANG financial data shows that there are many fund managers in the company at present, but the investment philosophy and operation methods are different. The performance difference between fund managers in recent two years is relatively large, all around 30%.

Chuangshixiang investment, the only one that has broken the "champion curse" (won the championship in 2013 and 2014 for two consecutive years), also staged a separation event in 2014 because the company's shareholders did not recognize the investment method of core fund manager Huang Ping.

However, it is worth mentioning that in 2015, two former champions, Chengrui investment (champion in 2011) and Guangdong new value investment (champion in 2009), returned to the top ten of the performance list. According to GESHANG financial management data, Chengrui investment's "Yonglong select fund" ranked sixth with 206.72% income; zhuotai No.2 of new value investment ranked fourth with 240.85% yield.

"Today's private equity industry is much more competitive than when we first started five or six years ago, but there are still homogenization problems. If we rely on the same type of products to expand the scale, this road will only become more and more difficult. " Luo Weiguang, chairman of the new value investment committee, has previously told reporters that private funds need to choose market segments from the perspective of differentiation to make their own characteristics. According to the reporter's understanding, new value investment has begun to expand new investment fields in recent years. In August 2013, it set up a fixed increase fund, gradually involved in the first and a half markets; in 2015, it set up four "brand-name funds" to explore the linkage between the primary and secondary markets.

Author: Zhao Xingwei

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