Our reporter Wang Hui
Since the beginning of this year, the A-share market has fluctuated widely, and the performance of "public-to-private" fund managers has been very different during the year.Some "public-to-private" fund managers admit that compared to the goal of outperforming performance benchmarks during public offerings, in this year's market with large fluctuations in the sector and wide fluctuations in indices, it is difficult for private placements to achieve absolute returns while stabilizing fluctuations in net worth. very high.
Some sources pointed out that the key to a smooth transition is how fund managers can “enhance strengths and avoid weaknesses” from public offerings to private placements.
Performance differentiation
A third-party agencyexclusively provided reporters with the performance data of "public-to-private" fund managers. According to incomplete statistics, as of July 7, all private equity funds managed by 252 "public-to-private" fund managers with performance records this year have products, the average yield during the year was -8.21%.Among them, the products managed by 40 fund managers achieved positive returns during the year (averaged by product returns).The fund manager with the highest performance during the year has achieved a return rate of 41.39% this year.The number of fund managers with losses of more than 15% so far this year stands at 43.Overall, the performance of "public-to-private" fund managers is highly differentiated during the year.
As of July 7, the average return rate of 17,114 stock private equity funds with performance records this year was -6.78%, of which 4,425 achieved positive returns, accounting for 25.86%.The performance of "public-to-private" fund managers this year has not shown a relative advantage.
Judging from the situation in 2021, the average rate of return of all private equity funds monitored by this third-party institution in 2021 will be 13.18%, and the number of positive-yielding products will account for 66.85%; 251 "public-to-private" fund managers over the same period The average yield of managed products was 12.16%, of which 171 achieved positive returns, accounting for 68.13%.
Key factors emerge
"Compared with the past two or three years, it is very difficult to invest in A shares in the first half of this year. The main difficulty is that there are many exogenous variables, and the past investment experience of many fund managers has become relatively 'ineffective'." As a large-scale public offering and large-scale Private equity fund managers who have long-term investment experience in "public to private". Liu Shiwei, general manager of Qinmu Assets, believes that the investment goals of public offering and private placement are different, and the A-share market, which fluctuated widely in the first half of the year, put more pressure on private placement.
A Shanghai-based “public-to-private” fund manager said that in 2021, the average return on products under his private equity portfolio will exceed 20%, and the average loss so far this year is around 12%.From the perspective of performance attribution, "the control of positions and position structure this year is not ideal. Although we continue to focus on the allocation of some high-quality companies in the new energy vehicle sector, the positions in medicine and technology have dragged down the net value of products this year. performance," the private equity source said.
Zhao Yuanyuan, investment director of Jianhong Times, who has served as a fund manager in many public offering institutions, analyzed that public offerings mainly evaluate relative returns, while private placements mainly pursue absolute returns.The biggest difference between absolute returns and relative returns in risk control requirements is the position limit."If the position at the beginning of the year is too high, when the position at the bottom of the market should be increased, it is difficult to increase the position in time due to risk control reasons, and it is naturally difficult to rely on the market rebound to achieve net worth repair." Zhao Yuanyuan said.
Yao Xusheng, a wealth management partner of private equity Pai Pai.com believes that the difficulty of equity investment this year is mainly that the market is always in a structural market, with frequent sector rotation and style switching, and it is difficult for fund managers to follow the market rhythm to make effective adjustments.
Different strategic "focus points"
Zhao Yuanyuan said that when fund managers "turn from public to private", the first thing they face is the problem of "weakening investment and research support".Paying attention to the top-down, grasping the investment direction from the macro and meso perspectives, and correctly selecting the subdivision fields can better strengthen the long board and make up for the short board.
Guan Xiaomin, a researcher at Jinzhang Investment, believes that the biggest challenge for fund managers in investing from a public offering platform to a private placement platform is the difference in strategic "focus".Different from public offerings, outstanding private equity institutions need to have comprehensive and careful consideration of timing systems and risk control under extreme market conditions.
Yao Xusheng pointed out that in order for a fund manager to make good performance, in addition to the comprehensive ability of the fund manager, the company's back-office support and the cooperation of the investment research team are indispensable conditions.If the "public-to-private" fund manager has strong investment research and "front, middle and back office" resource support on the new private equity platform, it may be easier to achieve a smooth transition from public offering to private placement.
(Editor in charge: Kang Bo)
