China Fund News Reporter Jiang You
Recently, another private equity product has attracted market attention due to its abnormal surge. Some even fell sharply after the surge, and private equity managers came out to apologize. As a result, the phenomenon of relying on the surge in net worth to "beat the rankings" strategy has triggered discussions. Judging from past situations, products with short-term abnormal surges often have difficulty sustaining performance, and investors tend to be mature and rational when facing such products. Both private equity and channels say that investments should be moderately diversified, especially single-ticket investments and high-leverage investments. Zhang Liang, general manager and investment director of
Sanxi Capital, said that "listing" in the private equity circle is a phased chaos in the early stages of industry development. As investors continue to mature, these "listing" methods will gradually lose market. Xiong Lin, director of
Ruiyi Investment Research, said that the scale of such products is usually small, and the strategies are difficult to copy. They cannot truly reflect the long-term real capabilities of investment managers, and are also easily misleading for investors in evaluating private equity management capabilities. . Hu Fei, senior product researcher at
Zhongzhi Fund, said that in the short term, higher returns may be obtained through some methods of amplifying fluctuations, but in order to obtain long-term sustainable performance, in-depth research on the fundamentals of the industry and stocks is still needed. , otherwise it is likely to be short-lived.
Another person in the private equity third-party channel who has been in the private equity industry for many years also said that in recent years, private equity products with outstanding performance have often appeared in the private equity circle, but most of these products are short-lived and cannot maintain long-term stability. The reason behind this may be Its "betting" style of highly concentrated holdings does not have long-term effective stock selection and trading logic.
Hexi Investment stated that in product management, the company uses parent funds to emphasize the consistency of net values, and the investment funds are relatively dispersed to ensure consistency with customer interests. "Many people even fantasize that they can buy such a 'high-yield' product. In fact, people in the industry are very good at judging that if the performance is so good, there is no need to come out to make asset management products. If you make good use of your own funds, your wealth will catch up with Buffett ."
Qinmu Asset said that as investors become more rational and the market develops more maturely, everyone will pay more attention to the investment system, investment research strength and longer-term performance of the private equity team.
Xiong Lin believes that with the transformation of wealth management in sales channels and the improvement of investors' professionalism, this special phenomenon may gradually fade out of the market's attention in the future, and it is not ruled out that regulatory authorities will introduce policies to strengthen supervision.
Hu Fei said that some private equity managers use some "list-making" products to attract market traffic, but if they want to continue to make a difference in the private equity industry, they still have to rely on long-term sustainable performance. When investors choose private equity managers, they pay more and more attention to the stability and sustainability of the manager's long-term performance, as well as the corporate governance and the background of the core investment research team behind the performance. If there are only short-term results, they may eventually fail. Unable to gain investor trust.
A person in the channel said that they have encountered products with short-term performance surges before, many of which are small in scale, concentrated in investment, and even use to leverage . For this type of product, you must first understand its scale and whether it is a concentrated bet. At the same time, product performance attribution is very important. There has been a very popular product recently. During due diligence, it was found that the investment manager could not explain the performance attribution.
Zhang Liang also said that in the long run, private equity institutions still need to pay more attention to mid- and long-term performance. To control drawdowns, methods such as hedging , position control, and diversified allocation can be used.
Qinmu Asset also said that in terms of controlling drawdowns, private equity should establish and continuously optimize its own risk control system, fully communicate with investors, and at the same time, make reasonable response plans to extreme market conditions in advance.
