This year the stock market rise and fall is greatly affected by the epidemic. After the Spring Festival, A shares plummeted due to the outbreak of the epidemic on the first trading day, and then rebounded rapidly due to the gradual control of the domestic epidemic, and the ChiNext continued to hit new highs. However, with the spread of the epidemic in Europe and the United States, global markets were violently turbulent at the end of March, and European and American stock markets even plummeted by more than 30% in just one month.
In the whole of March, the Shanghai Composite Index recorded a monthly decline of 4.51%, and the monthly line fell for three consecutive times this year. In March, the Shanghai Composite Index also hit the largest monthly decline of the year. In addition, the Shenzhen Component Index fell by 9.28% month by month, the SME Index fell by 10.37% month by month, and the ChiNext Index fell by 9.64% month by month. The monthly increase and fall ratio of individual stocks in the two markets was 1102:2669, and more than 70% of the stocks fell. Among them, 46 stocks had a decline of more than 30%, and 1157 stocks had a decline of more than 10%. Most investors suffered heavy losses.
Under the influence of the epidemic, 17,108 private equity funds recorded an average return of -2.45% in March, less than 40% of private equity funds with positive monthly returns, and as high as 61.92% of private equity funds failed to make money in March, but there were also 6 products that doubled against the trend in the sharp drop in March.
still had 6 products doubled under the sharp drop.
Dan Bin Linyuan and other private equity veterans had the returns of many products
In March, when the industry hot spots were quickly switched, what were the performance of private equity funds? According to statistics from Private Equity Ranking Network, the overall average return of 17,108 private equity funds in March was -2.45%, of which only 6,515 products achieved positive returns, accounting for 38.08%.
From the perspective of segmentation strategy, the stock strategy that investors are most concerned about poor performance in March. The average return of 9,857 stock strategy private equity funds was -4.11%, and the proportion of positive returns was only 24.44%, ranking last among the eight private equity strategies; the average return of 679 portfolio funds was -1.81%, and the proportion of positive returns was 39.32%; the average return of event-driven private equity funds was -5.09%, and the proportion of positive returns was 25.93%. There are also macro strategies with a larger decline, with an average return of -3.29%, and the maximum monthly decline of a single product reached 27.49%.
Among the 6,515 private equity products that have achieved positive returns, 146 products have monthly returns of more than 20%, 18 products have monthly returns of more than 50%, and 6 products have still doubled under the market in March. The doubled performance products have contributed by five private equity companies including Jintai'an Assets , Zeying Investment , Taihe Tianchuang , Dafan Investment , Bopu Technology , and 6 products have doubled. Among them, Zeying Investment has two products shortlisted.
Since many private equity firms in the market adopt replication strategies, their products will generally show a consistent trend. Linyuan , which is in charge of Linyuan Investment and Hanzhong Linyuan Investment , had as many as 39 private equity fund products achieved positive returns in March, with the highest monthly return of 8.50%. When participating in the private equity quotation question and answer program in March, Lin Yuan made it clear that at this point in time, only pharmaceuticals should be used, and investment in pharmaceutical stocks should be allocated to the world's leading pharmaceutical companies. In the global pharmaceutical consumption market, diabetes, hypertension, and cardiovascular and cerebrovascular market account for 70% of the total pharmaceutical consumption. There is no need to do anything else, but we must grasp the main contradictions. In addition, convertible bonds are also very good as configurations.
Dahe Investment’s products also mostly adopt a copy strategy, and the net value trend is similar. In March, 29 products of Dahe Investment achieved positive returns. As a star private equity firm that has risen rapidly in the past year, Hu Lubin, chairman of Dahe Investment, revealed that Dahe Investment has an industrial perspective and selects stocks based on three dimensions: good industry, good company and good price. Opportunities that can meet these conditions are very scarce. If you can find it, you are willing to grow with such companies. Due to the tendency to concentrate on holding a few high-quality opportunities, Dahe Investment's holdings are also relatively concentrated.
should be greedy when others are afraid. Danbin 's Oriental Harbor also made many products in March. But Bin is very optimistic about the rebound speed of core assets after the impact of the epidemic. He said that Buffett once said, "Only when the tide recedes, will you know who is swimming naked." There should be a saying later: "When the bigger tide comes back, who does not die, who floats faster." Now it is the stage of "water floods the Kings Mountain" floating faster.A violent rebound is a characteristic of this stage, and good assets will be the first to hit record highs.
In addition to the investment ability of long stock private equity funds to achieve positive returns, quantitative private equity funds also showed off their skills in March. Fushan Investment , Ningbo Huanfang Quantitative , Qianxiang Asset , Zhuhai Zhicheng Zhuoyuan and other quantitative private equity funds have multiple products with positive returns.
Hongxi Fund was established in 2015. It not only has the qualification of 3+3 investment advisors, but is a hedge fund company focusing on quantitative CTA. Its 20 products achieved positive returns in March, and are all quantitative trends in CTA strategies. As for why CTAs develop rapidly, Liu Xibin, founder of Hongxi Fund, said that on the one hand, CTAs play a stabilizer role, and on the other hand, there are more and more investors in CTAs. Every year, the Chinese stock market is constantly changing styles, but many private equity institutions in CTA have achieved positive returns for many years. CTA has a negative 0.01 correlation with traditional stock markets. Liu Xibin believes that CTA still has a lot of room for development in the future.
A shares will have a chance this week?
Private equity is expected to fluctuate weakly
A shares are still in a volatile consolidation trend. Following the adjustments started last Friday, risk aversion sentiment continues to ferment, and the market has once again entered a narrow range of fluctuation and correction. The three major A-share indexes opened low on Monday, maintaining a low volatility throughout the day, and eventually closed down collectively. The ChiNext Index was the weakest, with a closing decline of more than 1%, and the RCS concept stocks in the market one-day tour fell sharply. What is the next step for A-shares? Private equity views this way.
Dingfeng Assets introduced that what will have a significant impact in the future market will be the setting of economic growth goals in major conferences and whether innovative, non-ineffective quantitative easing policies can be introduced to deal with the economic environment in the post-epidemic era. In the medium term, China's economic recovery under normalized epidemic prevention and control will also have a significant impact on the medium-term development prospects of the global economy. Due to overseas influence in the medium and short term, the second and third quarters are still full of uncertainty. However, starting from the fourth quarter, the effect of reform will gradually reflect is relatively certain.
chengen Capital stated that the trading volume of A-shares has not been effectively amplified last week. Judging from the time node, the market has entered a period of intensive disclosure of the first quarter report, with strong wait-and-see sentiment, and the market style has changed from high-valuation technology stocks to leading white horse stocks; technically, the market is in a stage of weak rebound and lost direction, and the pressure band of the Shanghai Composite Index 2830-2850 has not effectively broken through, indicating that the pressure in this area is relatively high. Although the social financing data in the first quarter exceeded expectations, the market's expectations for the drag on the global economy of the new crown epidemic have not changed, and the market is expected to maintain a weak fluctuation this week. In the weak stage when the Shanghai Composite Index has not broken through the 2830-2850 range with volume, the control position is below 50%, and patiently wait for the opportunity to buy low.
As for the biggest difference between the new infrastructure and the old infrastructure, and how investors should seize the investment opportunities, Starstone Investment Yang Ling said that for this year, new infrastructure must occupy a large part of the domestic economic stimulus policies, but everyone thinks that the old infrastructure may not be in line with the current new development direction and economic transformation direction. New infrastructure is mainly a data-centric construction, but it has a characteristic, and its volume may not increase so quickly. Judging from some projects under construction at the beginning, or the new projects to be developed in the future, traditional infrastructure should still account for the majority. So in fact, building materials industries such as steel bars, cement, etc. should still be the mainstream in the future.
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