Source: China Economic Net
China Economic Net Beijing June 1 (Reporter Kang Bo) Since the beginning of the year, the continuous pullback of A-shares has caused many private equity funds to perform poorly. Taking Shenzhen Chengqi Asset Management Co., Ltd. (hereinafter referred to as Chengqi Asset) as an example, among the 38 products with updated net value of the company, as of May 27, 12 funds had negative performance this year, accounting for 30%, of which 10 fell by more than 13%.
From the perspective of funds with the highest decline, most of them are index-enhanced quantitative funds. For example, Chengqi Yingfa CSI 500 Index Enhanced No. 1, the fund was established on November 30, 2020. Although the cumulative yield is 23.80%, as of May 27, 2022, the fund's yield this year was -14.97%.
Judging from its historical trend, the fund has fluctuated at a high level since September 2021, and officially began to adjust as the new year approaches after the rebound at the end of the year. Its historical maximum retracement value occurred on May 6, 2022, reaching -22.54%.
Chengqi Yingfa CSI 500 Index Enhancement No. 1 Trend Chart
Chengqi Yingfa CSI 500 Index Enhancement No. 1 Retracement
Source: Private Equity Ranking Network
Other funds in this series such as Chengqi Yingfa CSI 500 Index Enhancement No. 2, Chengqi Yingfa CSI 500 Index Enhancement No. 2, Chengqi Yingfa CSI 500 Index Enhancement No. 2, Chengqi Yingfa CSI 500 Index Enhancement No. 2, Chengqi Yingfa CSI 500 Index Enhancement No. 2, Chengqi Yingfa CSI 500 Index Enhancement No. 3, Chengqi Yingfa CSI 500 Index Enhancement No. 3, Chengqi Yingfa CSI 500 Index Enhancement No. 3, the declines this year are also roughly the same.
If we look at the cumulative yield, funds established in the first half of 2021 have made a small profit, but five funds that were established later, such as Chengqi Yingfa CSI 500 Index Enhancement No. 2 and Chengqi Yingfa CSI 500 Index Enhancement No. 3, the current net value of five funds that were established later are less than 1 yuan.
information shows that Chengqi Asset was established in 2013. Founder and CEO He Wenqi is a bachelor's degree from Tsinghua University and a master's degree from Tokyo University of Technology. Since 2008, He Wenqi has served as a senior researcher at Millennium Partners, an investment manager at Beijing Zunjia Asset Management Co., Ltd., and a fund manager at Shenzhen Yurun Guoding Investment Co., Ltd. In September 2013, he founded Shenzhen Chengqi Asset Management Co., Ltd. and served as general manager.
After 2018, Chengqi Asset has significantly upgraded its strategy framework, strengthened its R&D capabilities at different levels, and changed from medium frequency to multi-frequency integration, multi-band, multi-strategy, and highly scattered. The new strategies need to pass various extreme historical market tests, which are not only effective for stocks in the entire market, but also require significant excess for stocks in the top 50% of the market value.
In 2020, Chengqi Asset also introduced its core partner Zhang Wancheng, who is a bachelor's degree in physics at Peking University and a doctorate in microelectronics at the Chinese Academy of Sciences. Since 2009, he has served as a senior researcher, fund manager, general manager of China, global research director, chief research officer and member of the investment decision-making committee. He has long served as an executive in investment and research direction in well-known overseas quantitative institutions and has international cutting-edge quantitative research and large-scale management practical experience.
For quantitative index-enhanced products, Chengqi Asset once stated that index-enhanced products have higher efficiency in using funds and do not need to pay high hedging costs. It has superimposed stable and considerable excess returns on the basis of market beta, effectively improving the psychological pressure of holding equity assets. Long-term holding can obtain higher profit safety cushions and higher potential returns. However, its short-term performance is greatly affected by market rise and fall. In an unfavorable market environment, the probability and amplitude of losses are higher than that of hedging products. Obviously, this is the market environment since the beginning of this year.
Chengqi Asset's Loss Fund List of the Year
Source: Private Equity Ranking Network
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