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幸运飞艇直播视频:Billion private equity accounted for 60% of losses

时间:2018/4/27 19:15:11  作者:  来源:  浏览:0  评论:0
内容摘要:First-quarter loss of 65% of China's Ten billion private equity funds \u0026nbsp; ChinaFund ResearchInstitutions - Private Equity's latest r...

First-quarter loss of 65% of China's Ten billion private equity funds

\u0026nbsp; China Fund Research Institutions - Private Equity's latest report shows that in the first quarter of 17 domestic private equity funds with a scale of more than 10 billion yuan Of the managers, only five institutions have received positive returns, 11 have lost money and the loss reached 65%.

The report pointed out that from the perspective of the strategy index, there are five types of strategies that have achieved positive returns, among which the management futures strategy and the market-neutral strategy have led slightly. The relative value strategy has followed closely, and the multi-strategy and bond strategy have also gained positive returns. , while the stock long multi-type strategy yields the lowest, -1.29%.

China's stock market has fallen this year, of which, , SSE 50 and , CSI 300 have fallen by 4.83% and 3.28%, respectively. Among the billion-dollar private equity managers, the cumulative income of managers using equity strategies as the main investment strategy is almost negative. Taking the private equity giant “Jumbo” Jinglin Assets as an example, at the end of November last year, the average return on its equity strategy products was as high as 67.54%, but the cumulative rate of return this year was -4.37%.

As for the future trend of major assets, the report believes that the short-term probability of the stock market will continue to oscillate repeatedly. It is difficult for the sector to step out of a strong, independent and independent market and it is not advisable to pursue a higher price. The bond market will further move within the value range.

The report also pointed out that the future private equity fund industry will show five major trends: First, the size of private equity funds will further increase and will far exceed public offerings; Second, the industry concentration increases, the strong strong, performance differentiation is more obvious; It is the fund's fund (FOF) combined with China's pension market, the business scale will continue to grow; Fourth, further internationalization, part of the foreign investment will be handed over to China's private equity management; Fifth, foreign investment will bring "catfish effect."

According to statistics from the Securities Industry Association, by the end of February, the number of domestic private equity fund managers was 23,097, an increase of 2.9% from the end of last year, and the paid-in scale of private equity funds reached 12.01 trillion yuan, an increase of 8.19% from the end of last year. (

Nearly 90% of the private equity positions were exceeded. The star companies adjusted their positions and battled in the second quarter of the year. With the disclosure of a quarterly report of listed companies, the latest conversion and conversion path of star private equity funds was also exposed. According to the announcement data on the 25th, the number of new stocks bought by private equity funds is not small, and the adjustments are frequent. Among them, Gao Yi Assets and other star private equity major pharmaceutical companies, TMT plate stocks have also become more private equity positions. According to the latest statistics, nearly 90% of private equity funds have more than half of their positions, and private equity accounts for a rising proportion of private equity. The overall sentiment of private equity is relatively optimistic.

Star private equity frequent transfer positions

In the first quarter of 2018, the market experienced sharp fluctuations, Shanghai index fell 4.18%, GEM mean rose more than 8%. Large-cap stocks, small and medium-sized creative stocks have also seen a shift between the situation. Financial Intelligence China hedge fund manager A stocks confidence index rebounded in February and April, and the fund managers' optimism continued to increase.

According to statistics, by the end of March, the average private equity position has risen to 70% from 62% in February. At the same time, half of the privately-held products and above accounted for nearly 90% of private equity products, generally in the upper middle level, and the proportion of privately-owned private equity also rose, has reached 24%.

According to the data disclosed in the quarterly report, the Star Private Equity Fund has indeed bought a lot of listed companies, among which the majority are biopharmaceutical and TMT companies. In the first quarter, the pharmaceutical and TMT sectors performed well. The seasonal gains of the CSI Pharmaceuticals Index and the China Securities TMT Index reached 7.9% and 4.4% respectively. This is evident from the keen sense of private equity funds.

Gao Yi assets in the first quarter of its new products Hai Sike , diving medical settled , ten tradable shareholders Mike biological , as of the 25th, three companies were up during the year, an increase of 9.3% Mike biological , And recently showed a continuous increase trend. At the same time, many “old stocks” in the medical and biological fields are still held by private equity. For example, the same stocks that have been favored by freshwater springs and Chongyang investments include Tianli , etc. This stock rose more than 26% during the year.

also worth noting that the star class private Adds TMT "new love", for example, King Lam assets, rock stars investment of its products in the first quarter were bought Jin Yi Film , Hengdian two media stocks, which The increase has exceeded 7% during the year. At the same time, FiberHome , Gaosheng Holdings The two communications companies are still heavy stocks of freshwater springs and poly investment, respectively.

Private Equity Still Optimistic about the Direction of Economic Transformation

Incomplete statistical data show that most of the companies that have entered, held, and continued to hold stars in private equity are growth companies. Some of the heavyweight companies have a P/E ratio of less than 30 times, but their net profits have increased year-on-year. high. For example, the value-earnings ratio of freshwater products such as Freshwater's products is 7x89456_81_65473_9 Zhejiang Pharmaceuticals . The price-earnings ratio is nearly 20 times, but the net profit attributable to shareholders of the parent company has increased by more than 1800% year-on-year.

In fact, some private equity have turned their sights on the value growth target. Starstone Investment believes that from the perspective of macroeconomic fundamentals, the market in 2018 may have the characteristics of both 2003 and 2013, with both the value and growth characteristics of the target or winning in the medium to long term.

In Star Investment's view, with the gradual return of unicorn enterprises in the fields of biotechnology, cloud computing, artificial intelligence, and high-end manufacturing, the scarcity of high-quality growth stocks in the A-share market is expected to decrease, which will help promote the survival of the fittest stocks. A shares may open up a wave of investment in “value-growth stocks” brought about by changes in the issuance system and policies, and form a benign interaction between good investment and corporate finance.

Suzaku's investment reminds that with the intensive disclosure of listed companies in a quarterly report, the blue-chip white horse with oversold performance has been supported by performance. It does not rule out the emergence of a blue-chip white horse in the context of the MSCI index being included in the near future. Therefore, it is still a good choice to select leading enterprises that are in line with the direction of economic transformation and upgrading from the bottom up. In the future, we will continue to downplay the plate style to find individual stocks based on alpha, focusing on investment opportunities in medical biology, technological innovation, high-end equipment, and consumption upgrades.

Jinglin Assets also stated that the two trends of continuous consumption upgrade, manufacturing upgrade and efficiency increase will be determined in the next 5 to 10 years. What investors need to do is to buy quality companies in these fields at the right prices. . (Shanghai Securities News)

Excellent Private Equity “Blood Exchange”, transfer of investment positions revealed “investment password”

\u0026nbsp; Billion Private Equity's investment roadmap surfaced. The data shows that in the first quarter of the "roller coaster" market, positive returns of billions of private equity were mostly shifted from value stocks to "value-growth stocks" for early placement and successful "exchange of blood." Looking forward to the second quarter, BIP Private Equity stated that the investment methods that are simply differentiated by “value” and “growth” will usher in a change. The key to investment will depend on which stocks can provide high-quality earnings growth and can actually achieve sustainable profitability. .

Private Equity “Exchange”

According to data from the Research Center of the Grid, as of the end of the first quarter, of all domestic equity strategies in private equity funds, there were 12 companies with a scale of more than 10 billion, and only 4 of them had average returns of all equity strategies products in the first quarter. This is a positive number; there are 43 companies with more than 5 billion, and only 11 companies have achieved positive returns in the first quarter. The overall loss ratio exceeds 60%.

Among the billion equity strategy private placements, the average performance of its products in the first quarter was 1.06% for Star Stone Investments, 1.24% for Chongyang Investment, 1.21% for Gaoyi Assets, and 0.36% for Silver Assets. Last year, the well-known private equity companies, such as Jinglin Assets and Yuanlesheng Assets, which had gained a good share of the blue-chip market, suffered performance “Waterloo” and recorded average returns of -5.51% and -3.01% in the first quarter respectively.

With the quarterly reports of listed companies being announced one after another, the blue-chip stocks of blue-chip private equity have gradually surfaced. The reporter sorted out a quarterly report and found that among the private equity funds that have achieved positive returns or rankings relatively high, large-scale private equity groups such as Xingshi, Chongyang and Danshuiquan have already laid out some value growth stocks.

This year, medical biology is highly sought after. According to the quarterly report that has been disclosed, the first quarter of Xingshi was Huahai Pharmaceutical the eighth largest shareholder of circulation, while Huahai Pharmaceutical's price rose 11.94% in the first quarter. Starstone operated in January and February ahead of schedule and changed positions to growth stocks. In March, it seized opportunities for growth stocks to achieve a rebound in performance. It became one of the few billion private equity companies that received positive returns in the first quarter, and at the same time achieved its earnings in March. 4.64%, ranked second in 43 major private placements in China. At the same time, Hengdian film and television also appears in the Shigei Awkwardness, from a quarterly report, Hengdian film and television in the first quarter net profit growth of 63.75%.

At the same time, from the other quarterly reports disclosed, the freshwater springs of Phase 1 of the selected Freshwater Springs and the investment elites were the 6th largest circulation shareholders and the 10th largest circulation shareholders of Tasly, holding 102.277 million shares and 6.968 million shares respectively. , The total number of shares held by the company increased compared with the previous quarter; Chongyang No. 1 was UniStrong The second largest holder of tradable shares, the number of shares increased by 606 million shares in the previous quarter.

Fund researchers pointed out that some billions of private equity firms have received positive returns in the volatile market in the first quarter, suggesting that they are relatively successful in their “transfusion” approach from value stocks to value growth stocks.

The transfer route appears to be

However, in the first quarter, the overall performance was difficult to do. Many large-scale private placements with large scale and good performance last year did not perform well this year.

According to data from the Research Center of the grid, in the first quarter of this year, the value of the global selection of the source music company achieved about 10% in January, but it began to dilute the revenue in February when the big drop. In March, the income was negative. Its equity strategy products eventually ended with an average return of -3.01%. In the same way, last year due to the heavy cash position in the east port of Kwai Moutai, the value of the Rongxiang MW No. 263 Oriental Harbor Bay was -5.47% in March this year, the average quarterly performance of the Oriental Harbor products in the first quarter was -6.49. %.

However, there are also fund researchers who say that for large-scale private equity known for its long-term investment capability, it is difficult to comprehensively measure the strength of its investment research if only short-term performance is examined. The reverse layout is often the beginning of their true accumulation of profits when the market is low.

According to statistics, among the listed company's data that have disclosed a quarterly report, the trail of billions of private placements in the top ten outstanding shares also shows their “investment code”. For example, Gao Yi assets for new sea Cisco and Mike biological, compared with the fourth quarter of last year remains Qiaqia food and diving medical; freshwater springs New Rip biological and Wanfeng Auto , compared with last year in the fourth quarter remains Goer shares , the flames of communication and Tasly; one thousand of this joint venture over the fourth quarter of last year to exit have the same energy transit technology , top ten outstanding shares of seats ; Greenwoods asset reserved Fuanna ; And poly investment reserves mountain Design and soaring Holdings; Kaifeng investment retained Hang oxygen shares . In general, the top ten tradable shares seats that have been retained or retained are still dominated by small and medium sized stocks that have performance support. (China Securities Journal)





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