Wang Yulu, a reporter from ●
Since AprilCrashbandicootmobileThanks to the rebound in the A-share market, the performance of most of the 10 billion-class private equity has picked up. In comparison, the 10 billion-level subjective private placement performance significantly outperformed the quantitative private placement, while the 10-billion-level quantitative private placement performance differentiated significantly, with a difference of more than 30 percentage points between beginning and end. Industry insiders believe that small-cap stocks have fluctuated sharply since the beginning of this year, and different responses and risk control measures are the main reasons for the differentiation of quantitative private equity performance. In the future, institutions that attach importance to multi-faceted risk control and strictly control risk exposure can stand out in the competition.
Significant differentiation in quantitative private placement performance
Since April, thanks to the sharp rebound in the market, the performance of 10 billion-level private equity has picked up. Data from third-party platforms show that as of April 30, the number of private placement at the 10 billion level was 92, of which 47 were subjective and 30 were quantified. The average rate of return of 76 private equity companies with performance display in April was 1.Crashbandicootmobile.29%, of which 59 realized positive income, accounting for 77%.Crashbandicootmobile.63%.
In this context, the average performance of 10 billion private equity has become a regular employee since this year. Data from third-party platforms show that the average rate of return of 76 private equity companies with a performance of 10 billion so far this year is 1.08%, of which 38 have achieved positive income, accounting for 50.00%.
By contrast, the 10 billion-level subjective private placement significantly outperformed the quantitative private placement. The average April return of 36 companies with performance records was 2.11%, and the average rate of return so far this year was 4.05%, while the average return of 28 companies with performance records was 0.41%. The average rate of return so far this year is-3.39%.
It is worth noting that the performance of 10 billion-level quantitative private equity has been very different since the beginning of this year, with a difference of more than 30 percentage points between head and tail. Take 500 index increase products as an example, as of April 30, the yield of 10 billion-level quantitative private equity products with the highest performance was close to 20%, while there were also 10 billion-level quantitative private equity products with large losses. For example, Qilin Investment 500 increased the loss of products by nearly 15%.
Quantitative industry will pay more attention to risk control.
According to the situation in previous years, although there will be differences in the performance of quantitative private equity products, there will not be a big gap.
Some industry insiders said that the sharp differentiation of quantitative private equity performance since the beginning of this year is mainly caused by the extreme market before the Spring Festival holiday. In the face of this extreme market, different managers takeCrashbandicootmobileDifferent countermeasures and risk control measures are adopted. Some private equity managers believe in their own strategies and adopt a "stand by" approach, while others intervene manually in the process, but the results vary greatly due to different time points of intervention. The manual intervention of individual institutions even caused the situation of "being beaten on both sides". They took the initiative to adjust their stock positions in the last week before the Spring Festival holiday, but missed the subsequent market rebound.
A quantitative private equity firm in Shanghai said that the adjustment of small-cap stocks again in April has also led to a divergence in the performance of different institutions. Only those institutions that adhere to strict and multi-faceted risk control, strict control of industry deviation and exposure of market capitalization factors can stand out in the market fluctuations since the beginning of this year.
Industry insiders believe that the market fluctuations since the beginning of this year, from another point of view, is a good thing for the whole quantitative industry. The industry will not only pay more attention to risk control, but also pursue pure alpha and pay more attention to the value of long-term investment. As a result, it will bring a more benign competitive environment for the industry, and ultimately bring better long-term returns for investors.