最大损失超过70％！ 为什么这些基金明星在“私人经营”之后失去光环？ _东方财富网

原始标题：最大损失超过70％！ 为什么这些基金明星在“私人经营”之后失去光环？

概要

[Themaximumlossisover70%!Whydidthesefundstarslosetheirauraafter”businessforprivate”?Accordingtothedatathe539privateequityfundmanagerswithpublicequitybackgroundswhodisclosedtheirperformancehadanaveragereturnof2378%inthefirst11monthsoflastyearAmongthem18fundmanagersfailedtoachievepositivereturnsandthelargestlossreached7219%(ShanghaiSecuritiesNews)

The past 2020 can be described as the “big year” of private equity, and the enthusiasm for “public to private” has also increased significantly. Former Dongfanghong Asset Management Deputy General Manager Lin Peng and Yuan YuanICBC Credit Suisse FundChairman Guo Tehua, YuanWells Fargo FundCelebrityfundManager Yu Yang and others have switched to private equity.

However, from the pastPerformanceLevel, part ofPublic offeringAfter fund managers switched to private equity, it was not smooth.

　　According to the data, the 539 private equity fund managers with public equity background who disclosed their performance had an average return of 23.78% in the first 11 months of last year. Among them, 18 fund managers failed to achieve positive returns.LossThe rate reached 72.19%.

Many industry insiders said that someRaised fundsAfter the manager went private, he encountered certain difficulties in terms of investment and research resources and operating style. Therefore, the short-term performance after the private business was lower than market expectations, and he was gradually marginalized because he could not publicize.Investors should rationally view the halo of star fund managers, and evaluate and choose private equity from a long-term perspectiveproduct。

　　“Benzi” wave is back

In the past 2020, various legends have been played out in the capital market. Private equity fund managers with a public offering background seemed “quite smooth” in raising funds. Therefore, many celebrity fund managers have taken the steps of “pushing for private”.

According to the website of China Fund Association, Shenzhen Chengnuo Asset Management Co., Ltd.the companyComplete the registration on December 22, 2020, the type of institution is private placementStock investmentThe fund manager, the legal representative of the company is Yu Haihua.Public information shows that Yu Haihua not only ownsBrokerageWork experience, also served asHualin SecuritiesHead of equity investment in the Asset Management Department.

Prior to this, Lin Peng, former deputy general manager of Dongfanghong Asset Management, also went to the sea and founded Harmony Huiyi Assets. The first batch of products of Harmony Huiyi Assets sold about 18 billion yuan in a single day. In addition, Guo Tehua, the former chairman of ICBC Credit Suisse Fund, founded Hainan Fudao Private Equity Fund Management Co., Ltd. last year; Yu Yang, former star fund manager of Fortune Fund, and Liu Shiwei, who had served as research director of tens of billions of private equity sources Lesheng,partnershipEstablished Shanghai Qinmu Asset Management PartnershipenterpriseTaisei HaraFund researchDirector,Social securityWang Wenxiang, director of the investment department, also joined the cutting-edge tens of billions of private equity-Juming Investment.

　　Binli Investment Fund Manager Liang Bin analyzed that the performance of public funds in 2020 is significantly better than that of private funds, and the excellent performance has greatly enhanced the self-confidence of asset management talents. In addition, the continuous improvement of the market environment has also made more mutual fund managers willing to set up their own doors to maximize their investment philosophy.

　　After the “run for private”, the performance is difficult to continue the legend

So, what is the performance of fund managers who run privately with a public offering aura? From the data point of view, it seems a bit unsatisfactory.

According to statistics from the private equity ranking network, as the legal representative of the company,ExecutivesAmong the personnel in core positions such as fund managers, 597 have a public offering background, and they are also classified as public offering fund managers. Among them, 539 public offering fund managers who disclosed their net worth had an average return of 23.78% in the first November of last year.

It is worth noting that the performance differentiation of public fund managers is extremely obvious. From the beginning of last year to November 20,Share13 public offering fund managers doubled their performance, but 18 fund managers also suffered losses, of which the largest loss reached 72.19%.

For example, the fund manager of an established private equity company in Beijing had achieved the best return of more than 170% in more than three years from September 28, 2005 to June 12, 2009, but as of November 20 last year, his 2020 The overall income of more than 100 fund products managed in the year is only 4.16%, and the performance ranking is in the bottom 10% of public fund managers. Served as Deputy General Manager of the Equity Department of Beijing Zhonghe Dafang Investment Management Co., Ltd.Lion FundA certain fund manager who is the trading director of Asset Management Co., Ltd. had a loss of more than 30% during the same period.

In addition, in terms of asset management scale, according to the private equity ranking network, except for Ningquan Assets, founded by Yang Dong, general manager of Qianxing Quan Fund, and Harmony Huiyi Assets, founded by Lin Peng, which issued explosive funds, the rest of the public offering funds The expansion of the manager’s company is relatively general.

　　Need to remove the halo to adapt to the rules of private equity

Regarding the phenomenon that the performance and scale of many publicly offered fund managers are not very prominent, Wang Chunxiu, general manager of Dongtuo Investment, analyzed that, on the one hand, due to the decline in research capabilities, publicly offered funds have strong research capabilities. When the fund manager suddenly deviates from the original The platform will inevitably lead to the decline of its research resource acquisition ability. On the other hand, due to the decline in the concentration of fund managers, fund managers have to take charge of fundraising, management, research, investment and many other matters after they go private. Non-investment and research-related trivial matters will cause various energy consumption, which will affect them. The performance of fund products.

“I used to manage public offering accounts, and my performance ranked in the forefront of the industry. However, the performance of the first two years after Benshi has not been satisfactory.teamIt can’t keep up with the level of the public offering period, and needs to adapt to the style of the private equity industry to pursue absolute returns, so the performance will improve after three years. In fact, every fund manager who is running private needs to forget the previous halo and make investment steadily, because the private equity industry does not have a team to help you “make stars” and can only speak by performance. “A tens of billions private equity founder in Shanghai said bluntly.

Binli Investment Fund Manager Liang Bin also believes that the performance of fund managers is not very outstanding after going private. In addition to being restricted by the investment and research team, there is another reason for the change from the pursuit of relative returns to the pursuit of absolute returns.Fund incomeThere will be a significant decline.

In response, a private equity researcher in Shanghai reminded that the structural market last year ignited investorsborrowBased on the enthusiasm of entering the market, but when choosing private equity managers and products, you cannot completely see whether they have a star aura. You need to understand their long-term performance and investment philosophy, and choose fund products that match their own risk and return requirements.

(Source: Shanghai Securities News)

(Editor in charge: DF134)