风格突然改变！ 私募股权的表现集体回撤。 一些新产品正在接近警戒线，恐慌即将来临？ _东方财富网

原标题：绘画风格突然改变！ 私募股权的表现集体退出，一些新产品正在接近警戒线。 恐慌来了？著名的私募股权公司讲话：此时不应该太悲观

概括

[Paintingstylesuddenchange!TheperformanceofprivateequitycollectivelyretracementSomenewproductsareapproachingthewarninglineandpaniciscoming?】AftertheholidaythestyleofA-shareshaschangeddramaticallyUnderthedrasticmarketadjustmenteventhekeenprivateequityfundshavenothadtimetolightenupandadjusttheirpositionsandmanyprivateequityequityhasseenasharpretracement!(BrokerChina)

After the holiday, the A-share style of painting changed suddenly, inmarketUnder drastic adjustments, even private equity with a keen sense of smellfundWe didn’t have timeLighten upAnd the adjustment of positions, many private equity net worth has seen a sharp retracement!

　　BrokerageChinese reporters learned from channels that from February 21 to February 26, a number of tens of billions of private equityproductThe single-week retracement range is more than 10%, and at most close to 20%, almost all the gains made in January have been lost.

Last week, the net worth of many private equity continued to withdraw, especially last yearPerformanceSeveral top private equity firms that shined in the market have retraced severely, and some private equity firms have begun to have negative returns. The aggressive offensive momentum at the beginning of the year was immediately poured into cold water.

What is even more worrying is that according to the reporter’s understanding, many private equity products newly established in January of this year, due to the recent market adjustments, many productsLoss15% has reached the warning line. The stocks that were originally planned to be held for a long time are also facing passive lightening of positions, which puts many private equity under pressure.

Regarding the market outlook, some private equity said that the current market has not fallen completely and will no longer return to the previous high of 3731 points in the short term. The next 2-3 months will continue to digest the decline of Baotuan stocks.However, some private equity said that it should not be pessimistic at this time. In the short-termPlummetOften bred long-term opportunities.

　　The performance of a number of private placements has largely retraced, and some private placements have already had negative returns

When many private equity companies looked forward to the continued strong performance of A-shares in the Year of the Ox, the market suddenly reversed direction. After the holiday, many blue-chip stocks that were surrounded by funds started to fall sharply, and the market was bleak.

Brokerage China reporters learned from channels that from February 21st to February 26th, the retracement range of many tens of billions of private equity products exceeded 10% in a single week, and the maximum was close to 20%, and almost all the gains made in January were lost.

For example, a single-week withdrawal of a product under a tens of billions of private equity in Shanghai reached 25%, which once attracted attention in the private equity circle. It is worth noting that the product retraced again last week, but its revenue exceeded 20% before the holiday, and it has now become negative.

Another Shenzhen tens of billions of private equity has also seen a large retracement after the festival. After three consecutive weeks of decline in net value, the current product’s maximum retracement is as high as 20%.

The data shows that the stock strategy income in the past month was -3.67%, ranking bottom among the major private equity strategies.

　　A lot of private equityNew productApproaching the pre-warning line, encountering stop-loss pressure

Although many private placements have recently retraced severely, they generally achieved excess returns last year, so it’s justinvestmentThe reduction of the floating profit of the investor will not make a loss, but it is quite uncomfortable for investors who bought at the beginning of this year.

In addition, what is even more worrying is that according to the reporter’s understanding, the net value of many private equity products newly established in January this year has fallen below 1 due to the recent sharp market adjustments.

For private equity products, usually a loss of 15% will reach the pre-warning line of stop loss. It is necessary to implement risk control in accordance with the product plan, and reduce the position of continuously falling stocks to keepprincipal, That is, stocks that were originally planned to be held for a long time will face a passive lightening situation, which makes many private equity more pressure.

For example, this Ningbo ** No. 1 product was established on January 6, 2021. It has lost 13.20% this year and its latest net value is 0.868. If the stop loss warning line is 0.85, it is only one step away from the warning line.

Another private equity product, which was established on December 28 last year, was really out of luck. After the position was opened, it fell all the way. The income this year is -18.83%, and the net value is only 0.81. It seems that the stop loss warning was hit last week. Line, and then stop the loss, the net value updated on March 3 is already in a straight line.

　　Private equity: should not be pessimistic anymore at this time, the plunge gives birth to opportunities

　　It is worth noting that although the recent A-shareKill, But for the market outlook, most private equity is not pessimistic.

Shenzhen Qianhai Evolutionary AssetsGeneral managerWang Yiping said, “Recently, the market has adjusted more drastically.borrowU.S. stocks rebounded on Friday and Monday, appropriate control of the overall fundPositionAs a result, the three A-share markets in Hong Kong and the US did not wait for a rebound on Monday and continued to fall. “

Wang Yiping said that we are still optimistic about the capital market in the long-term. For value investment, short-term plunges often give birth to long-term opportunities.The decline caused by negative feedback is more than expected, which will provide the best opportunity for a new round of layout this year. The short-term rapid decline means that the subscription fund at this position will be viewed from the next three years.Annualized rate of returnThere may even be a greater improvement.

“What we have to do now is to determine the industry track and leader that can grow rapidly in the next three years.the company, Under a reasonable valuation, hold firmly, the remaining liquid cash, build positions in different stages, and buy more as they fall.interest rateThe impact of the macro shock will eventually pass, and the good days of the market are still certain in the long run.Firmly grasp the anchor of value and earnenterpriseGrowing money will be the greatest certainty in the current uncertain market. “

At the China Merchants Bank’s roadshow, Botong Investment Li Xiaozhu stated that the overall market volatility has increased and risks have changed significantly, especially with the Lunar New Year as the boundary.inPositionAbove, stay away from high valuations and tap opportunities from low valuations. Position holdings are mainly based on two main lines: half of the financial real estate cycle is the leader, and the other half is the hidden champion of some sub-industries. The current ratio of the two types of positions is about 2:3.

“At present we still hold a certain positionCSI 300The short order is used as a hedge protection for the portfolio. The main thinking is that the market has not yet fallen through and will no longer return to the previous high of 3731 points in the short term. The next 2-3 months will continue to digest the decline of Baotuan stocks. However, this wave of adjustment may not be too deep, estimated to be around 3,300 points. There may be a new wave of upside in the market at 3300 points, and we will also superimpose our judgment on the market to flexibly adjust our overall positions and hedging tools. “Tao Xiaozhu said.

Qinghequan Capital stated that we should no longer be pessimistic at this time. We still adhere to our original judgment. Just as long-termism is always accompanied by short-term fluctuations, we continue to track fundamentals and repeat comparisons among high-quality companies that have fallen, and optimize through this decline. Up his own investment portfolio. At present, the position of old products is about 70%, and the position of new products is about 30%. As the market further stabilizes, we will continue to allocate the vacated funds to leading companies with high ROE to accompany high-quality companies to grow together.

(Source: Brokerage China)

(Editor in charge: DF512)