In 12 more trading days, 2023 will be over.
However, the CSI 300 also fell by 13%, and it seems that the "annual line three consecutive yin" is likely to be unable to escape
Sift down again today and see which ones are based on the latest net worth data4 or even 5 years in a row
The list is here:
(1) Hang Seng Index
The Hang Seng Index has fallen for a record four consecutive years, and many of the ** tracking the Hang Seng Index and H-share Index have also fallen for four consecutive years.
(2) Furong and Fuqian
This is the only one on the marketLosing money for 5 years in a rowTarget**.
Even more embarrassing,It turned out to be a debt baseIt wasn't until the fourth quarter of 2021 that I started to really buy **, and then I encountered adjustments in 2022 and 2023.
Then the question is, in 2019-2021, when it doesn't buy **, why does it lose money every year?
ps: I didn't buy convertible bonds in 2019-2021).
Looking at the green circles in the picture, they fall sharply every once in a while, probably stepping on thunder.
What's even more surprising is the ** manager,
**has been managing this one** since August 2019.
From October 2021 to April 2022, it is ** and Tang Ao co-managed.
Do you remember anything?
Last year, the Internet celebrity bond base "Furong Short and Medium Term Debt" was also jointly managed by these two people.
(3) Dentons' absolute return
It is estimated that many people did not expect that among the ** in pursuit of absolute returns, there was also a loss for 4 consecutive years.
It's absolutely. Is there a ** that pursues absolute returns with positive returns for 4 consecutive years?
There are, but only oneHuatai Berry Quantitative Hedging has had positive returns for 4 consecutive years.
The quantitative hedging of Huaxia and Wells Fargo was established a little later, and it has been making positive returns for 3 consecutive years.
Most quantitative hedges** didn't survive 2022**.
Here's an explanationThe hedging strategy (long-short) does just that:
At the same time as longing, it will also short the stock index of almost the same amount, pursuing the excess return relative to the index, which is commonly referred to as alpha return.
For example, if the portfolio rises by 15% and the stock index rises by 10%, then you can earn 5%.
On the contrary, the ** portfolio loses 5%, the stock index ** falls by 10%, and it can still earn 5%.
Friends should see the clues,As long as the portfolio rises more than the index, or falls less than the index, this kind of ** can make money.
But in reality, who can guarantee that the ** portfolio will always outperform the index?It can only be said that we are confident in the medium and long-term performance. Therefore, although the hedging strategy** pursues "absolute returns", it does not guarantee positive returns every year.
The other is the incomeIf you only earn alpha, in fact, there are not a few points, and the long-term annualized rate is about the same as the debt base.
Historically, however, hedging strategies** have been much more volatile than bond bases. Unless you do a particularly good hedging strategy**, it is better to spread the pie with the debt base
(4) Oriental Cycle Preferred & Wanjia Ruixing
These two are the *** of the serious scriptures, and the past three consecutive years of losses in 2021-2023 have passed, but they will also lose in 2020, which is more or less unspeakable.
The Eastern Cycle preferred a loss of 11 in 202066%，
Looking at the quarterly earnings, it was mainly a loss in the third quarter, which fell by 1366%。
Why the loss?
It may be related to the ** manager chasing high.
The ** in the third quarter of 2020 went like this:
From July 1 to July 9, the CSI 300 rose by 16%, the brokerage rose by 35%, and then it fell back**.
Compared with the operation of the ** manager, he increased his position sharply in the third quarter and bought a lot of brokers, probably for the "bull market flag-bearer".
And the ** increase is not small, 8 of them are double-digit gains, but ** lost 13 in the third quarter of 202066%, then it can only be explained that the manager may have chased high in the days around July 9.
Wanjia Ruixing, a loss of 1 in 202008%。
This ** is mainly due to the loss of real estate, and the trend of heavy real estate in 2020 is very close to that of real estate.
(5) Guojin Xinxin & Guojin Xinrui
These two **, in addition to the reasons for the operation, there are:The scale is small, and the proportion of rates is highCauses.
Taking Guojin Xinxin as an example, in addition to management fees and custody fees, there are audit fees, account maintenance fees, etc., which are fixed and not linked to the scale, and these fees will be charged 8 in 2022720,000 yuan.
For hundreds of millions, or even tens of billions of **, tens of thousands of pieces are not even mosquito leg meat. But for the mini base, which has a scale of only a few million, the impact is great.
In 2022, the average size of Guojin Xinxin is 1.48 million, 8720,000 other expenses, plus management fees, custody fees, a total of 10650,000 yuan, accounting for 7 of the net value18%。
At the beginning of the game, it was pulled by 7%, and it was difficult to run fast.
*Disclaimer: The content of the article is for informational purposes only and does not constitute investment advice.