Recently, the continuous adjustment of the A** field has caused a lot of impact on the net value of private equity, and the net value may usher in a critical blow due to poor management ability or weak risk control awareness.
Recently, a source posted a screenshot showing that a private placement named "Qiaogori Xuefeng No. 7" has a yield of -96 since the beginning of this year59%, *net value is only 00324, which is three cents. To convert, if the investor subscribed for 1 million yuan at the time of the issuance, there are only 3240,000 yuan. It can be said that it is the worst private placement of the year**.
According to the data, there are 132 private placements** with a loss of more than 50%, and 17 products with a loss of more than 70%. In recent years, the market has adjusted, and indeed many private placements have suffered a net value drawdown, but the loss within a year is more than 80%, or even more than 90%, and the reason cannot be completely attributed to the market, some industry insiders pointed out that the strategy is single.
1. Aggressive style, frequent position adjustment and stock swapping, leverage or stepping on some derivatives or the reasons for these huge losses on a three-point basis and a dime basis.
The market was shocked by three points.
After the 10 billion private placement was sharply withdrawn by the net value of **, private equity investors started the miserable mode.
According to public data, Qiaogori Snow Peak No. 7** was established on September 30, 2021, and since its establishment more than two years ago, the yield is -9676%, and the net unit value is only 00324。
Judging from the data of the private placement network, this ** belongs to Qiaogoli Capital Management, the company is not large, the overall management scale is less than 500 million yuan, and it has a total of 24 products, the company was established to April 2015, and it is a relatively old private equity company in the market.
The manager of Qiaoge Xuefeng No. 7 is Niu Xiaotao, who is also the core manager of the company. At present, the publicly available data does not include this "three-point base", but the product of Qiaogori Snow Mountain No. 3, the data shows that as of December 21, the yield of Qiaogoli Snow Mountain No. 3 has reached 57 this year1%。At present, under the management of the same ** manager, the performance gap between the two ** is 153 percentage points, which really confuses the market.
One dime base and two mao bases under the sharp retracement.
In this round of adjustment, there are not a few private placements that have suffered significant drawdowns.
The ** net value of Xueqiu Yunmeng management fell to 1 in December, and the updated net value as of December 22 was 016。
Since July this year, Yunmeng** has been at 02. The net worth hovers left and right. From the perspective of communication with investors, Yunmeng's firm investment in banking stocks, China Merchants Bank is currently the largest heavy position, followed by the four major state-owned banks, and the continuous adjustment of heavy positions in Hong Kong stock banks, coupled with leverage, is the reason for Yunmeng's **net worth**.
As for the reasons for the recent adjustment of China Merchants Bank, Yunmeng believes that the pressure encountered by China Merchants Bank mainly comes from three aspects: First, the interest rate cut cycle is not friendly to banks with a high proportion of current accounts;Second, the fee reduction of intermediate business such as insurance will have a certain impact on the middle income of China Merchants Bank;The third is the sell-off of foreign capital regardless of the cost, and the market is not good, and the shares are forced to sell due to redemption.
In July this year, the net value of Yunmeng** fell to 0 for the first timeWhen 2 is below, Yunmeng said that he expects the net value to stand at 03。There are still 5 trading days left in 2023 to end, and whether the net value of Yunmeng** can recover to 02 is unknown.
From the perspective of the whole market, it is not difficult to find that the net value has fallen to the beginning of 1. According to the data of the private placement network, as of December 15, the net value of many ** stocks, including Caizhiju 2020, Caizhiju Jinyuangu, and Tianworm Xingsheng No. 3, has fallen to more than a dime, among them, the net value of Caizhiju 2020 is only 01193, Caizhi Jujinyuan Valley net value is 01701, these two ** have yielded -78 respectively this year47%、-66.24%。
Nearly ninety percent of the year's decline is Zhuo Ye No. 1, which is a **long-only strategy, and the current net value is still 039, with a year-to-date yield of -8858%, with a yield of -61% since its inception in 2015. It also had a glorious past of tripling in a year, but it suffered a huge drawdown in 2022 and 2023.
More than 100 private placements** net value of 05 or less.
These three-point and one-cent bases have uncovered the survival dilemma of some small and medium-sized private equity companies.
According to the data of the private placement network, as of November 30 this year, among the 11,033 ** strategic private placement products with performance updates, 4,019 products have lost money since their establishment, accounting for 3642%, and if you add the products that were previously liquidated, this proportion is even higher.
Among the losses**, 132 lost more than 50% and 17 products lost more than 70%. This means that there are currently 132 ** stocks in the whole market showing a net value of less than 05. The net value is less than 0The ** of 3 also reached 17.
These private equity managers are also ushering in the darkest moment of their careers, and some ** managers are also a little helpless about the market, "In the face of such a low valuation of excellent bank stocks, I can't accept it and have to accept it." The net value is less than 02. Leverage 3 times, all the value is invested, and there are over-the-counter debts, which seems to be a big gamble, but it is engraved in the bones and really recognizes value investment. Yunmeng said.
However, Yunmeng believes that "value investment engraved in his bones" is not accepted by the market, and some fans left a message to refute that "with triple leverage, it can't be called value investment".
Aggressive strategies and insufficient risk control have become the root causes of most huge losses.
Private equity is aimed at pursuing absolute returns, and it is more flexible in operation, and can lose more than 80% or even more than 90% within a year, and the reason cannot be completely attributed to the market, strategy list.
1. Radical style, frequent following the trend to adjust positions and swap stocks, increase leverage or step on thunderSome derivatives may be the reasons for huge losses.
Judging from the changes in the net value curve, Zhuo Ye No. 1 may be caused by a single radical strategy, which has opened and closed since its inception, and the yield rose by 57 in 201783%, and in 2018 it retraced more than 72%, and in the following 2019 to 2021, the annual return was reached. 3% and 20744%, while in 2022 and 2023 so far, the annual return is -4379% and -8858%。
This year, there is also an extreme market **, and the long-short duel such as soda ash and lithium carbonate has also injured many private placements. This also reminds investors to pay attention to choosing products that match their risk level when investing in private placements, and to understand the product descriptions and contractual provisions of private placement products.
There have always been extreme cases, and at the end of 2022, some investors invested in the private placement of Beijing Jiayi Wealth**, and the principal of 1 million yuan lost to only 1 in four years710,000 yuan. At the same time, a number of investors decided to sue Li Wendong, the ** manager of Beijing Jiayi Wealth, because of serious losses in investment products and failure to receive sufficient top-up funds within the agreed time.
Even in 2020, when there was a structural bull market, there was a ** net value that fell into negative territory. Recently, the Jiangsu High Court released the "Top Ten Financial Trial Cases of Jiangsu Courts (2021 2023)", which shows that in 2019, Jolywood subscribed to Tenglong No. 1**, Fangji Zhengfan No. 1**, Zhengfan Shunfeng No. 2** and other private placement products managed by Shenzhen Qianhai Zhengfan Investment Management, but as of December 31, 2020, the net value of Fangji Zhengfan No. 1** fell to -0089 yuan. The reason for the negative net value is that due to the heavy position of Jimin Medical, leverage tools were used in the investment process, resulting in a significant decline in the net value of **.
In addition, the net value fell to 2 and 1, which once again caused the industry to discuss the early warning line and the stop loss line. Generally speaking, some private placements may put the net value of their shares below 08. Set the early warning line or stop loss line, and when the loss reaches 30%-40%, it will be liquidated to protect the interests of investors. However, in recent years, there has been an increasing tendency for private placements to remove the setting of stop-loss lines.
The reason for not setting the stop-loss line is also that in the past two years, the market **, the relatively extreme ** may lead to a sharp rise and fall in the net value, if the stop-loss line is liquidated, it may cause actual losses to investors, even if the later market **, investors have no chance to repair the net worth. An industry analyst believes that the early warning line and the liquidation line have always been a double-edged sword, and in the current weak market, the stop-loss line can protect investors' funds from further losses.
Editor-in-charge: Shi Jian |Review: Li Zhen |Supervisor: Wan Junwei.
*: Finance Associated Press).