With the continuous development of A-shares, the difficulty of investment has increased significantly in recent years, and private equity investors have become more and more comprehensive in their performance inspections of managers, and in addition to the pursuit of absolute returns, they have paid more and more attention to the performance of volatility control, contrarian investment, and portfolio income diversification.
Based on the overall performance of this year and since the beginning of the industry,RecentlyThe private placement network was selectedAnnualPrivate Equity Managertop1010 outstanding managers won this awardOn December 15, the private placement network presented them with trophies at the 10th annual meeting of hedging and conducted an interview with the award-winning managers.
The 2023 Private Placement Network Manager Award is released!20 people won the "Evergreen" and TOP10 awards!
Interviewed in this issue of private placementJunfu invested in Ye ZhijunwithShufu invested in Zhuang Qi(in alphabetical order) two award-winning** managers. In this interview, they analyzed and summarized the reasons for their awards, reviewed this year's investments, and shared their future market judgments. The full text of the interview is summarized below.
It has been in business for more than 5 years and is positioned as a multi-asset strategic investment
Private placement:Please introduce the operation status of your company and the composition of the investment research team
Junfu invested in Ye ZhijunFounded in September 2018, Junfu Investment focuses on the portfolio investment of large-scale assets, with core assets covering stock indexes, treasury bonds, commodities, etc. Similar to our positioning, such as overseas Bridgewater**, Yale**, etc. Most of the core members of the investment research team graduated from famous universities at home and abroad, such as Shanghai Jiaotong University, Fudan University, Zhejiang University, Hong Kong Baptist University, etc., with an average of more than 10 years of experience, and have their own expertise in the fields of various types of assets, quants and derivatives.
Shufu invested in Zhuang QiShufu Investment began to officially develop its business in 2016, in the two years from 16 to 18 years, the company was still exploring the direction of development at that time, and officially set up a quasi-fixed income strategy from 19 years, on the basis of a part of the fixed income strategy, in a quantitative way in the Chinese market through different asset classes to provide customers with a quasi-fixed income income, but from the underlying assets to provide customers with essentially hedging bond credit risk, The multi-asset strategy of duration risk is also determined to provide investors with more stable, more liquid and lower drawdown investment solutions through quantitative strategies. The company has 24 people, due to the quantitative focus, there are 8 people in the strategy team, 4 people in the IT technology team, 4 trading support positions, and 8 middle and back office positions. We emphasize the importance of each position. The existing trading strategies are distributed in fixed income, ETF arbitrage (equity market), commodity intertemporal arbitrage (commodity market), and the first-class strategies are deployed simultaneously.
Review of the award-winning processBenefits**Diversity is key!
Private placement:: With your excellent income performance, you successfully won the TOP10 award of this year's private equity ** manager. What are your experiences for this award?
Junfu invested in Ye ZhijunIn the current investment market, there are a large number of single-asset, unilateral long strategies, and the trend is regarded as something that can be grasped by oneself and make money from trend fluctuations. We try our best to avoid trend judgment and single-asset game, which is not a high win rate, and ensure the diversification of returns** and reduce the volatility of the portfolio through multi-asset portfolio investment, so as to bring portfolio returns with high certainty and relatively stable returns. 
Shufu invested in Zhuang QiThank you for your love and for giving me this award. While receiving this award, in fact, what I thought of was more of a review of the development process of our special investment and awe of the market. We have been in business since 16 years, and we have also experienced a lot of difficulties and reflections at the level of company development: what asset class do we choose to trade as a company?What kind of volatility characteristic strategy to do?What kind of customers to choose?First of all, I thought that we chose the line of low-volatility strategy, which is not very popular with private equity. In a high-interest rate environment like '19, not many people realize the preciousness of this type of strategy. As we slowly enter the cycle of interest rate cuts, and at the same time, the market recession in the past two years has created a relatively good performance of our absolute returns. I can only conclude that the situation is stronger than the people. Is it true that we are better than others?I don't think it's more likely to be our insistence on our perception and choice of path, and at the same time, we have received a lot of recognition, help and support from customers. In addition, we are aware that the market is really volatile. The same source of profit and loss, and the volatile market, make us need more and richer strategies to learn more about asset classes. More importantly, do a good job of risk control in reverse. Not only risk control at the net worth level, but also compliance and risk control at the company level. With the development of the asset management industry, the regulators have introduced more compliance risk control systems with higher requirements for private equity managers, which to a certain extent is not only a protection for investors, but also a protection for the entire industry. 
Core competitiveness sharing!Take advantage of multi-asset opportunities!
Private placement:: What are the highlights or focuses of your investment research, strategy, and product line layout, and what do you think your core competitiveness is?
Junfu invested in Ye ZhijunJunfu Investment chooses a multi-asset strategy in terms of investment strategy, mainly because the multi-asset strategy has the following two advantages: 1. Capture the opportunity of various assets: the performance of all kinds of assets will have a rotation effect or cyclicality, and the multi-asset strategy can capture the first of one of the assets in the upward cycle, so as to obtain returns more sustainably. 2. Risk diversification: By allocating two or more assets, the market risk of a single asset can be diversifiedAt the same time, there is a certain nonlinear correlation between different assets and different derived strategies, and portfolio allocation can reduce the volatility of the portfolio to a certain extent.
Shufu invested in Zhuang Qi: How to say our highlights, the good thing is to be in awe of the market, pay attention to risk control, and the hard thing is that there is a lack of star flashes, which is more cowardly, such values directly lay the company's product positioning, and the investment research and strategy derived from it will be conservative compared to peers. Our core competitiveness, first of all, I think it is about risk control and compliance, and we attach great importance to risk controlIn addition, compared with many private equity managers, we may be involved in more asset classes, in addition to **, but also bonds, commodities, on-exchange derivatives and over-the-counter derivatives, and we also have rich experience in the use of IT systems and tools. I started my career in '07, my first job was at Lehman Brothers, and in '08 I was hit by the financial tsunami, and I remember everything that happened vividly. One of the things we are doing now is debt hedging tools, in fact, we have been thinking about how we can strive to provide customers with sufficient liquidity and relatively stable net worth as a private equity firm. Based on the understanding of asset classes, we can capture opportunities in different asset classes, at least volatilityAt the same time, we are also good at using the accumulated experience to trade different assets;For the iteration of the strategy, we will dialectically use different attribution methods to demonstrate the effectiveness of the strategy, and always pay attention to risk control.
Grasp the strategic highlights, develop strengths and avoid weaknesses, and strive for excellence
Private placement:: This year's market can be described as changing, in such a market against the trend, what do you think you have done well?Did you find anything that could be improved?
Junfu invested in Ye ZhijunAt present, we have built about 10 kinds of non-correlated large-scale ** assets, which is why when the domestic ** performance continues to be poor, and our all-weather, asset allocation, counter-cyclical strategy, ** enhancement strategy, option strategy and other product lines, the net value can continue to hit new highs. The first is to focus on the search for new non-correlated ** assets, and the second is to continue to optimize the existing non-correlated ** assets to avoid single asset and single market risks.
Shufu invested in Zhuang QiIn general, one of our better points is that the company is loyal to the earliest positioning, and can stick to it, which can be regarded as making some characteristics and finding some matching customers. But as far as the company is concerned, the overall profit margin of our company is definitely not comparable to the first-class private placement. We hope to strengthen our development allocation in channels, investor education, and high-volatility strategies in the future.
Based on its own advantages, actively respond to the market outlook
Private placement:: How do you think about the market outlook?What are your thoughts and plans in the direction of the layout?
Junfu invested in Ye Zhijun: We are relatively weak in the judgment of the beta trend of a certain asset in the subsequent period, and it is not our strategy to rely only on a single asset. In terms of layout, we will continue to look for low-correlation assets for portfolio investment, so as to reduce some risk and improve risk-adjusted returns.
Shufu invested in Zhuang QiWith the end of the US dollar interest rate hike cycle, the entry of long-term funds in a low-interest environment and national strategic significance, I am full of confidence and hope for China's equity market. For Shufu, we want to base ourselves on our own advantages, to create a thick layer of safety cushion strategy of absolute income series products, for the company, it is equivalent to laying a very deep and thick foundation, the foundation is thick enough, and the business that can be supported in the future can be large or small, and the building can be high or low. Specifically: 1. Take advantage of our advantages in the field of derivatives to strengthen the research and development, design and trading of quasi-fixed income products. In the process of interest rate cuts, we will differentiate and provide customers with richer tool products with higher winning rates. 2. On the basis of absolute returns, increase investment in the development of the equity market. With the blessing of absolute returns, our high-volatility will be relatively more stable than similar products, and at the same time better serve brokers, ** and banks and other institutions. The above is the full text of the interview with Ye Zhijun of Junfu Investment and Zhuang Qi of Shufu Investment, two managers who won the top 10 private equity managers in 2023
Risk Disclosure:The personal views of **Manager and **Manager involved in this article do not represent any position of this platform and do not constitute any investment advice. Investment is risky, the past performance of ** mentioned in this information is not indicative of its future performance, the performance of **Manager other ** does not constitute a guarantee of ** performance, and our company does not promise or ** future returns of the product in any way, expressly, implicitly or otherwise. Investors should pay careful attention to various risks, carefully read the sales documents such as the contract and the product key facts statement, fully understand the risk-return characteristics of the product, and make investment decisions according to their own circumstances, and be responsible for their own profits and losses in investment decisions.