Author |Zheng Li.
* |Unicorn Finance.
Around the Spring Festival, there were thrilling "stories" in the net value of a number of private equity products, and the net value of some products lost to 1 cent, or even less than 1 cent, and the drawdown range was not unacceptable.
According to the "China ** Daily", firstAs of February 8, the net unit value of "Tianworm Cicada Wing No. 4" was only 0007 yuan, the drawdown since the beginning of this year is as high as 98%.(On a third-party platform, the net value of the product is no longer disclosed); And then there isAs of February 22, the private placement product "Wotian No. 101" has a net value of 006 yuan, less than two months this year**4049%。
In private equity industries with more optional "tools", it is not uncommon for net worth to fall below 1 cent. Unicorn Financial Carding Discovery,Since the beginning of this year, the net value of the above products has been less than a dime, including "Lu Tian Liyang No. 2", "Tonglide Mixed No. 5A", "Panhai Big Cycle No. 2", and "Oriental Hengrun Runfeng No. 1".
According to industry analysts, these private equity products with large losses are often too concentrated in a single track in investment, and even add higher leverage, if they encounter the market, the loss will be so large, and if there is no early warning line and stop loss line, it may also lead to more serious product losses.
A number of private equity groups "fell".
Founded on December 18, 2020, Tianworm Cicada Wing 4 achieved positive returns in 2021 and losses in 2022 and 2023 respectively. 52%。By the end of 2023, the scale of the product has been less than 5 million yuan.
Coincidentally. In addition to the above products, according to the "Daily Economic News", as of February 2, the net value of the "Worm Capital - Flexible Allocation" led by Chen Xian, general manager of Worm Capital, was 0037 yuan, a loss of 88 yuan this year58%。On a third-party platform, the net value of the product is no longer disclosed. The "Insect Capital Wealth Growth No. 1" managed by Chen Xian also suffered from this.
The private placement products of the "Worm Group" are managed by Worm Capital, hereinafter referred to as "Worm Capital"), and the current management scale hovers at 100 million to 500 million yuan. According to the official website, the company "takes Mr. Chen Xian, a returnee from studying abroad, as the core, and gathers nearly 20 investment management personnel, most of whom have overseas study background and rich investment management experience", and "pay attention to risk control; It has built a 'dynamic-balanced' investment risk control system with the company's characteristics and effectiveness. ”
The net value of private placements** is not an isolated case.
Source: Canned Gallery.
According to the private placement network, as of February 23, the private placement ** named "Wotian No. 101" under Chaoyuan (Beijing) Assets has a net unit value of only 006 yuan, the yield is -4059%。The product once retraced more than 90% in January, and as the market picked up in February, its net value began to fluctuate significantly.
"Wotian No. 101" is an old product established in March 2018**Manager Zhang Dongri is also in charge of Chaoyuan (Beijing).The legal representative and general manager of the assets. Combing through the past performance, "Wotian No. 101" was 4784% return,Ranked first in the ** strategic income ranking in Beijing that month. Zhang Dongri also participated in the second phase of Minsheng structured products in 2015 and achieved up to 300% of the income, and in 2016, Yiqun structured products achieved 41% of the income.
Since the beginning of this year, Shanghai Lutian Private Equity has managed its ownLu Tian Liyang No. 2", by Tongli Asset Management".Mixed with Leader No. 5 A"., Nanjing Panhai Investment Management *** management".Panhai Great Cycle No. 2"., Shenzhen Oriental Hengrun Investment *** management".Oriental Hengrun Runfeng No. 1", aboveproductionThe net value of the product is less than a dime.
Unicorn Financial Carding Discovery,", aboveMost of the private equity products with a net value of less than a dime have a scale of less than 5 million yuan, the annual rate of return has fallen by more than 30%, and the investment strategies are all ** strategies, and the private equity institutions to which the products belong are all managed with a scale of only 0-500 million yuansmall private placements.
There are private market analysts who analyzeThese private equity products with higher losses also have a common feature, that is, the investment is often too concentrated in some**, betting on a single theme or sector, and even adding higher leverage, so the market is cold, and the loss margin will be so large.
After most of the funds have been redeemed, these ultra-low net worth private equity products are often difficult to raise funds in the distribution channel, ifIn the later stage, there is no self-owned funds to make performance to attract investors, and only a small part of the remaining funds are left to "fend for themselves", and it is likely to become a "zombie" in the end
Lack of risk control? Or are you not bound by the "rules of the trade"?
The net value of many private equity products has suffered such a large loss, but the management fee has been collected correctly. According to the data of the third-party agency, the current management fee rate of "Tonglide Mixed No. 5A" and "Wotian No. 101" is charged at 1%.
Source: Canned Gallery.
A private equity person told the Financial Associated Press that the company's recent channel amount customer pressure is still very large, mainly due to the sharp increase in customer complaints caused by the net value ** caused by the drastic market adjustment. As far as it is understood,Among private equity firms, a new round of negotiations with channels and investors to reduce or cancel management fees, revise or cancel the net worth warning line and stop loss line may be emerging。"However, as things stand, it may be difficult for some investors to buy it. ”
The net value of private equity products is less than a dime, in addition to market reasons, Unicorn Finance also noticed,Only Panhai Big Cycle No. 2 has set up an early warning line and a stop-loss line, and the rest have not publicly disclosed the "double line"., that is, it is not subject to the "rules of the trade".
Source: Private placement network.
The early warning line is a dividing line used to measure the investment risk, if the net value falls below the value, the announcement will be triggered to alert the risk. The establishment of the early warning line is conducive to monitoring the fluctuation of net worth, so that investors can make correct investment decisions in a timely manner.
*The stop-loss line refers to setting a lower limit when investing, and the investment behavior will be suspended when the investor's investment loss reaches the lower limit.
The purpose of setting the early warning line and the stop loss line is to protect the safety of investors' funds, control the maximum losses that may be faced in investment within a certain range, and help improve the acceptance and participation of investorsAt the same time, however, the "two-line" agreement will put forward higher requirements for the manager's risk management and internal control. For example, the early warning line is effective for products with low unit net worth, and the effect will be weakened for some products with high unit net value.
Private placement products are generally implemented 08 early warning line, 07. The "rules" of the winding-up line are mainly determined by the nature of the employer. Since private placement products mainly rely on distribution channels such as banks and securities firms, in order to protect the interests of investors and control downside risks, it is necessary to set a liquidation stop-loss standard.
There are also some well-known private placements that are not bound by the winding-up line. For example, investors who are good at left-sided investment (generally known as long-term holding, that is, when they like **, rather than ** when chasing up) will encounter large fluctuations in net value, and investors and distribution channels who have a deeper understanding of their investment strategies will not require hard liquidation, but wait for the net value to be repaired through long-term holding.
Shen Meng, director of Chanson Capital, analyzed that the net value of private equity products is **,If it is not negligence or deliberate manipulation by the governing body, it is the result of objective circumstances。Although the impairment is caused by external reasons, institutions also need to consider stop loss more objectively and rationally, and a reasonable stop loss mechanism is conducive to protecting the interests of investors to the maximum.
With the A-share out of the "Balianyang", the pressure on the liquidation of private placements has plummeted.
Private placement network data shows thatDuring the period from February 5th to February 23rd, the average return of 2,126 ** strategic private placement products with a track record reached 1009%Among them, 1,954 ** strategic products achieved positive returns, accounting for 9191%。At the same time, the recovery rate of private placement products with different strategies varied greatly during the period.
The overall recovery of private equity product returns of subjective long, quantitative long, ** long and short, and market-neutral strategies is respectively. 42% vs. 1%. This has caused the net value of many private equity products to gradually move away from the "warning line".
A person in charge of private equity ** told the "21st Century Business Herald" that he is currently managingThe vast majority of private placement products are already above the warning lineAlthough it has not yet recovered the net value loss since the beginning of this year, the performance accountability pressure of investors and the demand for product liquidation have dropped significantly.
Do you think it is reasonable to set a stop-loss line and a warning line for private placement products? Let's talk in the comment section.