Since the beginning of the year, private equity ** has been questioned by investors due to its dismal performance. Recently, as the market stabilizes**, its redemption pressure is gradually easing. According to the data of the third-party platform, as of February 28, the net unit value was less than 0The number of private placement products of 7 yuan decreased by nearly 1,000 from the beginning of the year. At the same time, some tens of billions of private placements are recently negotiating with channel parties to lower the warning line to avoid missing investment opportunities in the equity market and affecting the repair of net worth.
According to the latest data from the private placement network, the A-share confidence index of Rongzhi China Hedging** managers in March was 1254, compared to nearly 7% in February**. In the view of industry insiders, the market stabilized after the Spring Festival, capital confidence was gradually restored, the pressure of private equity forced to reduce positions was alleviated, and the structural opportunities in the follow-up equity market are worth paying attention to.
The pressure on private equity redemptions has decreased.
Since last year, the performance of private equity has continued to be under pressure, and the fear of a large number of forced redemptions has gradually increased. However, the pressure on private equity redemptions has eased since February.
According to the statistics of the third-party platform, as of February 28, the net value of the unit was less than 0A total of 2,064 private placement products of 7 yuan. Compared with more than 3,000 at the end of 2023, there are nearly 1,000 fewer birds.
Behind the reduction in redemption pressure is the gradual recovery of private equity performance.
According to the data of the tripartite platform, from February 5 to February 23, the overall income of 2,126 **strategic private placements** with performance records reached 1009%, and the proportion of positive income is as high as 9191%。Specifically, quantitative long and subjective long strategies have the greatest private placement. From February 5th to February 23rd, the overall income of 209 **quantitative long strategy private placements** with a track record reached 1079%, and the overall return of the subjective long strategy private placement** was 1058%, with a positive return of 93%.
At the same time, a 10-billion-level private placement revealed to reporters that it is negotiating with channel parties in the near future to promote the downward adjustment of the product warning line. "At present, it is at the bottom of the market, and the recent capital activity has increased, and if the position is forced to be reduced due to the early warning line, it is not conducive to the repair of the net value of the product. ”
Institutional confidence restored.
In the view of many industry insiders, with the slowdown of redemption pressure, positive policy signals continue to appear, the cost performance of equity assets is becoming more and more prominent, and private equity confidence has also picked up.
According to the latest statistics of the private placement network, the A-share confidence index of the manager of the China hedge network in March was 1254. Compared to February**681%。
At the same time, as of the end of February, the average of subjective long strategy private placements was 77%, 1 percentage point from the end of January. Specifically, as of the end of February, the proportion of private placements of more than 50% reached 95%, compared with 2 percentage points at the end of January; **Private placements in the range of more than 80% (excluding full positions) accounted for 45%, compared with the end of January**4 percentage points.
From the perspective of historical experience, after the market pessimism is released in stages, most small and medium-sized private equity will increase their positions by 10-20 percentage points in 1-2 quarters. Especially after the recent market, the net value of some private equity products has risen above the warning line, and the willingness of follow-up institutions to increase their positions is expected to gradually increase. A private equity researcher in Shanghai said.
According to the analysis of Xingshi Investment, under the joint efforts of various macro policies and capital market policies, the market's concerns about risks have been alleviated, and its own endogenous activity is increasing. At the same time, the announcement of information such as the performance forecast of listed companies has provided some investment clues on the performance side, and market funds may be actively exploring investment opportunities. Despite the recent repair of major broad-based indices, the current A** field is still in the historical bottom area, with high investment attractiveness, and ** is expected to continue.
Balance high dividends with high growth.
For specific investment opportunities, a number of private equity firms said they would actively explore structural opportunities.
Wu Weizhi, chairman and chief investment officer of CEIBS, said frankly: "The track-type opportunities in the current market are not obvious, and we need to look for the best opportunities from the bottom up with a differentiated vision. From a valuation perspective, although the consumer sector has gone through the 'valuation killing' stage, the follow-up performance is still under pressure. In contrast, investment opportunities in the field of innovative drugs in the pharmaceutical sector, as well as high-quality enterprises with high cost performance in the oil, coal, and telecom operator sectors are more worthy of attention. ”
In the context of long-term interest rates entering a downward channel, high-dividend varieties have defensive allocation value, and since the beginning of this year, more and more companies have focused on shareholder returns, and related opportunities will continue to emerge. At the same time, after preliminary adjustments, high-quality enterprises that have benefited from the wave of new industries such as artificial intelligence and biological innovation have also shown cost-effective investment. A private equity source in Shanghai also revealed.
*: Shanghai ** Daily.
Editor: Kobayashi.