Another 10 billion private placement accidents： Lingjun invested in some products and fell below the warning line! Company response： accept criticism and improve product design
Source: China Fund.
The original title has tens of billions of private placements: some products have fallen below the warning line! Company response: accept criticism and improve product design.
Since the beginning of this year, the performance of the A-share market has been weak. Under the drastic adjustment, the quantitative private placement of the head can’t be stopped. According to channel sources, some products invested and managed by 10 billion private equity fell below the warning line.
In this regard, Lingjun Investment explained that the net value of unit custody of related products as of April 14 was indeed lower than the warning line of 0.85 yuan, but the cumulative net value of related products was 1.01 to 1.02, and the cumulative net value of products was still higher than 1.
Lingjun Investment said, "The company accepts criticism and will improve product design, speed up the iteration of investment and research, and do a good job in the long run.performanceAdvance and retreat with investors and channel customers. "
Billion quantified private placement of some products fell below the warning line.
Lingjun Investment: Accepting Criticism
According to the data of the third-party platform, as of April 18th, the unit net value of a quantitative hedging enhancement product owned by Lingjun Investment was less than 0.85 yuan, which was lower than the warning line. At the same time, there are many established last year.fundThe net value of products has dropped to about 0.75 yuan, which has fallen by over 19% this year.
In this regard, Lingjun Investment said frankly that the net value of the unit custody of related products as of April 14 was indeed lower than the warning line of 0.85 yuan, but the cumulative net value of related products was 1.01 to 1.02 (the products had dividends during operation), and the cumulative net value of products was still higher than 1.
Lingjun Investment explained that "the equity market has fluctuated greatly since this year, and the market in the same period.Shanghai and Shenzhen 300The index fell by 15.16%, the CSI 500 index fell by 16.75%, and the CSI 1000 index fell by 20.61%, but the withdrawal rate of Lingjun related products was 9.66%, which still achieved the function of flexible hedging. "
On the whole, the performance of Lingjun Investment this year is relatively average, which only means that the annual income of increased products is around -11%.
"The company accepts criticism and will improve product design to advance and retreat with investors and channel customers." Ling Jun said that since the fourth quarter of last year, the pace of fundraising has been adjusted in advance according to market conditions, and the iterative strategy has been continued, taking the initiative to make changes ahead, not passively responding. At this stage, the company will strictly follow the products.contractIt is agreed to carry out relevant investment operations, ensure Do not forget your initiative mind, accelerate the investment and research iteration, and do a good job in long-term performance.
Private placement calls for lowering the product warning stop loss line
A number of quantitative private equity voices
When there are extreme situations in the market, some fund products may lead to passive lightening due to the setting of early warning line and stop loss line. The reporter learned from the channel people that recently, due to large market fluctuations, a number of tens of billions of private placements took the initiative to negotiate with channels and investors to lower the product warning line and stop loss line, including many quantitative private placements.
A person from a tens of billions private equity market in Shanghai said, "Because there was not such a big retracement in previous years, many products still set an early warning stop loss line, but I didn’t expect the retracement to be so big this year. As far as I know, there are tens of billions of quantitative institutions that are also negotiating to lower the early warning stop loss line because they were set too high before. "
Jiukun Investment said that the setting of the early warning line and stop loss line will generally be determined by the investor’s expectation of taking risks and the manager’s prior judgment on the downside risks of fund investment, but no matter how it is set, it is agreed by both parties and it is not suitable to preset too many restrictions.
For example, quantitative index enhancement products aim to outperform the corresponding index for a long time with a small tracking error. Generally, Man Cang will be required to operate, and some investors will meet the asset allocation needs as an alternative to index funds, so we will think that it is not suitable for the early warning line and the flat warehouse line, which has also been recognized by investors.
"In fact, we have always explicitly opposed the establishment of early warning lines and stop-loss lines for quantitative long-term products." Mingxun Investment also said: "If it is necessary, we generally recommend 0.65 (stop loss line) /0.7 (early warning line)-we have an internal evaluation of this. For example, from the perspective of Mingxun’s quantitative long strategy itself, the historical maximum retracement has not exceeded 30%, and unless it is a once-in-a-decade market extreme situation, it is unlikely to touch 0.65/.
For the future development trend, Mingxun Investment believes that with the deepening of cooperation with channels, the proportion of products without warning lines and stop-loss lines will become higher and higher, thus forming a positive cycle. "We don’t think we can fully cater to customers, and we have to do difficult and correct things."
In addition to quantitative institutions, many subjective long-term private equity institutions have also taken action.
According to Xia Fan’s analysis, the main reason for the downward adjustment of early warning and stop loss of several private placements is that the recent decline in the A-share market has caused a sharp correction in the net value of equity private equity funds. Among the many new products issued last year, those with large net value retreat are close to the early warning and stop loss line.
However, it is understood that there is also an institution that fell below the stop loss line again. Because it does not want to clear the product, it will communicate with you again for a second reduction and give some customers a redemption.
In this regard, Xie Shiqi, a researcher at Geshang’s Jinyu Investment, stressed that managers still need to do stress tests and liquidity tests, regulate positions in advance, and be cautious about lowering the early warning stop loss line.
Quantifying the differentiation of private equity performance
From this yearFund issuanceIn terms of quantity, the aura of quantitative private placement that was eye-catching last year is no longer there. According to the data of private placement network, in the first quarter of 2021, the number of filing funds of Ningbo Magic Square Quantization, Lingjun Investment and Jiukun Investment, which were 132, 94 and 66 respectively, once became the "king of private placement filing".
However, in the first quarter of this year, the number of filings of these three companies dropped sharply. Jiukun Investment and Lingjun Investment only issued three or two new funds, and the filing of new funds quantified by Magic Square came to an abrupt end in October last year. Since the second half of last year, Magic Square has gradually controlled its scale by closing the market and exempting redemption fees. This year, no new base has been issued.
butXinfa fundBehind this phenomenon, or directly related to performance. In September last year, many stocks suffered a correction in the performance of long-term quantitative private placement. When the performance was not repaired, it once again experienced large fluctuations in the market during the year, so the performance in the first quarter was not good. The data shows that the overall income of 28 tens of billions of quantitative private placements included in the statistics this year is -3.83%, of which only 5 have achieved positive income, accounting for 17.86%.
In terms of different strategies, the performance of quantitative stock selection and index enhancement strategy is under certain pressure under the background of a large retracement in the market at the beginning of the year. However, market neutrality and CTA, which have little correlation with the stock market, have performed steadily in the investment income this year. Xia Fan said that with the rebound of the A-share market, the staged performance of quantitative private placement products may usher in a general rebound.