Private equity securities fund returns have 'turned positive' in the first 9 months, and institutions are optimistic about the future
2024-10-14
Thanks to the outstanding performance of the A-share and Hong Kong stock markets since late September, private equity funds saw a significant increase in returns in September, with returns turning from negative to positive in the first nine months of this year. According to the latest data from Private Placement Network, the overall return rate of private securities funds reached 9.26% in September, and the return rate for the first nine months of this year was 1.50%. At the same time, multiple private equity institutions with billions of yuan are optimistic about the future market. In September, the stock strategy led the way. Specifically, in terms of the five major strategies (primary strategies) including stock strategy, portfolio fund strategy, multi asset strategy, bond strategy, futures and derivatives strategy, the stock strategy's return rate in September was 12.25%, leading other strategies; The stock strategy product achieved a return of 0.50% in the first nine months of this year, successfully realizing a floating profit. In September, portfolio fund strategies and multi asset strategy products that allocate stock strategy products and invest in the stock market also performed outstandingly. Data shows that in September, the returns of portfolio fund strategy products and multi asset strategy products were 6.73% and 6.59%, respectively; In the first nine months of this year, their returns were 2.15% and 1.59%, respectively. In September, bond strategy, futures, and derivative strategy products performed significantly worse than stock strategy products. Data shows that in September, the bond strategy index and futures and derivative strategy products had yields of 2.07% and 2.92%, respectively. It should be noted that based on the performance of the first nine months of this year, bond strategy and futures and derivatives strategy products have achieved good overall returns with stable monthly performance. Among them, in the first nine months of this year, the yield of bond strategy products reached 4.89%, ranking first among the five major strategies; Following closely behind are futures and derivative strategy products, with a yield of 4.15%. Although their performance is slightly inferior to bond strategies, the yield gap between the two is becoming smaller and smaller. From the performance of the secondary strategy, the quantitative long strategy in the stock strategy is the most outstanding. Data shows that in September, the return rate of quantitative long strategy products reached 16.91%, while the return rate for the first nine months of this year was 0.88%. The relevant person in charge of Private Equity Ranking Network told Securities Daily reporters, "This is mainly because quantitative long strategy products maintain high stock positions and tend to have a small and medium-sized growth style, so they benefited the most in the rebound market in September. Futures and derivative strategy products performed significantly better in September than in August, which may be related to some products seizing the opportunity to rise in stock index futures. Among them, quantitative CTA strategy products and subjective CTA strategy products performed equally well overall. The data shows that the return rate of quantitative CTA strategy products in September was 3.54%, and the return rate in the first nine months of this year was 5.15%; In September, the subjective CTA strategy product yield reached 3.79%, and the yield for the first nine months of this year was 5.08%. Benefiting from the strong rebound of the A-share market at the end of September, the convertible bond trading strategy products under the bond strategy performed well. Data shows that in September, the yield of the convertible bond trading strategy product was 5.96%, far stronger than other secondary strategies under the bond strategy. However, the yield of this strategy product in the first nine months of this year was -0.86%. Private equity institutions with billions of yuan in annual returns are also outstanding. According to the latest data from Private Placement Network, in September, the average return rate of products under 269 billion yuan private equity institutions with performance display was 11.75%, of which 223 products achieved floating profits, accounting for 82.90%. Among the 223 products that achieved floating profits, 152 products had a return rate of no less than 10%, of which 49 had a return rate between 10% and 20%; 103 stocks have a yield ranging from 20% to 26%. Based on the ranking of the highest yielding products under each billion yuan private equity institution, products from 10 institutions including Linyuan Investment, Yuanxin Investment, Pansong Asset, Heiyi Asset, Yanfu Investment, Longqi Technology, Maoyuan Quantitative, Mingyi Investment, Jiukun Investment, and Qilin Investment rank in the top ten. According to other data, based on the good performance in September, in the first nine months of this year, the average return rate of products under 260 billion yuan private equity institutions with performance display was 7.73%, of which 190 products achieved floating profits, accounting for 73.08%. In the first nine months of this year, out of 190 products that achieved floating profits, 87 products had a return rate of no less than 10%, with 50 products having a return rate between 10% and 20%; 18 have a yield ranging from 20% to 30%; 5 have a yield ranging from 30% to 40%; The yield of 14 products ranges from 40% to 46%. Based on the ranking of the highest yielding products under each billion yuan private equity institution, 10 institutions including Dongfang Port, Evolutionary Asset Management, Longqi Technology, Ruipu Investment, Shanghai Kuande Investment, Hainan Xiwa, Century Frontier, China Europe Ruibo, Mingyi Investment, and Jinglin Asset Management ranked in the top ten. Institutions are optimistic about investment opportunities in growth stocks. In addition to the excellent "performance report" of stock strategy products in September, several billion yuan level private equity institutions have also expressed optimism about the future market. Looking ahead to the future, Xingshi Investment stated that the policy "combination punch" announced in late September has driven market sentiment and confidence to quickly rebound, with A-share market trading volume continuously reaching new highs, and the valuation of domestic equity assets has also been significantly restored. From the perspective of policy attitude, this round of policies is fully aimed at boosting the domestic economy, and incremental policies may be the focus and important "catalyst" for the market in the near future. At the same time, Starstone Investment believes that: "In general, the adjustment after the rapid rise is more conducive to the healthy upward trend of the A-share market in the medium term, and is expected to build momentum for the subsequent market. In the medium term perspective, before the economic fundamentals are significantly improved, it is expected that the policy overweight will continue, the medium-term investment return will tend to improve, the policy effect will be verified, and the economic fundamentals will improve, which will start the second stage of the market reversal." In terms of investment direction, Wu Weizhi, chairman and chief investment officer of China Europe Ribo, believes that "looking ahead, high dividends, precious metals and the Internet sectors will still have good investment attraction." (Le Xinshe)
Edit：Yao Jue Responsible editor：Xie Tunan
Source：Securities Daily
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