"Sun Jiandong recently, General Manager of Beijing road investment management limited a word of warning, private development direction in the future, investors look at the Sun again. This year, Sun private "hand in hand," public-fund, continuous running transportation index, and leading public offering performance advantages in slowly in the past been swallowed. Investigation of the Huaxia Times reporter was informed that as at May 6, has 15 Sun private product wound up this year. At the same time, private bearish sentiment increased suddenly. In their view, more appropriate positions are now neutral positions over the next three months, end of the cycle of the a-share market forces have not, in the short term to pay attention to the risks of real estate regulation.
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According to buy fund research center of statistics, by the end of last year, Sunshine Fund total to 669, 308 of them only for the release of the year, the ratio amounted to 46%; to the end of last year, a total of 257 issuing trust products of private equity companies, of which 105 are set up in that year. The pendulum of time go to 2011, with the market turmoil in the stock market, rapid development of the domestic industry.
Buy Fund statistics, newly established public-fund products in the first quarter of this year for 56, last year for 21; Sun private placement also in the rapid growth, a conservative estimate, at present, Sun private equity assets have more than 300 billion yuan, newly established private equity funds since the first quarter of this year reached 71, more than the same period last year to 59.
In the markets generally believe that private "cloud era" has arrived, its performance is to a "cold".
From the perspective of performance in the first quarter, private fund yields better than offering trend in the past, has gradually been eroded. Data show that unstructured private per cent on average in the first quarter-0.92%, average excess return rate of-21.2%; structured private placement-0.15% per cent on average in the first quarter, average excess return rate of-17.58%. Public offering ticket Fund-2.98% per cent on average, average excess return of-25.22%.
Private in the first quarter, although overall performance is better than public placement, gaps between the two sides are close, and runs to lose consecutive index. Haitong securities (600,837, unit) Luo Zhen, Fund Analyst believes that continuous running private transportation index in the first quarter, associated with market style switch.
In he seems, this year market style obvious steering market unit, last year fengshengshuiqi of small disk unit is fuelling the, in this market environment Xia, private is good at selected unit of advantage was does not to play, in market unit market before, scale small, and operation flexible of features also cannot cast, coupled with this year early market style conversion early, private adjustment less Shi, led last year private in shocks city in the of fine performance no are continued.
Reporters noted that private performance index-weak trend in April continues.
Buy funds according to the April average private rate of return of 0.95% behind the CSI 300 index 0.67%; from the relative yield, 35.33% of the private only to beat the market. Private performance is unsatisfactory noteworthy in the first quarter, private equity difference between the maximum and minimum rate of return to 56.17%. This is seen as the entire private sector varied in performance.
For investors speaking, this means that the investment risk of an expanding trend, performance differences may be in the form of required winding up. As of May 6, private product wound up, since the beginning of this year a total of 15 Sun, of which 12 structured products, non-structured products 3.
Most private equity product liquidation was due to the expiry of the existence of termination, but the market downturn, also makes liquidation ahead of private began to rise.
Statistics as of May 6, the cumulative net worth less than $ 0.7 Sun private with 17, with 36 of less than 0.8 Yuan, down from $ 0.9 up to 154, which has just set up 3 weeks, managed by Zhao Xiaoyun "smiles first", also became a member of the net worth of less than $ 0.9.
Shaanxi International Trust website, until May 6, was founded on April 18 "smiles first" net worth is $ 89.88, 15 trading days of decline since the establishment of 10.12%, well above the index decline of 6.13% over the same period. In de Santa Fund Research Center Chief Analyst Jiang Saichun's view, and offering the same, does have a master in private, but is by no means all masters. Although strong in public-private equity volatility, than when the stock index down offering excellent, but thanks to its small size, and position control system of bonuses.
In his view, the current domestic market environment, private and public-investment, and no essential difference.
Sun Jiandong said on Sunshine for private, the biggest problem with hedge fund money and risk is doing is closer to mutual funds. "One, two, three years in the future, can you come up with a performance of hedge funds? If holding the hedge fund money, finally back mutual fund performance, industry as a whole may experience a period of adjustment. "Good buy Fund's Executive Director, CEO Yang Wenbin pointed out to reporters, Sun currently private control of the downside risk is actually natural intuition, rather than rely on effective tools.
In his view, currently the Sun on the private use of the tool, and real hedge funds than, difference is very big. Private bearish mood suddenly increase journalists noted,As April small acceleration have fallen, leading to private overall decline in performance.
Combined with the sharp fluctuations in commodity prices and the dollar index and other factors, are challenged on the a-share running smoothly, so cautiously optimistic, while private bearish sentiment increased suddenly.
According to buy Fund survey results, private views on the current market is neutral, 56%, 28% bearish Outlook, increased significantly.
Another professional firm Monita on April 27 the latest issue of private equity fund manager survey shows, 30% respondents May market prices are not optimistic, remaining judgment May market overall trend to volatile. Sun Jiandong also believes that more appropriate positions are now neutral positions.
In his view, positions select shows on the short-term and medium-term view of the three-month, and his next three months, prefer relatively high growth and relatively high inflation situation of coexistence, cycles of the a-share market forces have not yet finished, in the short term to pay attention to the risks of real estate regulation. Freshwater springs investment management company General Manager Zhao also pointed out that, from the perspective of investor behavior, excessive focus on macroeconomics. "Regardless of the CPI is important for the stock market is not important, we all care about.
"In his view, if the CPI within the normal range of expected volatility, has no impact on the stock market, about 5% of the CPI has now been fully expected the market to. Zhao also revealed, they came to a conclusion after research is at the end of last year: micro-economic activities there are signs of weakness.
If 3-6 next months also maintain tight policies, micro-economy will certainly fall short of investors now expect. "Now investors ' earnings expectations for micro-, suspected of excessive optimism.
"Source music rising asset management company's General Manager Zeng Xiaojie is also believed that market from 3,000 down to 2800多 points, short term risk may release, mainly featured units in the second half, and there is no systemic risk in the market, will not see the trend of the opportunity, but an opportunity to share more. He in the next quarter or two in the quarter, is more concerned about the cycle unit, especially small per cent of the financial and real estate sections. "If real estate problems solved, financial, real estate should be able to drive the market up, but poor grasp this point in time. "And on the chemical industry, iron and steel, building materials three industries, Zeng Xiaojie believes that, under the influence of capacity constraints will have the opportunity to; as regards new industries, consumer, medical, in the medium term, very good, but hotspot is not a short-term market these plates.
