In The Three Quarter, Private Equity Funds Were Not Exposed To Public Offerings.

China's sunshine private placement army has been officially started for nearly three years. From now on Development trend Look, the development of sunshine private placement is very rapid. The largest private equity investment company has managed to exceed 5 billion yuan in total, which is comparable to the stock fund managed by a medium-sized public fund. From this point of view, China's securities private equity fund has touched the scale of the public fund, and the diversification era of private equity fund and public offering fund has arrived unexpectedly.

First of all, from the perspective of management scale, the scale of fund management of small public fund management companies is less than 1 billion yuan, and the funds of stock funds managed by small public offering funds are less than 3 billion yuan, and nearly ten. And private equity funds. Management scale Over 1 billion yuan of private equity investment companies have more than 20. From the perspective of the size of management funds, the boundaries between public offering and private placement have become increasingly blurred. From the number of products, the number of domestic equity fund is slightly more than 200, while the private equity fund has exceeded 400.

Secondly, from the perspective of talent flow and talent allocation, the senior managers of large and medium scale public offering fund managers often go to private equity funds, and investment director level executives go to private placement. Objectively speaking, Research team In terms of strength, the talents of excellent private fund companies have been able to keep pace with the public funds in quality.

Third, from the fund-raising channels, this year's private equity fund has generally used banks as the main channel to raise funds. Private equity funds and public offering funds have no obvious differences in the distribution channels. Moreover, because of the more flexible mode of private placement, banks are also willing to import high-quality customers into private equity funds rather than public funds.

Fourth, from the level of performance, private equity funds and public offering funds are increasingly converging on the overall return rate. From the performance return rate of each phase, not only the outstanding performance of the private equity fund can significantly exceed the highest level of the public fund, but also on average, the performance gap between the public offering private equity fund is gradually decreasing. The inverse correlation rule of performance level and scale also exists in private equity funds.

Fifth, from the perspective of product form, the private equity fund has more marketability rather than standardization than the public offering fund except the indexed products are not issued. For example, almost half of the private equity fund management companies own their own structured grading private placement, which is undoubtedly of great significance to satisfy customers' risk preferences. For example, in the introduction of products for the subdivision industry, the medical fund that is calmly invested is at the forefront of huitianfu health product fund.

Judging from the recent stock market changes, taking the lowest point of 2300 points in July 2nd this year as the limit, China's stock market should start a new bull market. The macro logic behind it should be that China's economy is becoming stronger and stronger in transition. Its policy background should be the central government's suppression of the currency flooding caused by the squeeze of capital investment from the real estate investment.

Judging from the statistics of the first quarter of the first financial and sunshine private placement fund, the Chinese stock market has gone out of the unilateral upward trend. From June to September, the stock market in the big market was calm and suppressed, and the stock market was brilliant.

Nearly a quarter: private placement of public offerings

In the past three months, the Shanghai and Shenzhen stock markets have basically maintained a volatile upward trend, while the statistics period has increased by 3.4%, while the average return rate of the 374 private equity funds is 6.54%, and the average return rate of the 202 public fund products is 8.5%. Public offering private placement outperformed the stock market because of the collective silence of the big blue chips that decided the stock index in the stock market. The reason why the public funds won the private placement fund was that the private placement was somewhat erroneous, and the general position was lighter.

In the private equity fund, Mingyuan fund, chaos fund and Ding Hui fund won the top three respectively with quarterly returns of 31.67%, 29.27% and 29.12%. In the overall rankings, Mingyuan series, chaos series, Yuncheng Tai series and fresh water spring products are among the best in the performance, and the Long Sheng series, Huili series, and Shicheng fund, which had been helm by the former public fund managers, also seized this rally. In addition, there are some private equity funds that have been locked up earlier. They have not cut their positions at 3300 points, nor have they cut meat at 2300 points. They have been holding the same way, but have not been ranked poorly in the last three months.

Secondly, in this round of market, some of the mediocre private equity products, even though they get strong varieties, are too low to make the returns seem normal. This shows that the big market share of high-tech shares, liquor stocks and so on is easy, and it is difficult to capture.

The highest return product of the public offering fund is the the Great Wall Energy Fund. The rate of return in March is 22.40%. Even if it ranks the top thirteen in the private placement, it is indeed commendable.

Nearly one year: public and private outstanding products are all the leading players.

In the past year, the Shanghai Composite Index has dropped from 2962.67 points to 2598.69 points, or 12.29%. The average return rate of 239 private products with a full year of operation is 11.39%, the average return rate of 160 public offerings is 6.38%, and public offering and private placement are far outperforming the market.

Among them, the number one ranked 98.75% was the world's 1 fund, and the new value 2 and Le Sheng 1 were runner up and runner up. Some private equity funds in the last round of bear market operations began to catch up, and the private performance matrix showed many new faces. In addition to the new value one continues to lead the list of private placement, the products of Shang Ya series, Mingyuan series, Yuncheng Tai series, Yuan Le Sheng series and Huili series are also among them.

Some of the old private equity funds in recent years due to the rapid expansion of the scale of capital management, the performance tends to be gentle, this is also a normal phenomenon.

In the public offering products, the growth of Chinese merchants in the flourishing age ranked 42.98% in the first twelve months, and the score should be the top twenty in the private placement. This shows two situations. First, the excellent public offering products and the private placement products are almost the same in terms of performance returns; secondly, small scale public offerings are not lost in the large scale private equity products, and they are specialized and managerial.

The past two years: a new pattern of private equity fund

In the past two years, the Shanghai Composite Index has experienced a rise and fall, the overall level rose from 2075.09 points to 2598.69 points, an increase of 25.23%.

In the past two years, the average return rate of 141 private equity products was 54.85%, and the interest rate was basically two times that of the index. The return rate of the 125 public funds is 51.39%, and private equity funds are not equal to each other.

In the past two years, the 2 phase of the new value has brought a surprising return to its customers with a return of 269%. In the past two years, the new value and elegance should undoubtedly be the Gemini in the private sector. Following that, the absolute net value can also enter the first phalanx of Le Sheng products.

Longteng, Mingda, Xin Lanrui, freshwater springs, Shangcheng, Longding, Shicheng, sunflower, Lin Yuan, Longsheng and other products have entered the top 1/3 of the biannual list, and their returns have exceeded 68%.

In the two years, the first Chinese Renaissance in public offering products has a 126.73% return rate, which can be ranked eleventh in the private placement list.

Investment private equity far exceeds investment index fund

The first financial Shandong trust sunshine private placement fund index shows that private equity has won 500 basis points in Shanghai in the past month. Comparing the index of Shanghai Composite Index and the index starting from January 2008, the gap between the two mouths is bigger and bigger. That is to say, in general, the return rate of investment private equity funds is larger than that of the market index.

According to western theory, in the long run, few fund managers can win the index, that is to say, active stock selection is of little significance. But this does not seem to apply to China's more than 20 years of capital market operation. The average rate of return of fund investment is much higher than that of the index in terms of public offering or private placement. That is to say, buying index funds may be an extremely foolish investment in China. The Shanghai Composite Index has reached more than 1500 points in 1993, but now there are only 2800 points. In the 17 years, the composite rate of return is only 3.8%, which is far from inflation.