"Legacy" to play a new height, private equity companies implement the first 30% of the revenue zero share

　　Our reporter Wang Ning

　　With the changes in the market environment and investment philosophy in recent years, some private equity has gradually adjusted the way of periodic revenue sharing.

"Securities Daily" reporter recently learned that after a tens of billions of private equity took the lead in reducing management fees, another private equity proposed "zero share of the first 30% of revenue" to gain customer recognition. At the same time, this is also an investment and research capability of its own. Put forward new challenges, this private equity is Shenzhen Senrui Investment Management Co., Ltd. (hereinafter referred to as "Senrui Investment").

　　Lin Cun, chairman of Senrui Investment, said in an exclusive interview with a reporter from the Securities Daily that for many years, the performance sharing of private equity funds has adhered to the method of "collecting 20% ​​after a new high". It has been solidified, and private equity managers and customers are lacking. In terms of bargaining space, the company took the lead in the industry to propose: "The first 30% of the income is exempt from performance commissions, and the excess part is charged at 25%." Guide customers' long-term value investment philosophy.

　　Break the long-term fixed fee structure

　　The survival of private equity is to follow the law of the weak and strong. The stronger the ability, the greater the living space. However, in order to retain customers, some private equity institutions have made "profits" in the collection of management fees, but have ignored the improvement of their own investment and research capabilities. .

Correspondingly, there are also private equity companies that demonstrate their strength with strong investment and research capabilities.

　　The “Securities Daily” reporter recently learned that Senrui Investment is about to enrich its new strategies in its “Zhiyuan” series of products, while the new products will break the traditional performance sharing pattern in terms of “profit distribution” and adopt the “first 30% income exemption”. The method of receiving performance commissions and 25% for the excess portion" is the first private equity in the industry that dares to challenge its own investment and research capabilities.

　　Lin Cun, chairman of Senrui Investment, said in an interview with reporters that the rigid performance sharing of private equity funds left the market and investors lack of bargaining space.

First of all, investors have no choice in terms of fees and lack of flexible solutions; secondly, once the net value is withdrawn, once the net value is withdrawn after the previous record highs of fees are accrued, the collected performance will be returned to the customer, which cannot guarantee the customer's long-term income.

Therefore, the company is the first in the industry to explore and launch a new charging model.

　　"The company's approach guarantees the rights and interests of customers and demonstrates the company's self-confidence. This is also the company's long-term pursuit of the concept of'first adult and then self-fulfillment'." Lin Cun said that many large investment institutions have poor long-term returns, or only partial product returns. It is better, but it has raised a lot of funds, but the majority of investors may get low returns, and their own rights cannot be guaranteed.

Therefore, private equity institutions need to give customers confidence in the design of product charges, bind the pursuit of interests, and ensure a win-win situation to the greatest extent.

　　Liu Youhua, a senior researcher of the private equity ranking network, told the "Securities Daily" reporter that the extension of the initial closure period and the raising of the threshold for the extraction of performance rewards for private equity funds are a manifestation of industry progress. It will become an industry development trend in the future and will be increasingly used. Of private equity managers.

Extending the closed period is beneficial to both investors and private equity fund managers, and is conducive to guiding investors to establish correct investment concepts. It is also conducive to private equity managers to devote themselves to making investments, screening out investors with true concepts, and achieving long-term stability for investors Income, while protecting the income of investors, but also maintaining the reputation of private equity managers.

"Improving the threshold for extracting performance rewards is equivalent to private equity managers giving profits to investors. At the same time, it also highlights the confidence and determination of private equity managers to do a good job."

　　According to statistics from the private equity ranking network, as of now, there are 2,998 stock strategy funds with performance records that have been established for three years, and the overall return rate in the past three years is 54.68%; of these, only 2,588 have achieved positive returns, accounting for For 86.32%, the revenue of 1873 products exceeded 30%, accounting for 62.47%.

This also indicates that if the entire market is accrued according to the performance of Senrui Investment, only 60% of private equity products can share product revenue.

　　Focus on investment in the pharmaceutical and medical field

　　It is understood that the investment field of Senrui Investment's "Zhiyuan" series of products focuses on the pharmaceutical and medical field.

　　Lin Cun told reporters that pharmaceutical investment is a long-lasting track, but many investors invest in pharmaceuticals only for market conditions, or just increase asset allocation driven by accidental fundamental factors. This does not have a long-term value investment philosophy. It is difficult to truly share the rich fruits of the future of the pharmaceutical industry.

"The company launches three-year regular products, and strives to allow investors to enjoy the results of compound interest in medicine over a larger time span."

　　Lin Cun said that the company will focus on investing in innovative drugs, pharmaceutical research and development, as well as specialty hospitals, medical equipment and other large blue-chip companies in the emerging medical and medical industries. Under constant monitoring of dynamic valuation, the company will fully maintain liquidity and diversity. Strive for long-term sustainable development of a fast and stable style, and strive for better returns for investors.

The company not only has a stable long-term historical performance and retracement control, but also maintains an independent style. The company not only focuses on the pharmaceutical and medical field, but also constantly explores various innovations; for example, the layout of the product line, from ordinary pharmaceutical funds to pharmaceutical innovation funds , And then there is a special medical service fund, which favors the life technology fund of the Hong Kong stock market.

"Currently, the long-term and regular "Zhiyuan" series of products with different charging models are launched to actively give profits to customers, hoping to find a new development path for the private equity market."

　　The reporter learned from Senrui Investment's official website that the company focused on investing in A-shares and Hong Kong stocks in the medical and pharmaceutical industries, and detailed segmentation and in-depth excavation of the pharmaceutical and medical sectors, forming a high industry barrier.

　　Senrui Investment believes that, never seen, most pharmaceutical and medical companies have definite and high-speed growth performance support in the short term; in the long run, they have broad growth space.

The pharmaceutical and biological sector will remain the segment with the most investment value in the domestic securities market, among which high-quality companies can be held for a long time.

(Securities Daily)