Judging from the investment performance of securities private equity products in January, a "cold wave of performance" has swept the private equity circle.

Relevant data show that in January this year, the net value of more than 1,000 securities private placement products fell below the "traditional warning line" of 0.8 yuan, of which more than 500 products fell below the "traditional liquidation line" of 0.7 yuan.

The proportion of products with a net value below 0.8 yuan has exceeded 1/20, and about 90 billion private placements lost simultaneously in the month.

　　A number of first-tier private equity firms said that the protection of investors by risk control systems such as early warning lines and liquidation lines should be more reflected in "pre-risk control". Due to the large losses in net worth, private equity products are passively liquidated or significantly reduced their positions, which may not necessarily be the case. more in line with the interests of investors.

　　Some new products underperform

　　A private equity industry performance monitoring data provided by a third-party institution to a reporter from China Securities Journal on February 14 shows that the net value of private equity products with the latest net value announced as of 14:00 on February 12 is calculated (due to compliance with letter disclosure and other reasons, domestic As of the end of January 2022, a total of 1,259 private equity products (including all types of private equity strategies such as stocks, CTA, bonds, and multi-strategy) have private equity products whose net value falls below the “traditional warning line” of 0.8 yuan , of which 512 products fell below the "traditional liquidation line" of 0.7 yuan.

　　Judging from the proportion of the industry, the agency's statistics show that there were a total of 24,276 products with performance records in January, and the net value of 1,259 products fell below 0.8 yuan, accounting for 5.19%.

In addition, in terms of stock strategy private placement products, among the 15,772 stock private placement products that the agency had a performance record in January, 1,064 products had their net value below 0.8 yuan, accounting for 6.75%.

The agency pointed out that most of the products that fell below the "traditional warning line" and "liquidation line" were new products issued in 2021 and 2022.

　　According to the performance monitoring data of private equity products from Chaoyang Sustainability, only 339 of the 3,579 equity strategy private equity institutions monitored by Chaoyang Sustainability achieved positive returns in January 2022, with a loss of 90.53%.

The average yield of 3,579 equity private equity institutions in January was -7.68%.

　　Ninety percent of the tens of billions of private equity losses

　　While the entire private equity industry suffered a cold snap in January, domestic tens of billions of private equity investments also performed poorly.

Chaoyang Sustainability Performance Monitoring shows that among the 104 tens of billions of private equity institutions monitored by the agency in January (including all strategies such as fixed income, CTA, quantification, etc.), 11 achieved positive returns in the month, and the other 93 suffered performance losses. , accounting for 89.42%.

　　Based on the performance monitoring of a number of third-party institutions, a total of 59 private equity firms with tens of billions of dollars lost more than 5% in January, of which 37 private equity firms with tens of billions of dollars lost more than 7%.

Xitai Investment, which has been continuously "exploding" in compliance issues and product performance, Zhengyuan Investment and Alluvial Assets with eye-catching performance in 2021, as well as Qushi Assets, Hanhe Hanhua Capital, etc., all appeared in January 2022. Losses of more than 10%.

　　Chaoyang Sustainability-related monitoring data also shows that in January this year, the average loss rate of stock strategy private equity institutions of all scales in China exceeded 7%. Among them, the average loss rate of 10 billion private equity groups in January was 7.57%.

　　In addition, a reporter from China Securities News learned from the channel on the 14th that after its “Hefu Flexible Hedging No. 9 Phase A Private Securities Investment Fund” hit the performance warning line on February 11, the tens of billions of private equity Hefu Investment offered to investors. apologized.

Hefu Investment said that the management fee of the product has been adjusted to 0%, and the management fee will no longer be charged until the net value of the product returns to 1 yuan.

　　Risk control measures or "double-edged sword"

　　Regarding the system design of the early warning line and the liquidation line of private equity products, and the possible impact of related risk control measures on the A-share market, a person from Juming Investment said that the early warning line and the liquidation line are risk control indicators set by the manager themselves. In order to protect the investor's principal from excessive losses, it has played a certain preventive role in the control of the net worth of the product and avoiding excessive losses of the investor's principal.

However, for clients who hold funds at a high cost, the realization of this purpose or effect will be weakened.

In addition, the setting of the early warning line and the liquidation line will form certain constraints on the investment operation of the fund manager. In extreme cases, passive reduction operations will occur, restricting the implementation of the fund manager's investment strategy, and even passive liquidation of products.

Juming Investment believes that ex-ante risk control and withdrawal control can better reflect the active management ability of managers; in addition, “investors’ tolerance for fluctuations in net worth is generally closely related to their risk tolerance and investment experience.”

　　Chen Yihe, investment director of Wanfeng Youfang, said that based on the perspective of maximizing the interests of customers, the agency's products adopt different risk management methods according to different risk levels and investment objectives, so as to make investors' risk preferences and products as much as possible. The risk level is fully matched to achieve prior prevention.

Wanfeng Friends also believes that the early warning line and the liquidation line are a "double-edged sword". On the one hand, it clarifies the safety margin of the investment, which can play the role of risk control beforehand, which is helpful for managers to comprehensively consider at the beginning of the investment. , find suitable investment opportunities and allocation plans within the scope of risk constraints, and arrange positions and risk control plans reasonably in advance; on the other hand, once extreme market conditions occur and the net value of products reaches the liquidation line, the fund manager will be forced to liquidate. This will aggravate market volatility and be detrimental to the consistency of the implementation of the principles of value investing.

　　"According to market experience, when the market is extremely emotionally fluctuated, it is not far from the bottom of the market. At this time, even if the fund manager's judgment is correct and the product is under pressure to touch the liquidation line, the fund manager will lose the ability to deploy high-quality assets on the left. Opportunities, resulting in real losses for investors." Chen Yihe said.

　　It is worth noting that in the context of the simultaneous fluctuation of A shares and the global stock market this year, some senior private equity practitioners pointed out that the private equity industry for high-net-worth clients as a whole pays more attention to "absolute returns", and its strictness of risk control requirements. , relatively higher than most other types of institutional investors.

Considering that the rapid growth of the asset management scale of domestic securities private equity institutions generally began in the second half of 2020, and the floating profits of related products are limited, in the process of the market's periodic correction, all parties need to pay attention to the "passive lightening of positions" brought by product risk control to the market. "Influence.