Ten billion private equity Hefu apologizes after hitting the warning line,


　　 no management fees will be charged until the net value returns to 1

　　Ten billion private equity Shanghai Hefu Investment said that its “Hefu Flexible Hedge No. 9 Phase A Private Securities Investment Fund” hit the warning line a few days ago, and the company apologized to investors on February 14.

The company said that for the recent fluctuations of the product, Hefu Investment has adjusted the management fee of the product to 0% since February 8, and decided that the product will no longer charge the management fee until it returns to the net value of 1 in the future.

At the same time, Hefu Investment has co-invested 5 million yuan in the parent fund of this product by means of its own funds on February 10.

　　In addition, Hefu Investment stated in the strategy exchange meeting held on the afternoon of February 14 that the company's current operating conditions are very stable, and it has reduced the positions of products with large drawdowns, and has carried out stronger risk control to reduce exposure. Mouth pressed tighter.

"Recently, the quantitative industry has encountered the biggest challenge in the past five or six years. But according to our experience, the next one or two years will usher in a good time to do quantification. In addition, although this year has not started well, the situation of quantification this year will be good. It shouldn't be worse than last year."

　　According to the data of Haomai Fund.com, "Hefu Flexible Hedging No. 9 Phase A" was established in March 2021, and it has been less than a year since its establishment.

From the perspective of the net value trend, the income performance of the product since its establishment has not been optimistic, and the highest cumulative net value has only reached 1.0277. After August 27 last year, its net value began to fluctuate all the way down.

　　Hefu Investment was established in March 2016. According to the official website information, the company mainly includes two major strategies: quantitative stock selection and futures programmatic. Its quantitative hedging team is quantitative-led, combining macro research and event-driven research to continuously create excess value for customers. income.

Hefu Investment was co-founded by three partners with rich quantitative investment experience.

Among them, Cai Jueyi has worked in the trading strategy team of quantitative hedge funds in the United States and Shanghai Mingcai Investment. He has rich experience in researching stock quantification, CTA and matching related trading systems; Dong Chang has worked in quantitative trading of overseas hedge fund Laurion Capital Management. Zhang Gaochi worked as an independent trader of Laurion Capital Management, an American hedge fund, and was good at CTA models of various time scales.

　　Hefu Investment released its first product "Hefu No. 1 Private Equity Fund" in July 2017, and it has successfully ranked among the tens of billions of private equity by 2021.

Judging from the product filing situation, after August 2020, the speed of Hefu Investment's issuance of new products has increased significantly. Up to now, the company has filed a total of 169 private equity products, of which 134 were filed after August 2020, accounting for The ratio is as high as 79.29%.

　　Since the beginning of this year, the performance of Hefu Investment's stock products has suddenly declined significantly. Among them, the average return this year has been -8.76%, ranking 2361/3683 among similar products, and the average return in the past month is -10.52%, ranking 2714/3607 among similar products.

　　According to the data of private placement Pai Pai.com, as of February 7, the average rate of return of the 93 billion-dollar private placements with performance disclosures this year was -4.32%, and as many as 82 of them had negative earnings during the year, accounting for 88.17%; The net worth of nearly 1,000 private placement products is less than 0.8 yuan, and the net value of 432 private placement products is less than 0.7 yuan.

　　Even Dan Bin, a tens of billions of private equity bigwigs, has not been spared. It is understood that the unit net value of more than 50 private equity products under Dan Bin has fallen below the traditional warning line of 0.8 yuan, and the net value of many other products has fallen below 0.7 yuan. Yuan's traditional stop-loss line.

　　Text / reporter Zhu Kaiyun