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Optimistic about the tens of billions of private equity in the market outlook, frequent self-purchase
◎Reporter Ma Jiayue
Private placements have been frequently self-purchasing recently. In the past month, 4 private equity managers have announced self-purchase, with a total amount of more than 200 million yuan. Since the beginning of this year, more than 20 private equity managers have self-purchased with a total amount of nearly 3 billion yuan. At the same time, the tens of billions of private equity positions have increased significantly.
On November 1st, Ruijun Assets, a private equity firm of tens of billions of dollars, announced that based on its confidence in the long-term, healthy and stable development of the capital market and its original intention to advance and retreat together with its holders, since September 2022, the company and its employees have invested more than 60 million in total. Yuan additionally subscribes for its funds. As early as the beginning of May this year, Ruijun Assets issued an announcement saying that Dong Chengfei, the company’s partner and chief research officer, would use personal funds of no less than 40 million yuan to subscribe for Ruijun Chengfei’s series of products.
On November 2, Renbu Investment announced that the company, its shareholders and key employees decided to additionally subscribe for the company’s fund products. Renbu Investment promised that as of December 31, the total additional subscription amount should not be less than 50 million yuan.
On October 28, the 10 billion-level quantitative private equity investment announcement stated that the company plans to use the company’s own funds, partners and employees’ personal funds to subscribe for additional funds from the date of the announcement, with a total of no less than 100 million yuan, of which At least 70% of self-purchased funds are invested in long-term fund products. At the same time, the company promises that at any point in the next year, the scale of long-term strategic products held by the company’s own funds, partners and employees’ personal funds will not be less than 300 million yuan, and the size of other strategic products will not be less than 300 million yuan. 100 million yuan. “Since this year, under the influence of multiple factors, the market has fluctuated and consolidated. The current market may enter the vicinity of the bottom area, and it has long-term investment value.” Si Xie Investment said.
In addition to active self-purchase, tens of billions of private equity positions are shifting from defense to offense. According to the latest data from Private Equity Pai Pai.com, as of October 21, the private equity position index of tens of billions of stocks was 86.87%, close to the highest level this year. It is reported that since the beginning of this year, the highest value of the private equity position index of tens of billions of stocks was 87.63%, which appeared in April, and A shares ushered in a rebound shortly thereafter.
The reporter learned from an interview that many private equity positions of tens of billions of dollars are more active today. Recently, Lin Peng, chairman of Harmony Huiyi, said frankly: “At present, the overall portfolio is in a relatively positive state, the position is maintained at a medium and high level, and the industry is dispersed and individual stocks are concentrated.”
Dong Chengfei of Ruijun Assets also said in the latest monthly report: “With the adjustment of market fluctuations, the risk premium of the equity market has approached a historically high position, so the Fund has increased the allocation of equity assets.”
From the perspective of industry insiders, the current tens of billions of private equity funds have been making self-purchase and switching from defensive to offensive, which is based on confidence in the long-term improvement of China’s economic fundamentals and the long-term performance of A-shares.
Wang Yiping, founder of Evolution Assets, believes that the current market is in the bottom area, which is a good time for long-term layout. According to Wang Yiping’s analysis, according to Evolution Asset’s research on the “stock-bond premium ratio” of the A-share market in the past ten years, the current A-share market’s “stock-bond premium ratio” indicator is very different from the end of 2012, the end of 2018, the beginning of 2020 and April 2022. Close, that is, the value advantage of stock assets relative to bond assets is very prominent, and the future market risk is relatively limited.
Chen Jialin, founder of Shicheng Investment, said that the trend of economic recovery in the future is relatively certain, the performance of listed companies is relatively resilient, and the follow-up opportunities for the market to rise outweigh the downside risks. As far as investment opportunities are concerned, core assets such as consumption and medicine and new energy sectors are expected to have better opportunities to enter the market.
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Responsible editor: Chang Fuqiang