Private equity funds have been ignited. China Securities News reporter recently learned that the overall placement of private equity funds in September continue to increase, the current general high positions to run. Relevant research further shows that the current average level of private equity institutions in the 70% or so, half of the private equity institutions in the survey respondents accounted for nearly 90%, reaching the highest level this year.
Institutions to investigate the enthusiasm of listed companies greatly improved, of which the most small board of concern. A number of private equity funds said the fourth quarter, the valuation of a reasonable growth stocks have structural investment opportunities, institutional growth stocks research is based on long-term logic. In the short term, consumer stocks are seen as deterministic opportunities by some private equity firms.
September private equity overall jiacang
"In addition to set aside the necessary cash, the rest have been bought, we almost full warehouse." 16, a private equity fund official said. Since the middle of this year, A shares a good trend, especially in the Shanghai Composite Index broke through the 3300 points after the triple top of the positive consolidation pattern, ignited the private equity fund to do more emotions. Another private equity fund official admitted: "Now, private equity funds are generally high positions."
October 16, China's largest securities trust issuer China Resources Trust, in its latest issue of "investment research reference" said that at the end of September, its overall investment in the average stock position of 82.4%, the first six months of cumulative earnings Ranking the top 25% of the investment, the average stock position of 92.7%.
The survey data also confirmed the above statement. The agency released a report that the latest position survey shows that the current average level of private equity institutions in about seven percent. Half of the private equity institutions accounted for nearly 90% of respondents, reaching the highest level this year. In the past month, the overall position of private placement continues to increase. Specifically, the positions in the Bacheng above the private sector has reached 55.96%, of which nearly half of private equity institutions full warehouse; positions in the five percent to Bacheng private equity institutions accounted for 32.11%; positions in the following five percent of the private sector accounted for less than 12%; no private placement. Private institutions in recent months, significantly increased positions, high positions have become the mainstream private equity institutions.
The report said the survey results show that private equity managers on the October A-share market views and consistent in September, mainly to the neutral side. Two-thirds of private equity managers chose to maintain a high level in October. This month to choose Masukura and lighten up the private sector at the same time a slight increase.
A private personage said, look through the annual market, the first half of the broader market, consumption rose, the late in the card 500, small and medium-sized are up, mostly to achieve positive returns, so confidence continues to increase. Under the influence of the effect of money, long-term look more, the position will naturally be added. The future rate of return is not expected to be large, the overall in a narrow range, so there is a good stock take a take.
A private equity manager, known for his reverse investment, was slightly cautious: "In this market, most people are wrong, and when the private equity is generally high, it is time to be cautious."
Small plates continue to be concerned about
Accompanied by more enthusiasm to continue, private institutions to greatly enhance the enthusiasm of the research. According to the grid research center statistics, in September organized the number of private equity institutions surveyed 922, compared to August rose 147.18%, the number of research reached 1349 times, a record high since June. From the survey of 309 companies to see, private equity agencies on the small board companies the highest degree of concern, the motherboard attention has rebounded, a slight decline in the attention of the GEM. From the industry perspective, the electronics industry has become a hot spot for private equity firms, with a focus of 13.92. Second, chemical and medical biological, mechanical equipment, computers, electrical equipment followed.
Into October, the investment institutions continued on the small board listed companies concerned about the heat. According to Oriental wealth Choice data, since October raised funds and private equity funds for a total of 98 research, involving 19 companies. From the survey data, the motherboard company for 18 times, accounting for 18.36%; on the small board company survey the most, up to 80 times, accounting for 81.63%; on the GEM company research only 1 times.
The recent growth stocks out of a wave of better market. For example, the first trading week after the National Day, growth stocks to lead the market situation is very obvious. In this regard, the aforementioned private investors believe that the first half of the growth stocks did not rise and fall, from the perspective of risk-return ratio, some high-quality growth stocks usher in the right allocation of opportunities, especially underestimate the value of high-growth stocks have a greater attraction force. From a longer-term perspective, partial growth style of the stock can bring excess returns. Such as long-term layout, can focus on growth stocks.
Long-term logic VS short-term determinism
But this does not mean that growth stocks will usher in a systematic opportunity. In fact, the aforementioned private investors admitted: "the fourth quarter of the right growth stocks have the opportunity, but also local opportunities." More than meritorious private equity fund manager said that since the second half, private equity firms to increase growth stocks research, on the one hand Optimistic about the long-term investment opportunities for growth stocks, after all, growth stocks to a certain extent on behalf of China's economic transformation direction; the other hand, banks, insurance, brokerage, cycle, large consumption and other stocks are relatively homogeneous, study the energy is not too much. Really need to research or growth stocks, must be in-depth understanding of the company research.
China Securities Journal reporter learned that, compared to the long-term logic of the pursuit of growth stocks, some private equity funds are currently optimistic about the short-term positive opportunities for consumer stocks.
For example, a merge of private equity fund manager said that after considering the arrival of various festivals in October, consumption will enter the season, and some high-end liquor price is expected to have been approached, has increased the consumption of the relevant stock allocation upgrade.
Star stone investors said that the short term optimistic about the fourth quarter consumption season, the long-term look at the consumer sector has fundamentals support. Consumption sector investment logic is mainly to upgrade the consumer and the market to bring out the leading enterprises to enhance profitability. The consumer industry is mostly private enterprises, the price mechanism is sensitive, clear more thorough. Part of the industry leader in the rise of higher efficiency, to seize the market share of backward enterprises, industry concentration has been improved, leading to the growth of leading enterprises, profitability and other indicators are significantly beyond the same industry companies, this industry concentration is taking place Consumption in the various sectors of the industry.
Concerned about 2018 to 2019 corporate earnings growth is the focus of some private equity investment in the fourth quarter. Renqiao assets believe that the future focus on more certainty in earnings growth is mainly reflected in two aspects of investment opportunities: on the one hand, looking for a profit turning point of the company, reflects the forward-looking, most of the cyclical growth stocks; the other hand, Stable growth industry, some fine texture of the company this year outdated, the market attention is not enough, the relative valuation at a low level in history, but the fundamentals of the coming year can continue to grow or continue to improve, such companies in the end of the year valuation switch The process is clear.
The main fund dynamic >>>
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|Fund code||Fund abbreviation||Nearly three months of income||Fee||operating|
|003986||Shen Wan Ling letter in the card 500 index optimization enhanced||12.71%||1.20% 0.12%||buy Open an account to buy|
|002906||Quantitative Enhancement of Southern||11.84%||1.50% 0.15%||buy Open an account to buy|
|161017||Rich country card 500||10.28%||1.50% 0.15%||buy Open an account to buy|
|162216||TEDA CSI 500 grading||9.44%||1.20% 0.12%||buy Open an account to buy|
|000478||Build a letter in the card 500 index enhanced||9.29%||1.50% 0.15%||buy Open an account to buy|
Source: Eastern Fortune Choice, Galaxy Securities, due date: 2017-10-16
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