The enthusiasm of private equity funds has been ignited. China Securities Journal reporter recently learned that the overall position of private equity funds in September continues to increase, and currently generally high positions. Relevant research further shows that the current average position of private equity institutions is around 70%, and private placements above half a warehouse account for nearly 90% of the respondents, reaching the highest level this year.
Institutional research on listed companies has greatly increased their enthusiasm, and small and medium-sized boards have received the most attention. A number of private equity fund sources said that in the fourth quarter, there were structural investment opportunities for growth stocks with reasonable valuations. The organization's research on growth stocks is based on long-term logic. In the short term, consumer stocks are seen as certain opportunities by some private equity firms.
September private equity fund overall jiacang
"In addition to reserve a little of the necessary cash, the rest have been bought, we are almost full of positions." On the 16th, a private equity fund official revealed. Since the middle of this year, A-shares have performed well. In particular, the Shanghai Composite Index has maintained a benign consolidation pattern after breaking through the triple-double of 3,300 points, igniting the sentiment of private equity funds. Another head of private equity funds said frankly: "Now, private equity funds are generally high positions."
On October 16, China Resources Trust, the largest securities trust issuer in China, stated in its latest issue of the “Investment Reference” that at the end of September, the average stock position of all its investors was 82.4%, and the accumulated earnings for the first six months. The top 25% of the respondents, the average stock position is 92.7%.
The survey data also confirmed the above statement. According to a report released by the agency, the latest position survey shows that the current average position of private equity institutions is around 70%. Private placements above half a warehouse accounted for nearly 90% of the respondents, reaching the highest level this year. In the past month, the overall position of private placements continues to increase. Specifically, private equity institutions with more than 80% of positions have reached 55.96%, of which nearly half of the private placements in Mancang; private placements with positions ranging from 50% to 80% account for 32.11%; private placements with positions below 50% are underrepresented. 12%; no private placements are short positions. Private placements have grown significantly in recent months, and high positions have become mainstream in private equity.
According to the report, the survey results show that the private equity fund managers' views on the October A-share market are consistent with those in September, with a neutral majority. Two-thirds of private equity managers choose to maintain a higher position in October. Private equity institutions that chose to increase their positions and lighten their positions this month showed a small increase at the same time.
A private equity source said that throughout the year, the market and consumption rose in the first half of the year. In the latter period, CSI 500 and small and medium-sized enterprises all rose, and most of them achieved positive returns, so confidence continued to increase. Under the influence of the money-making effect, in the medium and long term, the position will naturally be added. It is expected that the rate of callback will not be large in the future, and the overall situation is in a narrow range, so if there is a good stock, take it.
A private equity fund manager known for reverse investment is slightly cautious: “In this market, most people are wrong. When private equity is generally high, it is time to be cautious.”
Small and medium-sized boards continue to receive attention
With the enthusiasm of continuing, the enthusiasm of private equity research has been greatly enhanced. According to statistics from the Geji Research Center, the number of private placements organized and researched in September reached 922, up 147.18% from August, and the number of investigations reached 1,349, a record high since June. From the 309 companies surveyed, private equity institutions have the highest attention to small and medium-sized board companies, and their attention to the motherboard has rebounded, and the focus on the GEM has declined slightly. From the perspective of the industry, the electronics industry has become a hot spot for private equity institutions, with a focus on 13.92. Secondly, it is chemical and pharmaceutical biology, followed by mechanical equipment, computers and electrical equipment.
In October, investment institutions continued their interest in small and medium-sized listed companies. According to the Eastern Fortune Choice data, public funds and private equity funds have conducted 98 researches since October, involving 19 companies. According to the survey data, the research on the main board company was 18 times, accounting for 18.36%; the most frequent research on the small and medium-sized board companies was 80 times, accounting for 81.63%; only one time for the GEM company.
Recently, the growth stocks have come out of a better market. For example, in the first trading week after the National Day, growth stocks led the market. In view of this, the above-mentioned private equity investors believe that the growth stocks in the first half of the year did not rise and fall. From the perspective of risk-benefit ratio, some high-quality growth stocks ushered in suitable allocation opportunities, especially for low-value, high-speed stocks. force. From a longer-term perspective, stocks with a partial growth style can bring excess returns. If you have a long-term layout, you can start to focus on growth stocks.
Long-term logic vs short-term certainty
But this does not mean that growth stocks will usher in systemic opportunities. In fact, the aforementioned private equity holders frankly stated: “The right growth stocks in the fourth quarter have opportunities, but they are also local opportunities.” Many high-quality private equity fund managers said that since the second half of the year, private equity institutions have increased their research on growth stocks. We are optimistic about the long-term investment opportunities of growth stocks. After all, growth stocks represent the direction of China's economic transformation to a certain extent. On the other hand, stocks such as banks, insurance, brokerages, cycles, and large consumption are relatively homogeneous, and research efforts are not too much energy. What really needs to be researched is the growth stock, which must be deeply studied by the company.
China Securities Journal reporter learned that compared with the long-term logic of pursuing growth stocks, some private equity funds are quite optimistic about the short-term certainty opportunities of consumer stocks.
For example, a high-performing private equity fund manager said that considering the coming of various festivals after October, consumption will enter the peak season, and some high-end liquor price increases are expected to be approaching, and the stock allocation related to consumption upgrade has been increased.
Starstone investors said that in the short term, they are optimistic about the peak season of consumption in the fourth quarter, and the consumer sector has fundamental support in the medium and long term. The investment logic of the consumer sector is mainly the increase in profits of leading companies brought about by consumption upgrades and market clearing. Most of the consumer industries are private enterprises, which are sensitive to price mechanisms and clearer. Some of the more efficient industry leaders have risen to seize the market share of backward enterprises, and the industry concentration has been improved. As a result, the indicators such as the growth and profitability of leading enterprises have significantly exceeded other companies in the same industry. In various industries in the consumer sector.
Paying attention to corporate earnings growth from 2018 to 2019 is the main investment line for some private equity funds in the fourth quarter. Renqiao Assets believes that the focus on more certain profit growth in the future is mainly reflected in two aspects of investment opportunities: on the one hand, looking for companies with profit turning points, reflecting the forward-looking research, most of which are cyclical growth stocks; Some companies with good quality in stable growth industries are out of date this year, the market attention is obviously insufficient, the relative valuation is at a historically low level, but the fundamentals can continue to grow or continue to improve in the coming year. The opportunity is obvious in the process.
Main fund dynamics>>>
Excellent small and medium board theme fund
|Fund code||Fund abbreviation||Nearly three months of earnings||Handling fee||operating|
|003986||Shen Wan Ling Xin CSI 500 Index is preferred to enhance||12.71%||1.20% 0.12%||buy Account opening|
|002906||Southern China Securities 500 Quantitative Enhancement A||11.84%||1.50% 0.15%||buy Account opening|
|161017||Fuguo CSI 500||10.28%||1.50% 0.15%||buy Account opening|
|162216||TEDA CSI 500 rating||9.44%||1.20% 0.12%||buy Account opening|
|000478||CCB CSI 500 Index Enhanced||9.29%||1.50% 0.15%||buy Account opening|
Source: Eastern Fortune Choice data, Galaxy Securities, deadline: 2017-10-16
The evil spirits of the people are deceiving again!