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Less worries about stock trading

Recently, the Shanghai Composite Index has been fluctuating around 3,000 points. Private equity funds are not afraid of market adjustments and have significantly increased their holdings.

According to data from Private Equity Ranking Network, as of July 5, the stock private equity position index was 78.77%, up 0.89% from the previous week, and the position index hit a new high in nearly 8 weeks. Among them, the increase in positions by private equity funds with a total value of over 10 billion yuan was the most aggressive, with nearly half of the private equity funds with a total value of over 10 billion yuan fully invested.

It is worth noting that due to the serious differentiation of A-share styles in the first half of the year, most individual stocks fell, and the overall performance of stock private equity was poor. The average performance of stock strategy private equity in the first half of the year was a floating loss of 4.34%. Among them, the 10 billion private equity barely maintained positive returns in the first half of the year, and subjective private equity returns were far ahead.

Private equity increased its holdings against the trend, and the position index hit an 8-week high

In the first half of the year, A-shares once experienced a round of rising market, with the Shanghai Composite Index reaching a high of 3,174 points in May. Subsequently, since June, the market has continued to adjust and fell below the 3,000-point mark. However, keen private equity funds are not afraid of market adjustments, but have increased their holdings significantly recently.

As of July 5, the private equity position index was 78.77%, a significant increase of 0.89% from the previous week. The position index hit a nearly 8-week high and approached the high level of the year. The single-week position increase even hit a nearly 20-week high.

Specifically, the stock private equity positions increased across the board. Among them, the proportion of fully-positioned stock private equity was 56.99%; the proportion of medium-positioned stock private equity was 29.49%; the proportion of low-positioned stock private equity was 12.22%; and the proportion of empty-positioned stock private equity was 1.30%. Compared with the previous week, the proportion of fully-positioned stock private equity increased significantly, and the proportion of stock private equity at other positions decreased, indicating that all stock private equity increased their positions.

The private equity position index is a barometer for observing market conditions. Since the private equity position index reached its highest point in early May this year, it began to reduce its positions cautiously, and hit a new low at the end of June. However, since July, the private equity position index has rebounded sharply.

It is worth noting that private equity funds with a scale of over 10 billion yuan increased their positions the most, with nearly 50% of them fully invested. As of July 5, the position indexes of private equity funds with a scale of over 10 billion yuan, 5 billion to 10 billion yuan, 2 billion to 5 billion yuan, 1 billion to 2 billion yuan, 500 million to 1 billion yuan, and 0 to 500 million yuan were 74.14%, 72.91%, 74.96%, 79.20%, 76.96% and 81.45% respectively. Among them, the position index of private equity funds with a scale of 0 to 500 million yuan was the highest, and private equity funds with a scale of over 10 billion yuan became the private equity funds with the strongest increase in positions, increasing their positions by 4.40% in a single week, a record high in the past 42 weeks. At the same time, the position level of 74.14% also hit a record high in the past 9 weeks, returning to the high level of the year.

Equity private equity lost 4% in the first half of the year, and subjective investment rarely outperformed quantitative investment

Due to the serious style differentiation of A-shares in the first half of the year, most individual stocks fell and the overall performance of private equity funds was poor.

Data from Private Equity Ranking Network shows that as of June 30, the average return of 13,749 stock strategy products with performance records in the first half of the year was -4.34%, of which 4,948 products achieved positive returns, accounting for 35.99%.

What is relatively rare is that the overall performance of stock quantitative long products in the first half of the year was lower than that of subjective long products, ranking last among stock strategies. In the past few years, the performance of stock quantitative long products has been far ahead.

Data shows that the average return of 1,980 quantitative long products with performance display in the first half of the year was -7.99%, and the positive return accounted for 19.55%. The average return of 10,571 subjective long products with performance display in the first half of the year was -4.23%, and the positive return accounted for 36.16%, which performed slightly better than quantitative long products.

It is worth noting that the private equity funds with hundreds of billions of yuan barely managed to maintain positive returns in the first half of the year. On the one hand, the private equity funds with hundreds of billions of yuan accurately grasped the structural opportunities of the high-dividend sector; on the other hand, they seized the opportunity of the rise of US stocks through global asset allocation. Therefore, they achieved positive returns against the trend and led the overall performance of stock strategies under private equity funds of different sizes.

Data from Private Equity Ranking Network shows that the average return of stock strategy products under 1,476 private equity firms with a scale of more than 10 billion yuan that have performance displays was 0.22% in the first half of the year, with positive returns accounting for 44.72%, an overall outstanding performance.

Among them, the returns of 10 billion subjective private equity funds were significantly ahead. In June, the small and micro-cap index continued to fall sharply, causing a sharp decline in the performance of many 10 billion quantitative private equity funds. The average return in the first half of the year fell to -6.18%, of which the positive return accounted for 9.68%, becoming the only type of 10 billion private equity funds with negative returns in the first half of the year, and the decline was significantly higher than that of subjective funds.

Yingfeng Capital said that last week, the CSI 300 rose by 1.20%, and the increase in turnover and northbound inflows showed that risk appetite has rebounded. Structurally, under the catalysis of the Wuhan fire, the recovery of semiconductor market and the expectation of US interest rate cuts, the automobile, semiconductor and banking sectors performed well. Looking ahead, it is recommended to pay attention to the catalysis of the reform measures of the Third Plenary Session of the 18th CPC Central Committee on the market and allocate growth and value sectors in a balanced manner.

Source: China Securities

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: He Yu

Proofreading: Yang Shuxin

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