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(Original title: The halo of the quantitative 10 billion private equity champion Xinhong Tianhe has faded, and the annual yield of its products has been "completely lost")

Interface News reporter | Mu Ze

“Private placementThe "champion curse" has come true again. This time, the one who was "hit" was the 2023 quantitative 10 billion private equity income champion with an average return rate of 19.24%.NobuhiroTianhe。

Data from Haomai Fund Network shows that, as of now, the 24 products under Xinhong Tianhe that have recently updated their performance on the website have all experienced negative returns this year. Among them, 15 products have experienced a loss rate of more than 10% this year, accounting for 62.5%, and 9 products have experienced a loss rate of more than 15% this year, accounting for 37.5%.

In terms of strategies, the company's largestStock TypeThe average loss rate of the products this year is 14.66%; the average loss rates of managed futures and multi-strategy products this year are as high as 13.28% and 16.31% respectively; the market neutral and combination products that performed slightly better this year also have average losses of 4.72% and 2.75% respectively.

After the big drawdown in net value this year, among the 24 products under Xinhong Tianhe that have recently updated their performance on Haomai Fund Network, 8 products have turned green in cumulative returns since their establishment, and the cumulative loss rate of 2 of them has even exceeded 10%.

A typical example is the "Xinhong Journey No. 8 Class A Shares", which was established at the end of March 2023 and recorded a yield of 5.99% in early December of the same year. However, the net value of the product has never reached a new high since then. In February this year, the cumulative loss rate of the product was as high as 18.17%. Since then, the net value of "Xinhong Journey No. 8 Class A Shares" has also recovered, but as of July 19, the product's loss rate this year is still as high as 18.5%, and the cumulative loss rate of the product since its establishment has also reached 14.89%.

Xinhong Tianhe was established in October 2012, and completed registration with the China Securities Association in August 2015, and began to formally register private equity products in September of the same year. Public information shows that Xinhong Tianhe's strategies cover quantitative stock selection, index enhancement, neutral hedging, CTA, FOF, etc. The company's management scale exceeded 5 billion yuan in 2022, and officially entered the ranks of 10 billion private equity in August 2023. As of April this year, the management scale was about 15 billion yuan.

Data from Tianyancha APP shows that Xinhong Tianhe is held by Shanghai Xinhong Hedge Technology and Beijing Xinhong Tianhe Investment with 99% and 1% respectively. Through equity penetration information, it can be seen that Xinhong Tianhe actually has 5 beneficial shareholders, among which the actual controller of the company, Zhang Yi, actually benefits from 31%, and Zhang Hua, Lin Guoxi, Gu Yao and Zhang Peng actually benefit from 24%, 20%, 15.26% and 9.74% respectively.

In fact, judging from the historical performance, this year is also the worst time for Xinhong Tianhe. Taking the company's largest stock products as an example, data from Haoma Fund Network shows that from 2019 to 2023, Xinhong Tianhe's products of this type have successfully recorded positive returns for five consecutive years. Looking back, although the average return of the company's products of this type was negative in 2017 and 2018, the annual loss rate was only -6.69% and -0.91% respectively.

An analyst from a private equity firm in Guangzhou pointed out that, generally speaking, the performance of private equity is affected by a variety of factors, including the overall market environment, the company's investment research capabilities, investment strategy, and management scale. For a private equity firm, it is often only when it has multiple favorable factors that it can win the top spot in terms of revenue in a certain year.

As time goes by, these influencing factors often change a lot. For example, sudden changes in the market environment may make the company's original investment strategy invalid, the company's investment research capabilities may not keep up with the surge in management scale, the company's judgment of the market environment may deviate, or other emergencies may occur. These can easily lead to a sudden change in private equity performance, which is why the so-called "private equity champion curse" has been repeatedly fulfilled.

It is worth mentioning that although the performance this year has not been optimistic, Xinhong Tianhe is still actively issuing new products. Data from the China Securities Investment Fund Association shows that as of July 23, Xinhong Tianhe has filed 34 new products this year, of which 3 products are jointly managed with other private equity firms.