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recently, the internet celebrity private equity fund manager wu yuefeng has once again become the subject of heated discussion in the private equity circle.

the reporter of daily economic news noticed that as of september 6, the private equity fund jiayueyuefeng investment genesis, managed by wu yuefeng, announced the latest unit net value data. the net value of the product was 0.4660 yuan, and it has lost 48.98% so far this year. it is worth noting that the unit net value of the product rebounded to 0.7331 yuan on july 19. in less than two months, the net value has retreated again. did wu yuefeng step on the wrong rhythm again?

the net value of the fund is only 40 cents

the a-share market has been adjusting recently, with many individual stocks hitting new lows, and the net value of some private equity products has also fallen. under such market conditions, the net value of products under well-known private equity institutions has fallen below 0.6 yuan. recently, the unit net value of products managed by wu yuefeng fell below 0.5 yuan, which has once again become a hot topic in the private equity circle. what happened?

data from private equity ranking network shows that as of september 6, 2024, the cumulative net value of "jiayue yuefeng investment genesis" managed by wu yuefeng under jiayue investment is 0.4660 yuan. since the product was established on november 1, 2022, it has accumulated a loss of 53.40%, including a loss of 48.98% so far this year.

it is understood that in the first half of this year, the net value of wu yuefeng's jiayueyuefeng investment genesis fund once fell below the warning line and stop loss line. as of january 26, 2024, the unit net value of the product was 0.8075 yuan, which was close to the traditional warning line of 0.75 yuan.

after that, the net value of jiayueyuefeng investment genesis continued to decline, falling below the traditional liquidation line of 0.7 yuan. the net value of the product hit a new low on may 10, when wu yuefeng said that the product had cancelled all warning and stop loss line settings.

after getting rid of the shackles of the stop-loss line, the unit net value of the product also rebounded significantly - the net value of jiayueyue venture capital genesis rebounded continuously in june and july, with a rebound of 7.24% in june and 3.6% in july. however, after entering august, the net value of the product fell again, and in less than two months, the net value fell below the previous low.

in this regard, sun enxiang, head of paipai.com wealth management, told reporters that the biggest advantage of the liquidation line is that it can limit the maximum loss of fund product investment, avoid unlimited expansion of losses, and provide investors with a certain degree of security. however, while the liquidation line protects the interests of investors, it may also have a series of negative effects, such as increasing the difficulty of fund investment and net value repair, restricting long-term investment, and forcing bottom stop losses.

according to the weibo account named yuefeng investment notes, the last updated weibo post was on january 11, 2024. if we count from january 12, wu yuefeng has stopped updating his weibo for more than 8 months.

public information shows that wu yuefeng is a partner and fund manager of jiayue investment with 14 years of experience. he was a partner of fengjing capital, equity investment manager of anbang insurance asset management company and professional risk manager of stock index futures; and the author of the well-known weibo and wechat account "yuefeng investment notes".

did wu yuefeng get the rhythm wrong again?

it is understood that jiayueyue venture capital genesis private equity fund had enjoyed great success in the artificial intelligence market in the first half of 2022, with its net value soaring by more than 50%. in march 2023, it achieved a return of more than 32%.

in the second half of 2023, the fund performed poorly. starting in 2024, the decline significantly widened, and the net value once fell below the warning line and stop loss line.

in june this year, the net value of jiayueyue venture capital genesis rebounded, and its unit net value once returned to 0.7331 yuan. according to the data from private equity ranking network, jiayueyue venture capital genesis rebounded to 0.7331 yuan on july 19 and then fell again. the net value fell below the 0.7 yuan mark on july 31, and the unit net value was 0.6598 yuan. on august 30, the net value of the product fell below 0.6 yuan, and the net value fell to 0.5694 yuan. on september 6, the net value of the product fell below 0.5 yuan after the shackles of the stop loss line were removed.

according to the monthly data of the product, in august this year, the unit net value of jiayueyue wind investment genesis fell by 13.7%. since september, as of september 6, the unit net value of jiayueyue wind investment genesis fell by 18.16%. in this regard, some market analysts believe that the product is either "stepping on the thunder" or chasing high assets and being trapped.

sun enxiang told reporters that the a-share market is clearly divided and the operation is difficult, which has had an impact on the net value of private equity funds, causing many private equity funds to experience a net value drawdown. some private equity funds have adopted overly aggressive investment strategies, with a single strategy and aggressive style, which can easily lead to large drawdowns when the market adjusts. in addition, the team's management ability is poor and the risk control awareness is weak, which can easily lead to drawdowns in volatile markets.

some industry insiders also told reporters that different private equity bigwigs have differences in investment strategies, risk control, market judgment, etc. in recent years, the market has been clearly divided, and everyone has their own circle of competence, and they will always encounter market conditions that are not suitable for them.

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