Can Last Year's Hot Strategies of Private Equity Funds Continue to Outperform?(AI Translation)
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- The COP28 climate conference in Dubai announced the launch of a compensation fund for developing countries affected by climate change, with significant contributions from various nations including the UAE, EU, UK, USA, and Japan.
- A-shares market in 2023 experienced widespread declines, with private equity funds facing challenges due to weak market performance and limited sector rotation opportunities. Quantitative private funds outperformed subjective ones, with an overall negative average return for stock strategy funds.
- Differences in investment strategy performances were notable in 2023; while stock markets struggled, bond markets and commodities futures offered profitable opportunities. External factors such as regulatory changes impacted quantitative and high-frequency trading strategies.
文｜财新周刊 全月
By Caixin Weekly, Quan Yue
2023年的A股市场，各类指数全盘皆墨。弱市中，板块轮动机会稀少且赚钱效应持续性不强，权益投资收益惨淡。2024年1月，主要指数跌势加剧，私募证券投资基金的操作难度似刀口舔血，尤其是主观股票策略。
In 2023, China's A-share market witnessed a universal downturn across various indices. In this bearish market, opportunities for sector rotation were scarce and the profitability effect lacked sustainability, leading to dismal returns on equity investments. By January 2024, the major indices experienced an intensified decline, making the operation of private equity investment funds as precarious as "licking a knife edge," especially for subjective stock strategies.
至2024年1月8日，“半夏永泰宏观2号私募证券投资基金”的净值跌破预警线，按照合同约定进行风险预警操作——这只是私募行业的一个缩影。开年以来，百亿私募产品净值下跌时有发生：“集元—祥瑞1号私募证券投资基金”在2024年首周净值大幅回撤15.81%；“华润泉果桃源1号”在2月2日的净值为0.68元，跌破私募传统的0.75元止损线。近一年跌幅超过70%的亦不在少数，部分产品净值不足0.1元。
As of January 8, 2024, the net value of "Banxia Yongtai Macro No. 2 Private Securities Investment Fund" fell below the warning line, triggering risk warning operations in accordance with contractual agreements—this is just a microcosm of the private equity industry. Since the beginning of the year, there have been occurrences of net value declines in private equity products worth tens of billions: The net value of "Jiyuan-Xiangrui No. 1 Private Securities Investment Fund" retreated sharply by 15.81% in the first week of 2024; "Huarun Quanguo Taoyuan No. 1" had a net value of 0.68 yuan on February 2, falling below the traditional private equity stop-loss line of 0.75 yuan. There are not a few that have seen a decline of more than 70% over the past year, with some products' net values falling below 0.1 yuan.
回看2023年全年，3052家私募旗下股票策略的平均收益率为-2.13%，看似并不算太差的成绩单背后，是由于不少私募抓住了AI产业和海外投资的机会，拉高了全市场业绩均值。
Looking back at the entire year of 2023, the average return rate of stock strategies under 3,052 private equity firms was -2.13%. While this performance might not seem too disappointing, it is important to note that it was bolstered by numerous private equity firms seizing opportunities in the AI industry and overseas investments, which raised the overall market performance average.
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