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重庆时时彩走势图:Multidimensional Preferred Private Equity Fund

时间:2018/4/6 17:42:33  作者:  来源:  浏览:0  评论:0
内容摘要: When judging the industry status of private equity funds, it is necessary to measure their investment capabilities through quantitative ind...

When judging the industry status of private equity funds, it is necessary to measure their investment capabilities through quantitative indicators and systematic processes based on understanding the current status of domestic industries, institutions, and product systems in order to objectively judge their industry The level -

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In recent years, with the rapid development of private equity markets, new products have emerged and private investment strategies have become increasingly diversified. The investment strategies of investment funds can be mainly divided into: stock strategies, event-driven strategies, management futures strategies (CTA), macro strategies, arbitrage strategies, bond strategies, and portfolio fund strategies.

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In terms of overall scale, according to Chaoyang statistics, as of the end of 2017, the number of private equity funds reached 144,512, a year-on-year increase of 27.13%. Although the number of private equity funds is still rising, the year-on-year growth rate has fallen sharply from 54.53% in 2016. . From the perspective of the strategic distribution of product distribution, the proportion of stock strategies is as high as 80.54%.

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From the perspective of yield, the stock strategy yield in 2017 topped the list and was significantly better than the 2016 performance. In addition, the revenue from portfolio funds and arbitrage strategies also increased significantly from 2016.

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Since the private equity fund products were first issued in 2004, with the changes in the market environment, institutional reforms, and legal improvements, the private equity fund industry is undergoing changes and evolution, and private equity fund products have also become diversified. How to measure and evaluate fund performance objectively in the private equity fund market with different style combinations? In the face of diversified private equity products, how should investors make investment decisions?

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Reasonable construction of evaluation system

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Private equity funds have not formed an objective system of evaluation because of non-standard information disclosure and difficult data collection. Although some brokers and consulting agencies have conducted private equity evaluations, they have made scattered, difficult-to-obtain private equity information into concise and clear ratings for investors' reference. However, compared with the evaluation of public funds, private equity funds have been evaluated lately. The business model needs to be further standardized and mature. For private equity fund evaluation business, it still faces problems such as incomplete data, lack of coverage, and inconsistent classification standards. In recent years, the large variety of private equity funds has been dazzling and difficult to distinguish.

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In terms of methods, investors evaluate private equity funds in a combination of quantitative and qualitative analysis; from the maturity point, they should also focus on the medium- and long-term performance of fund products.

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The evaluation of private equity funds must consider quantitative indicators such as product returns and withdrawals, as well as qualitative indicators such as company operations, investment and research systems, and risk control mechanisms.

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Quantitative assessment is a quantitative analysis of the existing performance of private equity funds. The first is to examine product-level content, in which performance returns, risk control levels, and risk-to-risk ratios are key performance indicators of the fund, usually measured by indicators such as average yield, maximum retracement, volatility, and Sharpe ratio. In addition, the type of product strategy, product size, and product quantity need to be considered. In particular, when comparing different private equity funds, products of the same strategy type should be compared to overcome performance differences due to different styles.

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Qualitative evaluation is a comprehensive evaluation of managers to predict the future performance of the fund. First, to look at the investment and research system, that is, whether it has a reasonable investment philosophy, a sound investment process, and excellent investment research personnel. In particular, investment research personnel need to focus on inspections. In general, there is a good fund manager or investment research team behind a successful fund product. Second, examine the risk control system, that is, whether it has a sound risk control system, processes, and measures. Third, examine the organizational structure of private placement fund company . The complete organization form and organizational structure are the important basis for ensuring stable operation of the company. Finally, the external reputation of private equity funds is a recessive factor that influences investors' decisions. Compared with public fund products, since private equity funds have limited disclosure of information, investors pay more attention to their intangible reputation factors when making decisions, such as whether they obtain industry recognition. Being punished by supervision will be the supplementary basis for its judgment.

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Evaluating private equity funds not only depends on the year's performance, but also on the mid- to long-term performance. Many “private equity champions of the year” often experience Waterloo in the second year, mainly due to its relatively aggressive investment style. Most of the funds with the highest annual results are smaller in size, and the heavyweight industry or individual stocks are usually only suitable for certain specific market conditions. There is a greater risk of volatility. In general, reference should be made to 3 years of performance. Only with stable mid- and long-term performance can it be possible for investors to provide sustained and stable returns.

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Quantitative evaluation of optimization process

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In the face of a diversified private equity market, how should investors choose?

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First, determine your own risk appetite and select assets that meet your funding needs. The study of asset allocation strategies for large assets should be based on market expectations, and should be based on macro and policy analysis to capture the medium and long-term investment themes. The asset allocation strategy should be determined on the basis of the balance between the returns and risks of all investment products to form large assets. Configuration suggestions.

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For example, we examine various macroeconomic indicators such as inflation CPI, PJP, and the policy orientations of monetary policies and fiscal policies of various economies to determine the overall macroeconomic situation and changes in trends; at the same time, considering the stock market valuation and market transactions. The indicators such as volume, market sentiment, etc., as well as the position and shape of the bond and the market yield curve of , to determine the overall risk profile of the stock and bond markets, proactively determine the timing of the market, carry out active asset allocation, and With the relative changes in the characteristics of risk and return of various types of assets, the proportion of investment in stocks, bonds, and money market sub-funds will be dynamically and dynamically adjusted to minimize the risk of investment portfolios and increase profits.

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Second, the selection of private equity funds requires a systematic process (pre-investment, investment) and indicators.

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Before the process of investment, the first is to establish a private equity fund pool. The purpose of establishing an alternative library is to optimize the investment structure, increase investment efficiency, and prevent investment in private equity funds that are limited by laws and regulations or that have significant investment risks, and control investment risks. Second, the private equity funds of the alternative bank need to meet the requirements for establishing some access conditions (adjustable depending on the situation), which may roughly include: the company's equity structure is stable, the duration of existence exceeds a certain number of years, and has undergone a complete bull and bear cycle; the company's operations are robust and The industry is in a monopoly or leading position. The scale of asset management exceeds a certain scale. Over the past few years, it has exceeded the benchmark to achieve excess returns. The industry ranks among the top performers; the company’s personnel structure is stable, and the investment research team has rich experience and has not less than a certain amount of investment. Managers and investment managers have longer average working hours.

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In investing monitoring, in the investment process, the performance of private equity funds can be considered from the two dimensions of the overall analysis and performance composition. The overall analysis can be further divided into: absolute income analysis and relative income analysis. Among them, the relative income analysis can be divided into: relative to the performance benchmark, relative to the risk and relative to other private funds of the same type. Performance composition analysis is to assess the asset allocation ability of private equity funds by decomposing and analyzing the source and composition of the performance. At the first level of performance analysis, attribution analysis of the actual performance of private equity funds was conducted. The second and third layers of performance analysis are the analysis of the ability to select securities and the ability to grasp market timing. Confirm whether the private equity fund has responded promptly to the events that are driven by the bonds or sectors during the evaluation period. In addition, whether the private equity fund has encountered the black swan event during the evaluation period is also an important indicator of the assessment.

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In summary, when judging the industry status of private equity funds, it is necessary to measure their investment capacity through quantitative indicators and systematic processes based on understanding the current status of the industry, institutions, and product systems. Judging its level in the industry. (Author: Bank of China Industry Association, School of Economics, Zhejiang University)


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