First, the stock strategy
The stock strategy takes stocks as the main investment target, which is the most mainstream investment strategy in the domestic sunshine private equity industry. About 80% of private equity funds adopt this strategy, which includes three sub-strategies: long stock, long stock and neutral stock market. At present, the most widely used investment strategy of domestic private equity funds is stock strategy.
1, stock bulls
Stock bulls mean that fund managers buy stocks at low prices based on their optimism about a certain stock, and sell them when the stock rises to a certain price, so as to obtain the difference income. The investment profit of this strategy is mainly realized by holding stocks, and the rise and fall of the stock portfolio determines the performance of the fund.
2. How long is the inventory?
Stock long and short (or ESL) strategy can be said to be the originator of hedge funds with a long history. Since Alfred Winslow Jones established the first hedge fund in 1949, the stock long-short strategy has been developed for nearly 70 years, and it is still the mainstream strategy of hedge funds.
To put it simply, the stock long-short strategy is an investment strategy that uses short positions to hedge risks while holding long positions, that is to say, there are both long positions and short positions in its asset allocation. Short positions mainly borrow securities to short stocks, or short stock index futures or stock options. To put it simply, the stock long-short strategy is an investment strategy that uses short positions to hedge risks while holding long positions, that is to say, there are both long positions and short positions in its asset allocation. Short positions mainly borrow securities to short stocks, or short stock index futures or stock options.
Second, event-driven strategy.
Event-driven investment strategy is arbitrage by analyzing the different effects on investment targets before and after major events. Fund managers generally need to estimate the probability of an event and its impact on the underlying asset price, intervene in advance to wait for the event to happen, and then choose the opportunity to quit. This strategy has a certain survival space in China's current weak A-share market. Event-driven strategy is mainly divided into private placement, merger and reorganization, participation in new shares, hot topics and special events.
1, private placement
Private equity funds invest the raised funds in private equity. Private placement usually has good expected returns. On the one hand, the fixed-income behavior is good for the stock price of listed companies. On the other hand, the fixed increase has the advantage of discount because it has got the "group purchase price".
However, private equity funds usually need a large scale to effectively spread risks, and will face the situation that the fundraising cycle does not match the fixed project cycle. In addition, because the fixed-income investors will have a lock-up period of 12 months, the liquidity of fixed-income funds is worse than that of stock funds. Shikai Investment and Zendai Investment participated in the early fixed-income strategy of the private equity industry, and then a series of fixed-income products of "Bohong Shujun" carried forward the fixed-income strategy. At present, more and more institutions have joined the product line of fixed-income strategy, such as Yuance Investment, Zhong Rui Yin He Investment and New Value Investment.
2. Mergers and acquisitions
This strategy is to bet on the concept of restructuring shares and make a profit after the company announces mergers and acquisitions. For example, the Great Wall Huili M&A Fund Huaqing No.3.
Step 3 block the transaction
Block trading arbitrage fund is a fund that buys a large number of listed non-shareholders and non-shareholders through the block trading platform, and then sells them quickly in the form of call auction on the trading platform, and uses the trading price difference between the two trading platforms to gain arbitrage space. Block trading arbitrage fund is a fund that buys a large number of listed non-shareholders and non-shareholders through the block trading platform, and then sells them quickly in the form of call auction on the trading platform, and uses the trading price difference between the two trading platforms to gain arbitrage space.
Third, the futures strategy management (CTA)
Strategies for managing futures can be divided into three categories: trend strategy, arbitrage strategy and compound strategy.
1, trend strategy
This strategy involves the two-way operation of long-short investment in individual stocks and stock index futures, with the aim of increasing the income range when there is a clear trend in individual stocks or the whole market. The long-short strategy of individual stocks is to hold undervalued stocks and sell overvalued stocks, so that both bull markets and bear markets can benefit.
2. Arbitrage strategy
Futures arbitrage strategy is one of the methods of capital hedging, which is widely used in capital market. Buying low-value assets and selling high-value assets to get returns are in line with the nature of capital seeking profits.
It is the key to the success of arbitrage to deeply understand the spread and find unreasonable pricing. Arbitrage is an effective trading method, whether from the perspective of capital profit-seeking or hedging. Effective arbitrage trading patterns can be replicated, and some arbitrage patterns can be statistically quantified.
For large-scale funds, relatively stable returns can be obtained by adopting futures arbitrage strategy.
Fourth, arbitrage strategy.
1, ETF arbitrage
Since ETFs are traded in the primary and secondary markets at the same time, when the price of ETFs in the secondary market is lower than the net value of their shares, investors can buy ETFs in the secondary market, then redeem ETF shares in the primary market and sell stocks in the ETF basket in the secondary market. At present, the arbitrage space of ETF is very small, and few funds use ETF arbitrage.
Because arbitrage opportunities are usually fleeting, it is very important to explore and capture them. Almost all funds that adopt arbitrage strategy have to use quantitative models and computer programs to complete transactions in a short time. Arbitrage strategy has a small profit margin, and generally requires leverage or other strategic assistance to have considerable benefits. At present, the domestic private equity team adopting arbitrage strategy is on the rise, but more arbitrage will only accelerate the correction of market prices, and as the market becomes more and more perfect, the opportunities and space for arbitrage will gradually shrink.
2. Arbitrage of convertible bonds
Convertible bond arbitrage strategy refers to the risk-free profit-making behavior of fund managers through the ineffectiveness of pricing between convertible bonds and related underlying stocks. The arbitrage of convertible bonds does not have to be carried out during the conversion period. As long as there is a short selling mechanism and opportunity, the income can also be locked in the non-conversion period for risk-free arbitrage, which refers to the risk-free profit-making behavior through the ineffectiveness of pricing between convertible bonds and related underlying stocks. The arbitrage of convertible bonds does not have to be carried out during the conversion period. As long as there is a short-selling mechanism and there is an opportunity, the income can also be locked in the non-convertible period for risk-free arbitrage.
3. Fixed income arbitrage
Fixed-income arbitrage strategy is usually described as "picking up coins in front of the roller". Different from the macro strategy of global directional investment to obtain rich profits, fixed income arbitrage is to use tiny abnormal pricing between similar investment tools, and its price changes are usually expressed by basis points (1 basis point is equal to 0.0 1%). In order to identify small price changes, we must use complex mathematical models to screen pricing failures and look for arbitrage opportunities. Because the underlying price does not change much, this strategy usually uses high leverage to increase the rate of return to meet the absolute return requirements of hedge funds. The collapse of Long Term Capital Management Corporation (LTCM) in the United States from 65438 to 0998 made the fixed-income arbitrage strategy from obscurity to widespread knowledge, and the high leverage of fixed-income arbitrage attracted unprecedented attention.
4. Graded fund arbitrage
The arbitrage operation of graded funds mainly occurs when individual sectors or markets rise sharply in the short term, and funds chase the B-share of related graded funds. The premium rate of Class B shares continues to rise rapidly in the short term, which makes the overall premium rate of Class A shares and Class B shares of graded funds much higher than the normal level (generally 2%). In the case of share matching conversion mechanism, OTC funds will be arbitrage by buying basic shares and splitting them into class A shares and class B shares and selling them in the market.
Verb (abbreviation of verb) macro strategy
Macro-strategic hedge fund refers to the use of the basic principles of macroeconomics to identify the imbalance and mismatch of financial asset prices. Internationally, it invests in foreign exchange, stocks, bonds, treasury bonds futures, commodity futures, interest rate derivatives and options. The operation is a combination of multiple short positions, and certain leverage is used to improve the income at a certain moment. At present, subject to domestic foreign exchange control and imperfect interest rate market, macro hedge funds are less involved in foreign exchange varieties, but with the improvement of domestic financial market, macro hedge strategy will usher in a rapid development period.
Intransitive verb bond fund
Bond fund refers to a fund that specializes in investing in bonds, making portfolio investments in bonds and seeking relatively stable returns. According to the classification standard of China Securities Regulatory Commission, bond funds refer to funds with more than 80% of fund assets invested in bonds. Bond funds can also put a small amount of money into the stock market. In addition, investing in convertible bonds and issuing new shares are also important channels for bond funds to obtain income.
VII. Fund Investment Portfolio
The concept of "asset allocation" in investment and financial management is applied to a single fund, and the fund manager decides the asset allocation ratio of different markets and different investment tools according to the changes in the global economic and financial situation.
Its investment lies in many different types of professional funds, such as stock funds, bond funds, money funds and even absolute income funds, which can all be used as strategic investments. Investing in "portfolio funds" can give full play to the diversified income and diversify investment risks, but the funds needed to have a perfect fund portfolio are far less than those needed to establish a portfolio.
The last business enterprise needs to emphasize that in recent years, investment and wealth management products represented by private equity funds have developed rapidly, and their investment ideas and achievements have always been the focus of professional fund researchers and investors. However, due to factors such as non-public channel distribution and relatively opaque information disclosure, investors stay away from it, and the development of the industry itself is also restricted. Because the information transparency of private equity funds is not high, their capital operation and income are not public, investors often mistakenly believe that the operation risk of private equity funds is greater than the income. In fact, private equity funds will choose stable, reliable and reputable partners when they are established, which forces private equity funds to operate more cautiously. Self-discipline and internal pressure management mode are conducive to avoiding risks and reducing the huge cost brought by supervision. Moreover, the highly flexible operation of private equity funds and the diversification of positions can often seize the market opportunities and win the initiative, making it possible to create high returns.