The reporter learned that Lin Peng said frankly in his letter that the net performance of the product made the holders, including himself, very disappointed and expressed sincere apologies to the holders. The company will optimize risk control measures in the future. In addition, in order to enhance the confidence of holders, the company has invested nearly 1 100 million yuan since its establishment.

Since the beginning of this year, in addition to Harmonious Yi Hui, many well-known tens of billions of private placements, such as Danshuiquan and Jacky Investment, have not performed well, so they choose to apologize and reflect to the holders. In the eyes of the industry, investment is a kind of practice, and asset management is a marathon with no end. Managers need to constantly evolve in order to be stable and far-reaching in the rapidly changing market. At the same time, despite the intensification of market volatility this year, there are abundant structural opportunities, and we should actively grasp the medium and long-term investment opportunities at present.

Lin Peng apologized for his poor performance.

10128, Lin Peng, the chairman of Harmony Yi Hui, said in a letter to the holders: "The past two years have been very difficult for investors who prefer value style like me. The net performance of the product made all holders, including myself, very disappointed. It can be said that it is the most difficult time for me to work for more than 20 years. Express sincere apologies to all holders. "

In 2020, Lin Peng, a well-known fund manager, left Dongfanghong Asset Management Company to establish Harmonious Yi Hui. After the private placement, the first batch of new products raised more than 654.38+0.5 billion yuan, which caused great concern in the market. However, judging from the data of the three parties, Lin Peng's performance is lower than the market expectation. According to the data of the tripartite platform, as of June 10 and June 2 1 day, some funds of Harmony Yi Hui have retreated by more than 20% this year, and by more than 30% since its establishment.

Lin Peng admits that the reasons for his large portfolio losses in the past two years mainly come from two aspects, on the one hand, the investment of Internet companies in Hong Kong stocks, and on the other hand, the consumer electronics companies that he has studied most clearly, devoted the most energy to research and have good fundamentals. "In the past two years, due to various factors, the market has experienced tremendous fluctuations and differentiation. The original criteria for judging the good price of a good company seem to have failed. If excellent companies with good fundamentals are not on some core tracks, then they will meet. It is the falling stock price. "

In this regard, Lin Peng reflected: "In the past, I used to use reverse thinking and mean regression to capture the chance that high-quality companies were killed by mistake. However, in the turbulent market environment in the past two years, I was obsessed with excessive mean regression and was not sensitive enough to the macro-policy level, which led me to fail to do a good job in portfolio risk management psychologically and behaviorally, and to make an adequate plan for possible risks. This is a profound lesson. "

Facing the withdrawal of the fund, Lin Peng said that the company can improve its sensitivity to macro and industrial policies by introducing macro strategy researchers, hoping to achieve better risk control. "In the past two years, our awareness of the pursuit of absolute returns in private placement has also deepened. In the future, we will use instrumental products more rationally to manage risk exposure and better protect the interests of holders. I personally invested in a series of products of Harmonious Yi Hui Vision in new product development and this year. The total investment of the company is nearly 1 100 million yuan. "

Reflections on multi-head private placement

In fact, since the beginning of this year, in addition to Harmonious Yi Hui, well-known tens of billions of private placements such as Danshuiquan, Jacky Investment and Dunhe Asset Management have all apologized to investors for their poor performance. More and more private investors are thinking about how to improve the holding experience of investors in the increasingly volatile market environment.

For example, at the end of March this year, Zhao Jun, the founder of Danshuiquan, apologized to the holder for the withdrawal of the net product value at the online customer exchange meeting. At the customer communication meeting in June 65438+1October 65438+March, Zhao Jun once again reflected: "In order to better adapt to market changes, on the one hand, we must adhere to the existing fundamentals to drive investment and judge the long-term value of enterprises; On the other hand, strengthening macro-research ability may be a better way to balance and adapt to the market. This ability needs to accumulate practical experience in the process of construction. When this ability is stable, you can increase the application ratio step by step. "

Jacky investment fund manager Dai also reflected in his letter to investors in August: "In my investment system, I have been focusing on the long-term value of high-quality companies, and I have not deeply understood the drastic changes in the short-term macro environment. This deficiency led me not to take quick protection measures for my portfolio according to the changes of short-term factors, and the adjustment of portfolio structure and position was not rapid and timely. At the same time, in 2022, black swan events occurred frequently, and the holding sector was greatly affected, which magnified the shortcomings of my bottom-up investment strategy and led to a sharp withdrawal of product net value in the short term. "

Actively seize market opportunities.

While rethinking the investment framework and concept, many tens of billions of private placements are still actively grasping structural opportunities to repair their net worth.

Lin Peng revealed: "At present, the portfolio as a whole presents a relatively positive attitude, with positions maintained at a medium and high level, industries scattered and individual stocks concentrated. A-share investment is mainly concentrated in the digital economy, consumer electronics, auto parts, photovoltaics, basic chemicals, transportation and other sectors. Hong Kong stock investment is mainly concentrated in the fields of Internet, sportswear, food and beverage, and innovative drugs. "

Lin Jing Assets also expressed confidence in the potential of China enterprises and the economic prospects of China. Specifically, the market's expectations have been marginally reversed, policies are gradually picking up, and the market is about to find the bottom of its performance. Companies that have gone through the cycle to maintain and enhance their core competitiveness have reached the time of heavy buying and long-term holding.

Dan Shuiquan said: "Based on the understanding of economic laws, we believe that the economy will return to normal growth, and excellent enterprises can gain greater market share or competitiveness in economic recovery."