Private placement Lin Peng apologized to the holders for poor performance and actively grasped the long-term holding of market opportunities.

Recently, a letter from Lin Peng, the chairman of Harmony Huiyi, a tens of billions private placement, to the holder has aroused market concern.

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

Since the beginning of this year, except Harmony Huiyi, many well-known tens of billions of private placements, such as Danshuiquan and Zhengyuan Investment, have performed poorly, so they choose to apologize to the holders and reflect. In the eyes of the industry, investment is a practice, and asset management is a marathon with no end. Managers need to continue to evolve in order to be stable and far-reaching in the ever-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 apologizes for poor performance

On October 28th, Lin Peng, chairman of Harmony Huiyi, said in a letter to the holders: "The past two years have been very difficult for investors with a partial value style like me, and the net performance of the products has made all the holders, including myself, very disappointed, which can be said to be the most difficult time for me to work for more than 2 years. I would like to express my sincere apologies to all the holders."

In p>22, Lin Peng, a well-known fund manager, left Dongfanghong Asset Management to establish Harmony Huiyi. After going private, the first batch of new products raised more than 15 billion yuan, which aroused 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 According to the data of the tripartite platform, as of October 21, some funds of Harmony Huiyi have withdrawn more than 2% this year, and have withdrawn more than 3% since its establishment.

Lin Peng admits that the reasons for the 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 with the clearest research, the greatest investment and good fundamentals. "In the past two years, the market has experienced great fluctuations and differentiation due to the influence of many factors. The original criteria for judging the good prices of good companies seem to have failed. If excellent companies with good fundamentals are not on some core tracks, then they will meet it. It is the falling stock price."

In this regard, Lin Peng reflected: "In the past, I used to capture the opportunity that high-quality companies were killed by mistake by means of reverse thinking and mean regression. However, in the market environment with large fluctuations for two years, I was obsessed with the excessive mean regression and was not sensitive enough to the macro-policy level, which made me not do a good job in portfolio risk management psychologically and behaviorally, and did not make adequate plans for possible risks. This is a profound lesson to be learned."

in the face of the withdrawal of the fund, Lin Peng said that the company has introduced macro strategy researchers to improve its sensitivity to macro and industrial policies, hoping to better control risks. "In the past two years, our awareness of the pursuit of absolute returns by 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 Harmony Huiyi Vision in the new product development and this year, and the total investment amount of the company as a whole was nearly 1 million yuan. "

Reflections on a number of head private placements

In fact, this year, apart from Harmony Huiyi, well-known tens of billions of private placements such as Danshuiquan, Zhengyuan Investment and Dunhe Asset Management all apologized to investors for their poor performance. More and more head private placements are thinking about how to improve the holding experience of investors in an 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 on October 13, 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 medium and long-term value of enterprises; On the other hand, it may be a better way to balance and adapt to the market to strengthen the macro-research ability. This kind of ability needs to accumulate practical experience in the process of construction. When this ability is stable, the application ratio can be increased step by step. "

Dai Lvjing, manager of Zhengyuan Investment Fund, 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 don't have a deep understanding of the drastic changes in the short-term macro environment. This deficiency has led me to take no quick protection measures for my portfolio based on the changes in short-term factors, and the portfolio structure and position adjustment are not rapid and timely. At the same time, in 222, black swan events occurred frequently, and the holding sector was greatly affected, which amplified the shortcomings of my bottom-up investment strategy and led to a sharp withdrawal of the net value of products in the short term. "

Actively seize the opportunities in the market outlook

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

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

Jinglin Assets also expressed confidence in the potential of China enterprises and the economic prospects of China. Specifically, the expectation of the market has been marginally reversed, the policy is gradually picking up, and the market is about to find the bottom of performance. Companies that have gone through the cycle and maintained and enhanced their core competitiveness have reached the time of heavy buying and long-term holding.

Danshuiquan 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."