experienced a setback in January and a desperate counterattack in February, and the overall performance of large quantitative companies has attracted much attention.
And the quantitative performance in February this year is very crucial!
After all, the market index has been "low at first and then high". Since the beginning of the new year, fund managers and investors have jointly experienced a "thrilling" test.
This is especially true for large quantitative companies.
There is always an almost unquenchable "spotlight" around this "controversial" group, and even various "rumors" have been derived.
But the most convincing thing is the income. In the past February, whether can assess the situation, keep up with the pace of the market, and find the "acupuncture point" of excess income has become the key. The latest revenue ranking of
has many stories!
The performance of major quantitative companies is "reviving"
Data from the Private Equity Ranking Network show that as of the end of February 2024, there were a total of 33 quantitative private equity companies in mainland China that were entrusted with tens of billions of dollars. The average return of 2 was 5.7%, and 29 of them achieved positive results. income.
Among the top ones, there are both "old masters" who have been famous in the market for a long time, as well as industry backbones who are working hard, but there are also some names that have just "invisible". The data platform
sorts out the average performance of the products of tens of billions of quantitative companies, that is, "averages" the income figures of strategies such as quantitative stock selection, index enhancement, and commodity futures CTA. Since quantitative stock selection and index enhancement strategies support the "absolute scale" of quantitative institutions, the above-mentioned average rate of return has a certain reference value.
Among them, five quantitative institutions had a return rate of more than 10 percentage points in February, in order: Jinge Liangrui, Tianyan Capital, Mingtun Investment, Kuande Private Equity, and Yanfu Investment.
At the same time, within the top quantification camp, the income gap is also quite large. The institution with the highest income in February had an average strategic income lead of nearly 9 percentage points compared to the institution ranked tenth (see the figure below).
Who is leading?
Shishido found that the “temporarily” leading quantitative institution can be said to be quite low-key, with a demeanor of “not showing off the mountains and not revealing the water”. Data from the
Private Equity Ranking Network shows that Shanghai-based private equity firm Jin Ge Liang Rui’s income in February was 15.06%. The team of this institution has a significant “background”—the founder, Jin Ge, once worked at Wall Street institution Liang Rui Investment.
public information also shows: Jin Ge has a doctorate in biomedical engineering, and later served as a hedge fund trading director overseas. In 2014, he founded Jin Ge Liangrui, which is a first-generation quantitative institution.
However, in 2018, when the "quantitative group" began to become rapidly popular in A-shares, Jinge Liangrui did not have much "visibility" and was quite "low-key" compared to many star institutions with high-frequency trading.
Zishido also learned that: is an institution that has been focusing on mid- and low-frequency quantitative strategies, and has been trading quantitative portfolios of Chinese stocks for the Canadian Pension Plan (cppib) in the past three years. Therefore, this Shanghai institution became the first quantitative private equity firm in mainland China that can entrust international sovereign funds.
As we all know, sovereign fund giants conduct "bottom-up" due diligence on external managers. It has always been a "mystery" why Jin Geliangrui is "worthy" of becoming an invested institution.
"The Most Generous" Private Equity List
In the above ranking, the institution temporarily ranked second is Tianyan Capital, with a gain of more than 12% in February.
Tianyan Capital has many stories in the quantitative circle.
is most famous for its "sky-high price" bonus event in 2021!
At that time, Tianyan Capital relied on its outstanding performance during the year and aggressive incentive strategies to achieve skyrocketing performance, achieving an incremental scale of tens of billions of yuan in just a few months. As a result, news spread in the industry that "more than 60 people shared nearly 1 billion in bonuses."
Although this news cannot be confirmed with public information, it temporarily aroused the "envy" of the asset management circle.
Later, some people in the headhunting circle "identified" the legendary private equity company as Tianyan Capital, and said that the company "introduced" many marketing personnel from its peers at that time to help its reputation in the channel.
The "first echelon" appears
Shishido noticed that the "first echelon" of large quantitative companies - private equity with external customers exceeding 60 billion yuan, does not occupy an absolute advantage in the latest performance rankings.
Mingtun Investment squeezed into the top ten, achieving an income of more than 12 percentage points in a single month.
, a leading institution, experienced the turmoil last year, coupled with the huge market shock in January this year, there are many speculations surrounding it, both true and false. But the net value curve in February did "recover" very quickly.
Another powerful institution, Fufu Investment, also earned an income of more than ten percentage points in February.
The strategy of Fufu Investment has always been somewhat different from the mainstream of the industry. In previous years, when the quantitative trend was smooth, it relatively "suffered", but in January this year when many peers endured a sharp retracement, Fufu Investment "surprisingly" was able to fall the least. , and even find excess opportunities.
What’s more important is that in the fourth quarter of 2023, the market for micro-cap stocks suddenly surged. Many large quantitative companies quickly "aligned" with small stocks, increasing the style exposure of small-market stocks, thereby gaining excess returns. A few months before the market broke out, Yanfu Investment launched a small-market capitalization strategy with "accuracy" and "anticipated" the switch in style.
Today, this institution's entrusted scale exceeds 50 billion yuan, second only to the "first echelon" such as Jiukun, Huanfang, and Mingtun, and has become the most powerful private equity firm to "impact" the leading camp.
The "King of Fundraising" has regained his feeling
html In the February rankings, Kuande Private Equity gained 11.83% of the income, which can be said to be "finally" back on top. Why doessay "finally"?
Kuande Private Equity has almost "exclusive" favor from agency sales channels in 2023. This year, fundraising sentiment has been very cold. This promising private equity company has been sought after by investors based on its historical performance. Sources from the
channel revealed that in the first half of last year alone, the new scale of this quantitative institution exceeded 10 billion yuan, making it the undisputed "fund-raising king."
However, the good times did not last long.
Kuande Private Equity, which had just attracted a large number of customers, began to underperform the market since August last year, with excess returns declining rapidly, and people were "disappointed" just after reaching tens of billions.
This situation often occurs in the quantitative circle. The scale rises rapidly, but the main strategy cannot match the management scale, and the performance will retrace.
But after the Year of the Dragon started this year, the former "fund-raising king" has recovered I have a feeling that, looking back at this moment, the "tortuousness" of the previous year may not have been a bad thing.
