From January 3 to April 13 this year, the Shanghai composite index was in an upward trend, with an increase of 5.55%.However, nearly a month after April 14, the Shanghai composite index had a cumulative decline of 6.55%.After erasing the previous increase, it still fell about 1%.
In the view of many industry insiders, changes in the macro environment such as tight monetary policy and stricter supervision have a greater impact on the short-term capital side of the market.”Since the middle of April, the market’s decline has been in the late spring, not in the winter.The reason is that financial supervision has made the capital face tense at a certain stage.”Xun Yugen, chief strategic analyst of Haitong Securities, also said in a recent report.
A senior fund manager in Beijing told China first finance and economics that after this round of decline, private equity institutions may be at a profit and loss level as a whole.Institutions holding value stocks will be relatively better, while those holding growth stocks may be affected negatively.
”This round of market, most private equity institutions are losing money, and the decline is not small, because everyone’s position before is relatively high.”A private investment director in South China disclosed that his organization has also lost about 10% in this round of market, and the current holding position has been reduced to 30-50%, which is controlled in an acceptable range.
The above investment director said that in this wave of falling market, he increased the positions of consumer stocks, but reduced the positions of TMT (technology, media, communications) stocks, which had a large decline.It said that the individual stocks studied are more flexible, and all kinds of stocks are allocated.
As for the pressure of about 10% loss, the above investment director said that it was acceptable.At present, the shareholding basically remained unchanged, waiting for the market to get better.
In contrast, the above-mentioned private equity executives who have been adhering to the high-quality stock investment said that the stock portfolio and net value of their institutions have not changed much in the past month, with a decline of no more than 2%, because they mainly hold stocks with solid performance and good growth.In early April this year, before this round of decline, it adjusted its position from 60-70% to 40-50%, thus reducing part of the losses.The stocks that were reduced were the stocks that had a large increase in the previous period.
The above-mentioned private equity executives said that their organization’s stock selection strategy has always been to choose stocks with better fundamentals, and the holding time is based on the cost performance.如果它们涨得更多，它们将换成其他性价比更高的优质股票。